Tax – Inheritance, Income & Capital Gains
Obtaining the right tax law advice, in a world where taxation law changes occur regularly, is absolutely essential. By getting to know you and your needs, our teams are able to offer advice in key areas such as succession planning, the protection of your family’s future wealth and the mitigation of tax, in particular inheritance tax and capital gains tax.
Our expertise includes advising on:
- succession planning and inheritance tax efficient Wills;
- the inheritance tax and capital gains tax treatment of trusts;
- the inheritance tax and capital gains tax implications of owning, selling or gifting business property and agricultural property; and
- the tax implications on buying or selling property
Efficient Inheritance Tax planning will ensure that the gifts you make to your family, whether in your lifetime by way of outright gifts to individuals, or by way of lifetime gifts into trusts, or via your Will, will mitigate as far as possible the inheritance tax payable on your estate. At the same time, it is fundamental that all factors, including non-tax factors, are considered and you should not gift so much that you leave yourself exposed financially. Our team will be able to advise you on current inheritance tax rules and keep you up to date with any changes through the years.
We can also advise on related tax issues such as inheritance tax on gifts where the donor reserves a benefit in the gifted asset and the related pitfalls of pre-owned assets tax.
Capital Gains Tax
Capital gains tax implications can arise at various stages of your life. This might include the sale of your main residence, selling a business or disposing of an asset. Bear in mind that a gift is also a disposal for capital gains tax purposes, thereby giving rise to a tax charge without any cash proceeds to meet that charge. Robust advice and forward planning may help to reduce or avoid your liabilities and help you to make best use of reliefs such as business asset disposal relief (formerly known as entrepreneurs’ relief). Our team will talk through your options and advise on the best possible outcome.
Where you jointly own property with someone, you may wish to restructure how you hold property in order to make best use of your personal allowances and relative rates of tax. We can assist with the income and capital gains implications of this. You should also consider Stamp Duty Land Tax on any property transaction.
How we work with you
Whilst based in the South of England, Paris Smith acts for businesses and families throughout the UK. Technology has enabled us to provide a high level of service to our clients whether they are local to our offices or not. Our advice can be given in many ways:
- Over the telephone
- Via video conferencing
- In face to face meetings
We will talk through how you would like to be contacted and the best ways for us to meet in our early conversations with you.
How we’ve helped our clients
“Very precise and detailed advice, delivered in a way that a lay person could understand (or almost understand, given the very complex nature of company and taxation law!) Very friendly and professional team.”
Malcolm Jenkins – Private Client, taxation law
Chambers High Net Worth Legal Directory 2022
The team are ranked in both the Chambers UK Legal Directory and The Chambers High Net Worth 2022 editions.
The Chambers UK Legal Directory states: The lawyers at Paris Smith advise wealthy clients on a range of succession planning techniques including estate planning and trusts. The team also advises on tax planning.
Several sources praise the firm’s client service. One interviewee says: “They are very professional, the service feels very tailored and personal to clients.” Another source notes: “They are knowledgeable and responsive to client needs.”
The Chambers High Net Worth edition states: Paris Smith has a considerable team of private client lawyers able to assist with wills, estate planning and tax matters. The team can also advise on contentious estate matters.
A source says that the team has “a depth of expertise in complex estates and disputes,” while another adds: “They recognise the personal as well as the legal issues.”
Will Hadley is recorded in the High Net Worth edition as being a notable practitioner.
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