Simon Dawson, Legacy Release

New bridging lender launches with aim to solve personal IHT tax gap problem



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A new bridging lender has launched today (20th September) to support beneficiaries in paying huge IHT bills before receiving their inheritance.

Legacy Release aims 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.

The product is wholly dedicated to the HNW community, and offers individuals a bespoke service tailored to their specific needs.

The loan can also be used to cover legal and other professional fees and associated testamentary costs payable in advance.

The solution operates without the need for a credit check, and the lender will provide a loan of between £30,000 and £500,000 and offer a 24-month window to repay, but no security is required as the loan is repaid under assignment from the inheritance bequeathed.

The founding team behind the new finance provider — led by executive chairman, Robert Golden, former CEO at the retail division of Close Brothers bank — has over 50 years of experience between them working in the financial, banking and legal sectors at boardroom level.

“We’re incredibly excited to be entering the market with our first finance product, and into the inheritance sector specifically,” said Simon Dawson, chief commercial officer at Legacy Release (pictured above).

“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).”

Legacy Release has secured financial investment from a variety of sources, including the pre-approval and provision of a significant multi-million-pound funding line from Swift Group.

Andy Punch, CEO at Swift Group, commented: “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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