Island Life Magazine Ltd October/November 2007 | Page 110

life

LOCAL BUSINESS

Inheritance Tax –
What it means to you

Pretty brilliant
service

Mike Sleep of Solent Wealth Management, a member
of the St. James's Place Partnership explains.
Inheritance Tax (IHT) is a time
bomb that affects a rapidly
growing number of people most
of whom would prefer their
hard-earned assets to pass to
their families rather than the
Chancellor when they die.
Yet a large proportion of their
wealth or estate, including
the family home, investments,
insurance policies not in trust
or even family heirlooms, might
have to be sold in order to
meet the IHT liability on death
if proper steps have not been
taken to protect their wealth.
Simply not preparing for IHT
is akin to asking your children
and grandchildren to sit
down and write a very large
cheque to the Her Majesty’s
Revenue and Customs.
What to do about
Inheritance TaxThe first step is to decide
to do something and then to
do it. There are three courses
of action you could take.
• Firstly, draw
up a Will and
ensure it is written
and planned
correctly to save
the maximum
amount of tax.
• Secondly,
transfer assets
through the
prudent use of
lifetime gifts
• Thirdly, create
an IHT efficient
fund to enable
beneficiaries of
an estate to meet
the tax liability
without disturbing
family wealth.
They say you
can’t take it with
you. However,
you can at least

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make sure that The Chancellor
does not take a greater share
of your family’s wealth than he
has to. With careful planning
and an effective Will, you can
help save IHT by making the
most of the various tax reliefs
and other strategies available.
Managing wealth is a
complicated business – it
requires time, effort and
knowledge that we often don’t
have at our disposal. Most
people however, would prefer
their wealth to pass to their
families so it is better to do
something sooner rather than
later to ensure your heirs don’t
have to face an unnecessarily
large IHT bill when you die.
St. James’s Place Wealth
Management has produced
a Guide to Inheritance Tax,
a free copy of which is
available from Mike Sleep at
Solent Wealth Management
on 01983 299190.

Mark Mursell from Pretty
Windows is sitting in his
brand new showroom.
For anyone thinking of
replacing windows, doors
or building a conservatory,
the premises in Rookley is a
good place to start looking.
“Our after-sales service is
paramount,” says Mark. “We’ve
been trading for over 15
years. Customers know that if
they have a problem with any
products we have installed,
it will be remedied swiftly.”
Pretty Windows use only
the best products available;
all their glass units from
Pilkington are filled with Argon
gas for improved insulation.
You’ll get good advice
on design, particularly on
conservatories, from very
experienced sales people.
“We definitely don’t go in
for hard sell techniques so
often associated with this
business,” says Mark.
White, Golden Oak and
Rosewood frames, coloured
composite doors which have
the look, weight and feel of
wood, will blend with old
and new properties. Pretty
Windows’ own leaded light
expert is on hand to design
stained-glass inserts to your
personal requirements.
Security is well taken care of
throughout the range, so while

you are out its nice to know
your windows are protected
with shoot bolts, and doors with
hook locks and hinge bolts.
If you’re a DIY enthusiast
you can buy, on a supply
only basis, the new range
of modular conservatories.
They have proved popular,
but “you do need some
experience,” says Mark.
Pretty Windows are backed
by the Isle of Wight Council’s
Trading Standards ‘Buy With
Confidence’ scheme and
are Fensa registered.
Pretty Windows, Pritchetts Way,
Rookley. Tel: [phone]

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