Inheritance tax

With careful planning, it’s possible to lessen the impact of tax, in compliance with HMRC guidelines. You might consider:

• Making gifts to individuals or trusts over seven years before death
• Ringfencing assets for family members for the future while releasing wealth from the estate simultaneously
• Investing in assets which will ultimately be eligible for business or agricultural property relief.

 

Capital gains tax

You need to pay capital gains tax when you sell an asset for a profit, or on a gift if it’s increased in value by the time you give it away. Capital gains tax can be tricky to calculate and plan for. I can:

• Advise on your liability for capital gains tax
• Help with strategies to mitigate the impact of capital gains tax, now and in the future
• Prepare tax returns for capital gains reporting on the sale of second homes.

 

As well as the above, I can advise on:

• Your liability for both inheritance and capital gains tax in relation to trusts
• Trust tax returns and accounts
• Stamp duty land tax and income tax
• UK tax issues for international clients including residence, domicile and offshore trust issues.

 

Trusts

Trusts can help protect your wealth for future generations of your family, and vulnerable beneficiaries who might not be able to manage the wealth themselves. There are specific trust vehicles for disabled or vulnerable people, or to manage funds received from a personal injury claim.

It sounds complex – and it can be – but in our initial conversations I can advise you on whether a trust might be appropriate in your situation, explain how it works and what trustees can expect, as well as the tax implications.

I’m then able to draft trust deeds and supplementary documents during the life of the trust, and manage the tax compliance. Most trusts now need to be registered with HMRC, which is something I can take care of for you.

Contact me to discuss tax and trusts