Whether you have earned your wealth, inherited it or made shrewd investments, you will want to ensure that as little of it as possible ends up in the hands of the tax man.

Inheritance Tax (IHT)

In general, Inheritance Tax is payable on death if the estate of the person who has died is worth more than £325,000 (for a person who has never been married or in a civil partnership). The rate of Inheritance Tax is 40% on any amount in excess of these amounts. If you estate is below these amounts then you may wish to consider our section on protecting your assets from Care Home Fees instead.

For those with assets in excess of these figures, please consider the content of our Inheritance Tax guide for details of how to avoid unnecessary payments to the tax man.

Capital Gains Tax (CGT)

In general, Capital Gains Tax is payable on the disposal of a taxable asset which has increased in value since it was acquired.

A disposal could mean a sale or a gift. Acquired could mean purchased, or inherited, or received by way of gift. A taxable asset may be a shareholding, or a property which is not your main residence as a holiday home or a rental property.

We can help ensure that Capital Gains Tax is not paid unnecessarily, but early consideration of this issue is needed, preferably some time in advance of disposing of the asset. Please contact us for specific advice.
 

Useful Links

IHT Guide     Equity Release Guide     Trusts for Children with Disabilities