Tax Planning

Tax matters can arise in all sort of different situations. Our specialised legal team can advise you on Inheritance Tax and Capital Gains Tax planning on a one-off basis. Often a large amount of tax can be saved with simple tax planning advice.

Inheritance Tax

Inheritance tax could have an impact on your estate if the value of your assets is greater than the current inheritance tax threshold which currently stands at £325,000 (2021/2022 tax year) or £500,000 where one gifts an interest in their main property to direct descendants.

We can help you with inheritance tax planning to ensure that maximum use is made of your inheritance tax allowance upon your passing. We will ensure that your inheritance tax liability is mitigated as much as possible by putting in a place a tax planning effective will for you.

Does Inheritance Tax Apply if I Leave Everything to My Spouse?

Assets that are passed to a surviving spouse or a civil partner are exempt from inheritance tax. However, this could be wasting your personal inheritance tax allowance. A properly drafted will can use a trust to prevent the surviving spouse from ending up with all of their deceased partner’s assets thereby mitigating or minimising inheritance tax that may be payable upon the surviving spouse’s death. The trust can save inheritance tax upon the second death while still benefiting the surviving spouse. This tax effective arrangement will result in the bulk of your assets being passed on to family members following the deaths of you and your partner or spouse.

What Can I Do To Avoid Inheritance Tax?

There are a variety of options that are available to you and which may assist with the mitigation of inheritance tax. These will depend on the value of your estate, the type or nature of assets owned by you, who you would like to benefit from your estate and your financial needs during your lifetime. You may wish to plan through lifetime giving or through your will. You may even use a combination of both.

Our friendly and highly regarded team have a wealth of experience in assisting and advising on the most effective means by which inheritance tax may be mitigated.

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