Feb 20 2008
Standard Life has moved to highlight the potential for British consumers to avoid inheritance tax (IHT) issues on designated amounts of cash each year.
The financial services firm has suggested that while many people are well aware of the tax-free potential of individual savings accounts, the same cannot be said for allowances relating to annual IHT exemption.
Each individual in the UK is entitled to set aside up to £3,000 worth of tax-exempt money each year to be passed on to their family in the event of their death and Standard Life is keen to see consumers take advantage of the situation.
Julie Hutchison, estate planning specialist at Standard Life Assurance, said: "It is good estate planning to make use of the exemptions which exist since, with regular gifting over time, even modest amounts can build-up into a substantial nest-egg for your family."
Meanwhile, Hartford Life has recently aimed to highlight the importance of delegating responsibility for particular financial aspects for couples saving for retirement.
