Sir David Hempleman-Adams, the renowned adventurer and industrialist, has taken a unique approach to avoid inheritance tax (IHT) by transferring his property and assets to his children. Hempleman-Adams, who is currently attempting to cross the Atlantic in an open basket hydrogen balloon, sat down with Donna Ferguson for an interview. He revealed that if his partner were to kick him out, he would be left to live in a tent on Dartmoor. As Chancellor of the Exchequer, he would like to see IHT abolished. Hempleman-Adams also discusses his upbringing in a middle-class family and his most expensive expedition to date. He reflects on his best year financially and the challenges of balancing expeditions with his business responsibilities. Hempleman-Adams emphasizes the humbling experiences of his expeditions and the perspective it has given him on money. He admits to making mistakes in the stock market but highlights the importance of buying property as a solid investment. While he no longer saves into a pension, he acknowledges the value of having one as a safety net. He also reveals that he has passed on all his property and assets to his children to avoid IHT, leaving him with a dilemma. Hempleman-Adams would abolish IHT if given the opportunity and expresses his dedication to charitable giving and supporting his daughters financially. The article concludes by mentioning Hempleman-Adams’ upcoming record-setting balloon journey across the Atlantic.
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