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Simple Finance ltd

As fully qualified & experienced Independent Financial Advisors, Simple Finance provide professional advice across a range of financial services & are committed to: the interests of our clients, ethical practices, & independent advice, helping you to achieve your financial goals. For all your financial needs the answer is SIMPLE.

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Case Studies


Inheritance Tax - Bill & Joan

Bill and Joan were married for 10 years, had 4 children & an estate of £550,000
If they had no will, & Bill died, only £125,000 would go to Joan with the rest of the estate being distributed (using the complex laws of Intestacy) to the children & his blood relatives.
If they had simple Mirror Wills and Bill died, all his estate would pass to Joan (without Inheritance Tax payable). Joan now owns all the estate but when she eventually dies, £110,000 Inherita
nce Tax would go to the taxman.
If they had a Discretionary Will Trust and owned the property as Tenants in Common, & Bill died, his half of the estate would not go to Joan (avoiding Inheritance Tax). Bill's half would go into a Discretionary Will Trust, using his Nil Rate Band of £275,000.
When Joan dies, she'd use her own Nil Rate Band. They have therefore used Two Nil Rate Bands (totalling £550,000 potential exemption), Saving £110,000 of Inheritance Tax !!


Inheritance Tax - John & Mary

John and Mary, were unmarried, had lived together for 10 years, had 4 children, an estate of £400,000 & the house was owned in John’s sole name. If they had no will, & John died, Mary would get absolutely nothing!
If they had simple Mirror Wills & John died, all his estate would pass to Mary (without Inheritance Tax payable). Mary would now own all the estate but when she dies, some £50,000 Inheritance Tax would go to the taxman.
If John and Mary made Discretionary Will Trusts & changed the ownership of the house so that they owned it as Tenants in Common, then, when John dies, his half of the assets go into the trust using his Nil Rate Band Exemption. Mary has full access to this trust & can use & spend the assets during her lifetime. When Mary dies, her children get her estate free of tax because of her Nil Rate Band Exemption. They then get John’s estate free of tax via his Discretionary Trust.
This therefore saves £50,000 of Inheritance Tax!!


Pensions - Robert

Robert, a self-employed engineering consultant, retired at age 65 in September 2004.
 
Back in 1982 he sought advice on pension planning from an adviser who is now a director of Simple Finance. At that time he contributed to a number of pension plans and, following advice, initially increased his monthly contribution by £80.00 and then, subsequently, increased his contribution annually to the maximum allowed until retirement.
 
In September 2004 the adviser introduced him to another adviser, who is now also a director of Simple Finance, experienced in retirement planning and, following consultation, Robert decided on Income Drawdown as the most suitable retirement plan for his pension fund.
 
At retirement, Robert’s pension fund amounted to approximately £450,000. The fund was split equally between plans with Axa and Norwich Union and Robert decided to take an annual pension of £16,000 from his plans. This was not the maximum available. Along with his state pension and other occupational schemes from previous employers this amount took him up to the maximum for a basic rate tax-payer.
 
The flexibility afforded by Income Drawdown allows Robert to adjust his pension income so that he does not pay higher rate tax, but has sufficient income for his needs and is able to enjoy his retirement.
 
This case is unusual in many ways.
 
Firstly, it is unusual for a client to contribute the maximum to his pension plan and secondly very few clients do not take the maximum from their pension plan.
 
However, perhaps the most unusual facet to this case is that very few advisers are able to follow the progress of a client’s pension plan from the savings stage all the way through to retirement and beyond.
 
This case emphasises the long term relationship that advisers at Simple Finance strive        to build with their clients and also the loyalty that our clients show in return.

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