Estate Tax Planning
Inheritance Tax, Capital Gains Tax, & Income Tax can all take very significant portions of an individual’s estate.
We recommend that you plan now to minimise such taxes during your lifetime, because the earlier you consider the opportunities that are available the better use you will make of them.
Fortunately, whilst death and taxes are two of life’s certainties, death does not make the amount of tax that is due on the event similarly certain. It is therefore very important for Executors to undertake a careful review of the tax position on death, because with proper advice significant sums can still be saved.
Our tax advisers specialise in the Capital Taxes, Trust Taxation and Income Tax and will be happy to see you for a free initial consultation before advising further.
Agricultural Property Relief
APR is an Inheritance Tax relief that is based on the agricultural value of qualifying agricultural property when it is transferred, either in lifetime or on death.
Business Property Relief
Business Property Relief (BPR) can reduce Inheritance Tax liabilities by very substantial sums can be on a business or interest in a business, quoted shares and land, buildings and plant used wholly or mainly in a business controlled by the asset owner.
Inheritance Tax
IHT is a tax that can become payable on the value of an Estate when a person dies. It is also payable on outright gifts made during a person’s lifetime and on gifts to a Trust during a person’s lifetime if the gift is made less than 7 years before death.
Trust Tax
It is of paramount importance to consider how the various tax regimes - Income Tax, Capital Gains Tax, Inheritance Tax etc. - will impact the way a trust is drafted.
