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Legacy Release aims to solve personal IHT tax gap problem


A new finance bridging product claims that it will rescue beneficiaries from the headache and heartache of having to pay huge IHT bills before receiving their inheritance. 

Legacy Release has been established to bridge the gap between the discharging of estate liabilities and the eventual realisation of money and enables individuals to gain early access to inheritance which can be used for any purpose. It is 100 per cent paper free and entirely unique in its design – it is the first of its kind to be wholly dedicated to the high-net-worth (HNW) community, the process is far easier with individuals getting a bespoke service tailored to their specific needs. The product by far is the most competitive when compared with anything similar in the market. 
The Legacy Release product is also invaluable to the HNW advisory community because the loan provided can also be used to cover legal and other professional fees and associated testamentary costs payable in advance. 
The founding team behind the new lender, led by Executive Chairman Robert Golden, former CEO of the Retail division of Close Brothers bank, have a strong pedigree, giving it a firm foundation with over 50 years of experience between them working in the financial, banking and legal sectors at boardroom level. Therefore, they understand the challenges advisors to the affluent and high-net-worths face when guiding their clients through this critical and emotional stage in their lives. 
Legacy Release has secured financial investment from a variety of sources including the pre-approval and provision of a significant multi-million funding line from Swift Group. 
Because the Legacy Release Solution is designed specifically to support HNWs at a difficult time in their lives, and help remove some of the stresses and strains, it operates without the need for a credit check. The lender will provide a loan of between GBP30,000 – GBP500,000 and offers a 24-month window to repay, but no security is required as the loan is repaid under assignment from the inheritance bequeathed. As a bridging loan, individuals can get the money immediately once the agreement has been approved, avoiding the extended delays that are inherent in a mortgage or other consumer credit. 
Simon Dawson, Chief Commercial Officer at Legacy Release says: “We’re incredibly excited to be entering the market with our first finance product and into the inheritance sector specifically. Put simply, there are not enough competitive solutions available to HNW families facing a large IHT bill before they have received the inheritance. Our product seeks to provide a stress-free option to help bridge that financial divide, and to assist liquidity when it’s needed most. 
“The issues with the IHT regime are well known, it has many vocal critics. The illogic of making people pay tax on inheritance before they have received any money is particularly problematic – a situation only made worse by the delays in the probate system caused by the Covid-19 pandemic. 
“This is just the start for us, the long-term objective of the company is to become a market leader for providing accessible financial release products to those who need their guaranteed windfall early, across the consumer space (matrimonial/early retirement/share maturity).” 
Andy Punch CEO at Swift Group says: “We are thrilled to be entering this market with Legacy Release. We have known the founders for many years and have great faith in their ability to launch and grow their business. The need for an inheritance bridging product has never been greater and this is an exciting first for Swift Group and underlines our innovation credentials.”

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