Personal Tax Planning and Advice

Inheritance Tax

Inheritance Tax is tax charged on a deceased person’s Estate. If the Estate is below a certain threshold then no tax liability arises. If a person's estate exceeds the threshold then tax is payable at 40%. There are reliefs and exemptions which we would be happy to discuss with you. In April 2017, the Government introduced an additional allowance which relates to your principal residence. We will be happy to explain and advise you on this most recent development.

Capital Gains Tax

Capital Gains Tax is a tax on a gain of a ‘Chargeable Asset’. Chargeable Assets include property which is not your main residence, shares and most personal possessions worth £6,000 or more. The tax rate imposed depends on your annual income. There are certain exemptions and allowances applicable to a Capital Gain and we would be happy to assist in calculating any liability and advise you in this regard.

Stamp Duty Land Tax

Stamp Duty Land Tax is a tax payable within 30 days of buying a property or land above £125,000. The rate of tax increases with the value of the property or land. If you own more than one property on the day of completion then additional Stamp Duty Land Tax rates apply. We will calculate the tax liability, submit the application and settle the liability.

Lifetime gifting and Trusts and settlements

There are a number of ways to make gifts to your loved ones in your lifetime. However, there are exemptions, reliefs and allowances available and these should be carefully incorporated in to your tax planning. The date the gifts are made is critical and we can explain the impact of this to you. Careful consideration must be made when making lifetime gifts or creating settlements. We will be happy to advise you in this regard.

Agricultural and Business Property Relief

You can pass on some agricultural property free of Inheritance Tax, either during your lifetime or as part of your Will. However, careful investigations must be undertaken as to what qualifies as Agricultural Property which we will assist you with. Certain business assets qualify for 100% Business Property Relief and others, attract only 50% relief. We will identify when and how those reliefs apply.

Taxation of Estate and Will Trusts

The taxation of a Trust can seem a complicated. The Personal Representatives of a deceased person’s Estate have the responsibility to identify a Trust and the Trustees must ensure that the appropriate tax is paid at the correct time as failure to do so will result in penalties or fines. We will assist in identifying the type of trust and will explain the relevant rules and tax liabilities which apply to that Trust.
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