Inheritance tax, capital gains tax, income tax

CONTENTS

Inheritance Tax
Capital Gains Tax
Income tax
How we work with you

Services

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

Inheritance Tax

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.

Income tax

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.

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Tax – Inheritance, Income & Capital Gains

Inheritance Tax

Capital Gains Tax

Income tax

How we work with you

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