December 2007

THE ACUMEN GROUP WELCOMES TORY PROPOSAL TO CUT INHERITANCE TAX

Bill Saunders, Head of Financial Planning at The Acumen Group said: "We welcome the proposal by the Conservative Party to cut inheritance tax and look forward to studying the details more closely. Rising asset values have resulted in more and more people becoming liable for this tax and we believe it's vital that a fairer system is implemented.

"For a growing percentage of the population, the government has unintentionally become the primary benefactor of people's wills and the scheme outlined today by the George Osborne MP will go some way to addressing that. The proposed tax underlines the key values of the current system - to tax the wealthiest segments of society and we would like to see legislation that returns us to that position.

"With any new tax there is always the danger that those facing an increase will take action to avoid it but in this case, it seems that a balance has been struck and in return for a fairly modest fee, those people who live in the UK but are registered abroad for tax reasons will have their overseas savings accounts protected from further scrutiny by the tax man for the purposes of UK tax laws."