ICR 104: Avoid inheritance tax like the Duke of Westminster
In this episode of Informed Choice Radio, Martin talks about how to avoid inheritance tax like the Duke of Westminster.
There is also a roundup of the latest personal finance news and an update from the world of Informed Choice.
Avoid inheritance tax like the Duke of Westminster
Gerald Cavendish Grosvenor, the Duke of Westminster, died this week of a heart attack, at 64 years old.
The duke was the third richest person in Britain and his passing has prompted a debate about inheritance tax.
By all accounts, Gerald Grosvenor was a remarkable man.
He became the sixth Duke of Westminster in 1979, and is described on the Grosvenor Estate website as : “…a passionate country man, committed soldier, an excellent shot, a true entrepreneur and, importantly, he went out of his way to be courteous and humorous with all people, regardless of status or wealth.”
Following his death, his son Hugh Grosvenor, previously known by the honorary title Earl Grosvenor, has inherited an estate worth £9bn.
Despite the substantial inheritance, the new Duke of Westminster is expected to pay very little inheritance tax.
In this episode of Informed Choice Radio, Martin talks about the use of trusts, business property relief and agricultural relief to avoid inheritance tax.
Personal finance news update
-UK government bonds have offered negative yields for the first time ever.
-Life assurance company Aegon has confirmed a £140m acquisition of fund supermarket Cofunds.
-The Royal Mint has reported a surge in demand for gold bars and coins, following the Bank of England interest rate cut earlier this month.
-The UK housing market took a pause for breath in July, following the referendum result.
-A study for the charity Shelter has found one in three families in England would not be able to pay their rent or mortgage for more than a month if they lost their job.
Useful links mentioned in this episode
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