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Creating a Legacy by Minimising Tax

Why do we want to build wealth? Is it so we can buy plush homes, drive fast, sleek cars or sun ourselves in exotic climes? Or is actually for a far more personal reason?

FOR SOME PEOPLE, filling our lives with luxury is a key motivation to make money; however, most of us also want to help those who we love by leaving behind a legacy that will give them the best start in life, or enable them to continue to live out their lives with confidence and certainty.

But is just making money enough to guarantee this? Inheritance Tax is currently set at 40%, meaning that, if your estate exceeds the threshold (currently £325,000 for a single person and £650,000 for a married couple) you could end up giving away nearly half of your wealth to the Government. I’m sure that you don’t want them to become the single largest beneficiary of your hard-earned money! That’s why protecting your wealth in later life is becoming more and more poignant. Historically, Inheritance Tax has been the preserve of the super-wealthy, but this is changing. The ever-evolving world of tax, especially Inheritance Tax, is not just targeting the very rich; in fact, it is beginning to hit the average family too. Last year alone, we saw HMRC collect £5.1 billion in Inheritance Tax - a rise of 9% from 2016 . And with the conventional Nil-Rate Band is fixed at £325,000 until April 2021, this trend looks set to continue. But what can you do? Careful planning around your finances is one of the key steps to take now in order to protect your wealth for the benefit of your loved ones. A former Chancellor once said, that “Inheritance Tax is paid only by those who distrust their family more than they dislike the Inland Revenue.” But was he right? To use a palatable analogy, this planning is very much like “ Inheritance Tax, is not just targeting the very rich; in fact, it is beginning to hit the ” average family too...

baking a cake. First, you need to identify what could ‘spoil the mix’- in this case Inheritance Tax. Next, you need to choose the best ‘ingredients’ to minimise the amount of tax you pay and ensure that your loved ones will receive the most they can. Only then can you ensure that you are in the best position to financially feed your own future as well as that of your loved ones; so, you can have your cake and eat it! Any planning around tax can be confusing, time-consuming and controversial! In the UK, we all have to pay tax in some form, so it is important that any plans you make are lawful, accurate and fair. Achieving the balance between what you want to do and what you have to do is a little bit of a minefield, so we have created a lunchtime talk to demonstrate what your obligations are, and what options are available to you.

Our event will explain key areas and show you how you could: l Avoid hefty Inheritance Tax Charges. l Ensure that your house and capital are protected against third-party risks. l Take measures to prevent your assets disappearing if a divorce in the family were to happen.

Understanding these areas could be the difference between you leaving your family ‘a life changing sum’ and a ‘life changing lesson’.

n The event will take place on Wednesday 16th

September at 1200 at Portfolian House, 30 Melton Road, Oakham, Rutland, LE15 6AY. To book your complimentary place, please contact us on hello@efficientportfolio.co.uk or 01572 898060.

Charlie Reading created Efficient Portfolio to offer entirely independent financial advice and helping people clarify and realise their dreams and goals through financial planning. Call 01572 898060, see www.efficientportfolio.co.uk or visit Portfolian House, 30 Melton Road, Oakham, Rutland, LE15 6AY

Just the Tonic: Chaz Ellis and Hayley Cook, along with Hayley’s husband Tim. Their new trio of gins promise local provenance and quality.

The Rutland Gin that’s JUST THE TONIC

Rutland has a new producer of artisan gins with some imaginative and delicious flavours to enjoy in Summer 2020. This month we’re celebrating the spirit of Rutland...

Images: Lyndsay Ford, ShutterBox Photography.

A REFRESHING DRINK that’s just the tonic for those seeking to quench their thirst in the garden. And best of all, it’s made right here in Rutland! Gin has enjoyed a tremendous renaissance in the last couple of years.

The spirit sold a record 73m bottles last year, a £2bn market that doubled sales compared to its performance over the previous two years. Hundreds of new gin distilleries popped up, with the UK enjoying the opening of 54 in one year alone, taking the total number of UK producers to over 360.

Traditionally HMRC had a problem with gin distilleries producing in small quantities, making it near impossible for new gin companies to prosper. This however all changed in 2009 when trendy West London gin distillery Sipsmith won a historic, two-year legal battle with the HMRC which gave distilleries the legal right to produce and sell gin in small amounts. This opened the floodgates for independent gin-makers nationwide to crop up and put their own stamp on the gin market.

The latest is Multum in Parvo, founded by Rutland siblings Chaz Ellis and Hayley Cook, along with Hayley’s husband Tim. Their new trio of gins promise local provenance and quality.

One of the great things about gin is that it is highly versatile and really quite exciting. Depending on the manner of which it is distilled and processed, it can take on many different strengths, tones and tastes. Gin’s flavour can also be easily transformed by adding various botanical infusions.

“We attended a course where we were given the chance to make your own bottle of gin – you choose the mix of botanicals and distil the Gin using mini stills designed to make one bottle,” says Chaz.

“Once you have made your gin, of course you have to give it a name... and as a very proud Rutlander I asked if there was a Rutland gin. I decided it would be Multum Gin Parvo (a play on our motto ‘Multum in Parvo’ or ‘much in little’). At that time (having already sampled a fair amount of gin) I was just pleased with my attempt at humour!”

“The name stuck in our heads and we started to get excited about the prospect of a new venture, creating our own gin to sell. Hayley and I are involved in the running of Rutland Water Garden nursery which is part of our family business and we thought, how amazing it would be to utilise some of our produce to make an authentic Rutland Gin. So... we went for it!”

Multum Gin Parvo began in August 2019 and took three months of working with a local master distiller, Simon.