Being able to understand and plan for the tax liabilities which you may face is a key part of not only financial and future planning, but also making sure your affairs are for those who will manage your estate or those who may assist you should you lose capacity to manage your own affairs.
Tax planning can provide you with confidence that your hard-earned wealth will pass onto future generations and save you money through careful management of the various tax liabilities you may face. Specialist tax advice provided by our team will help you to understand UK tax law which is ever changing and complex, based on your circumstances, your needs, and your aims, what ever the value of your estate or personal situation.
Inheritance tax (IHT) is an important part of the estate administration process, but nevertheless can create stress and discomfort for your loved ones after your death, both in terms of assessing how much is due and how it should be funded. Tax planning and tax advice can help you to make use of the various exemptions and reliefs which are available, reducing the inheritance tax burden on your estate, and maximising the amount you pass on.
Our specialist tax lawyers can help you to review your affairs, estimate your likely exposure to inheritance tax, and suggest steps you can take to reduce this taking into account your circumstances and aims.
This can include setting up a trust, making use of your annual gifting allowance, or making use of the very valuable exemption on regular gifts out of excess income, as well as a review of your Will provisions to make sure they produce the best outcome possible.
When deciding on the disposal of assets, like property and business interests, the capital gains tax implications should be carefully considered before arrangements are made. Taking comprehensive and expert advice before entering into any transactions can prevent any nasty tax surprises or unintended consequences. We will talk you through all of your options in clear, plain language, and make sure that you are comprehensively guided throughout the process.
Income tax planning is not always at the forefront of our minds but it is possible to achieve tax savings with a comprehensive review of your circumstances.
