When you’ve built up a large estate, you don’t want your beneficiaries to end up losing most of it to inheritance tax. The standard rate of inheritance tax is 40%, and is payable on the excess value of any estate over £325,000. More and more people are accumulating estates with values exceeding that amount.
What we offer is to help you minimise the impact it has on the inheritance you leave behind after your death. Long-term planning can substantially mitigate the impact of inheritance tax without threatening your family’s financial security. The plan we’ll make with you will be based on you and your family’s specific circumstances and aspirations.
Re-selling non-inventory assets can require the payment of capital gains tax, if the original purchase cost was lower than the amount you sold or are selling it for. It normally affects the sale of stock, bonds, property due to their high value.
The standard rate of capital gains tax can be upwards of 18%. If you’re selling multiple assets this can take a huge chunk out of the amount of money that you could make.
We will consider all documentation and information relating to disposal of interests or assets during the year and identify whether disclosure is required and where necessary ensure the appropriate details are included in the tax return, and the relevant reliefs and claims are made.
We will undertake a full review of your estate, including assets, investments and liabilities. Draft an estimated calculation of the possible Inheritance Tax liability based upon your estate and circumstances. Prepare and provide a summary of initial recommendations based upon this calculation and your circumstances.
We’ll help you with filling out any forms necessary for your tax returns.
We will carry out a personal tax planning review to ensure that you are aware of any opportunities to minimise your personal tax liabilities. Action taken here will allow us to proactively plan for your wealth creation strategies utilising your retained after tax profits.
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