You may have seen in the news recently that Glastonbury founder Sir Michael Eavis has transferred most of the financial interest in the festival to his daughter.
Why, you may ask? What are the benefits of doing such thing, other than winning ‘Dad of the year award’?!
Well, Sir Michael has done something that all of us should do – No, not transfer millions to our children, but he’s clearly pre-planned and carefully thought out his wishes for his assets for after his death. Not even the super rich and wealthy can avoid that!
So, what does this all mean? The transfer of his shareholding in the festival to his daughter, prior to his death may result in Sir Michael avoiding up to £80 million in inheritance tax liabilities (Sounds great doesn’t it) – More on this story here
To learn more about how we can help with Tax Planning, please visit our page here
We spoke with Solicitor Holly Richmond on the importance of prior planning
Holly Richmond
Solicitor
Making a Will has never been so important as it ensures your assets are distributed as per your wishes and provides peace of mind. Creating a Will can assist in reducing tax obligations. Having a Will allows you to specify funeral arrangements, appoint guardians for minors and choose the age any minor beneficiaries will inherit rather than receiving inheritance at the age of 18.’
Estate Planning is crucial in planning ahead. A perfect example of this is the passing of Dragon’s Den’s Hilary Devey CBE in 2024, who left behind an estimated fortune of £80million but left no money in her Will having dealt with her assets in her lifetime.’
Another example of Estate Planning is that of Glastonbury Festival founder Sir Michael Eavis, who could potentially avoid £80million in Inheritance tax after he transferred the majority of his financial interest in the music festival to his daughter.’
For more information on upcoming changes to Inheritance Tax and the importance of wills & early planning, please view our articles below…
