In this complex and ever-changing area of law, it is crucial to keep pace to ensure the effectiveness of planning structures.
Our team specialises in the strategic use of wills and trusts for UK and offshore tax planning, asset protection and succession planning in family businesses. We advise clients on mitigating inheritance tax and capital gains tax as well as the available exemptions and reliefs.
The key to our longstanding success is our personal approach to providing solutions and our straightforward personal care.
Our clients range from business entrepreneurs to farmers and landowners. We tailor our comprehensive service to meet the individual needs and goals of each client.
Our close client relationships allow us to take a proactive role in anticipating issues that will affect our clients in the changing legal landscape.
Highly specilaised tax advice is on all aspects of UK taxation and tax planning opportunities, at home and abroad, helping you to mitigate taxes and preserve wealth for your family and future generations.
The most significant aspect of our tax advice for private clients is in the fields of inheritance tax and capital gains tax where planning can ensure that substantial amounts of tax can be avoided or deferred.
Inheritance Tax
Will any inheritance tax be payable on your estate on your death?
Anything passing to your spouse or civil partner is free from inheritance tax provided you both share the same domicile status. This exemption does not apply to so-called ‘common law spouses’.
Anything you leave to charity is also free from inheritance tax. There are a number of other inheritance tax exemptions, for example, for business or agricultural assets.
The value of your estate for inheritance tax purposes includes not only what you own in your own right, whether by yourself or jointly, but also any gifts made during the seven years before your death and possibly any interest you may have in a trust. Any debts you have are deducted from the value of your estate.
At current rates, inheritance tax is charged at 40% on the value of your estate having discounted the threshold known as the ‘nil rate band’ on which no tax is payable. The value of the nil rate band tends to increase on an annual basis.
If the inheritance tax payable on your death is likely to be significant, you should consider whether this can be mitigated. With careful planning, tailored to individual circumstances, substantial tax savings can be achieved. We can help here: our team has substantial experience in this area of law which means that we should be able to save tax for the benefit of your heirs.
Our expertise covers all aspects of UK capital, income and inheritance tax legislation, and includes:
- Tax planning in the preservation and devolution of family businesses and other assets
- Tax-efficient ownership of assets through trusts, companies and other structures (both in the UK and abroad)
- Tax mitigration on the sale of shares in family companies
- Creating, varying or terminating trusts to mitigate taxation and to protect assets
- The preparation of Wills
- Advising on UK tax implications of foreign domicile and/or residence
For initial advice, assistance or for a general chat about planning, whether for you or someone you know, contact Ian Flack on 01403 738777.