Mr Ridehalgh explained: “It’s only in the past three years, since I’ve retired, that I’ve sought financial advice from Skipton – as I decided I needed someone to look after my investments for me”.
Through face-to-face support from his local Skipton financial adviser Matthew, Mr Ridehalgh was able to discuss his situation in detail and look at alternative options that were potentially more aligned to his objectives. He said: “I wasn’t happy with the way interest rates were going on cash ISAs. So I spoke to Matthew and we made other arrangements.”
Both Skipton and Matthew have continued to support Mr Ridehalgh in other financial matters, such as Inheritance Tax (IHT) planning.
If, when you die, the value of your overall estate is above the IHT nil rate band – £325,000 if you’re single or divorced, or up to £650,000 if you’re married or widowed – any amount above this will be charged at up to 40%. In most cases, it would fall upon your loved ones to settle the bill.
Mr Ridehalgh explained how – with Matthew’s help – he has been able to put plans in place to address his IHT liability, tailored to his circumstances. “I knew what I wanted to do; I just needed advice on how to do it.
“The planning we’ve done has given me peace of mind – as I don’t want my family paying 40% in IHT when I’ve gone if there’s something I can do about it. I found it particularly easy as we’re on the same wavelength. I’m more than happy with what we’ve done.”
Talking about his relationship with Matthew and Skipton, Mr Ridehalgh concluded: “Being a chartered accountant I’m used to handling figures. But as I get older it’s nice to be able to ring Matthew if I need to discuss anything, and not have the responsibility of looking after my own investments.”
Our recommendations are likely to include stock market-linked investments. These aren’t like building society savings accounts, as your capital is at risk and you may get back less than you invest. The value of your investments and any income from them may fall as well as rise. Not all areas of Inheritance Tax (IHT) planning are regulated by the Financial Conduct Authority. The IHT thresholds depend on your individual circumstances and prevailing legislation, both could change in the future.
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