Personal & wealth tax
Text around Personal & wealth tax
Personal wealth and private client tax services
In the increasingly complex world of tax, we’re here to offer guidance on how to structure your financial affairs to ensure they are both compliant and you only pay the amount of tax that is due. The tax burden has never been so high and our dedicated private client tax team are here to help you and your family to plan for the future, protecting your assets for the next generations.
What we can help with
Despite the changed tax planning environment many opportunities still exist for businesses to plan strategically to minimise tax exposure. We can look at:
Capital Gains Tax – We can help plan to ensure that the sale of your assets is as tax efficient as possible, whether that is through the use of relief or making sure they are held in the most tax efficient way.
Inheritance Tax – Inheritance Tax has previously been voted ‘the most hated tax,’ which is understandable given that it taxes your assets as they pass down through the generations. Our private client team can help you plan for this tax and hold your assets in tax efficient structures that can help preserve your wealth for those who matter most.
Income Tax – Income Tax is an extremely complex tax, and with ongoing changes individuals and businesses will find that this tax will take an ever-increasing share of your income. We can help by reviewing your income sources and ensuring that you only pay the correct amount of tax, preserving your wealth for your family.
Property Taxes – Property taxes have increased in recent years as the Government seeks to tax this source of income more heavily than ever before. We have a great deal of experience of helping clients with property assets to structure the income and wealth generated by these assets so that you can maximise your returns.
Personal wealth tax FAQ
I am about to sell my business, will I only pay tax at 10%?
The rules for Business Asset Disposal Relief have changed and only the first £1 million of your lifetime chargeable gains will benefit from the 10%. However, there are a number of other conditions you need to satisfy. If you are contemplating a sale, please contact our private client team as we can guide you on how to structure any sale to maximise the reliefs available.
Will I pay tax if I pass on my house to my children?
Residence Nil Rate Band (RNRB) tax relief is due where the property you live in (or have lived in) is passing to your direct descendants. However, there are several other conditions, and if your estate is greater than £2 million, including any business interests, even if these are exempt from Inheritance Tax, then the relief will be withdrawn. If you would believe you may be affected by this, please contact our private client team, to discuss how we can assist you.
What is a trust?
Trusts can be set up during lifetime or on death and are created by transferring assets to trustees to hold and manage for the benefit of specific people or a group of people (the beneficiaries).
Can I keep control over the trust assets?
You can be appointed as one of the trustees although we would always recommend that there are at least two trustees. We have a separate trustee company that can act as an independent trustee to assist with decision making and ensure trustee duties are met.
Can I put assets into a trust but keep the income myself?
There are tax consequences of doing this which may negate the reason for setting the trust up in the first place, but we can advise further on the implications and potentially different ways of achieving your objectives.
Is having a trust expensive?
There are costs associated with setting up and maintaining a trust, but this needs to be considered against the potentially significant tax savings available. It can be possible to achieve your aims with a relatively simple trust where compliance obligations can be kept to a minimum.
I have several properties with debt attached, should I just incorporate to ensure I get relief for this debt?
Whilst incorporation can be the correct answer for some, the taxes that can be created by incorporating your property business need careful consideration. Capital Gains Tax (CGT) and Stamp Duty Land Tax (SDLT) can be due when property is moved into a company, plus any profits and capital is then held by the company and to access this you need to withdraw it from the company, incurring more taxes. Our dedicated private client team can help you to examine the options and decide which structure is the most tax efficient for you.
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