Services for youWealth Preservation & Tax Planning

Wealth Preservation & Tax Planning

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.

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.

Lasting Power of Attorney (LPA)

An LPA is a legal document in which you choose someone that you trust to make decisions on your behalf. This is used in the event of loss of mental or physical capacity due to, for example, an accident or illness. An LPA is a very powerful document which can provide peace of mind for both financial and medical/care decisions. It is particularly recommended for people with controlling business interests to ensure continuity of trading. For more information please visit our Lasting Power of Attorney page.