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Close sets up team to handle IHT-mitigation business

Close Investments has set up a dedicated team to handle adviser demand for Isle of Man Assurance’s property wealth manager plan.

The plan’s value as an inheritance tax mitigation scheme for primary residences was confirmed by HM Revenue & Customs on February 22, 2005.

It works by entering into a home reversion transaction, selling the property to the wealth manager at market value in exchange for a rent-free lifetime lease and cash lump sum that can be used to buy units in a whole-of-life policy linked to the property wealth manager fund managed by IOMA.

The plan is open to individuals aged 60 and over with properties worth more than £200,000 with no outstanding mortgage and located onshore.

Business development manager Robert Meyers says: “With the average price of a home in London having passed the nil-rate band for the first time and other parts of the South not far behind, the potential problem is huge. Property wealth manager offers many families the opportunity to retain the right to live in their family home and mitigate their tax bill.”



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