Tax Planning

“In this world nothing can be said to be certain, except death and taxes”.

The threshold for Inheritance Tax is currently £312,000 (2008/09) although a potential “double-threshold” is available to spouses and civil partners under the rules introduced in the 2007 pre-Budget Report. Gifts without exemption or relief are taxed at 40% above the threshold.

With the significant rise in property values over recent years many people now face a potentially large Inheritance Tax bill on their death – reducing the value of their wealth for future generations. But with some thought, discussion and advice, we are able to help many of our clients to save Inheritance Tax as well as the potential impact of capital gains and other tax liabilities.

IHT laws allow assets to be given (within certain parameters which vary) either direct to individuals or via trusts. After a detailed review of your aims and financial and family circumstances we can advise you on the best way to save as much tax as possible

As part of your estate planning you may also wish to consider the methods of converting some of the value of your home into cash - which you may spend to supplement your standard of living or to give away to family members – known as “equity release”. Or you may wish to protect your assets against possible future residential or nursing home fees. We can advise you on the steps to take in all of these respects.