Inheritance Tax
and Capital Gains Tax are two of the main taxes that can take a large slice of
your assets or your children’s inheritance.
Most people seem to
share the view that we are forced to pay too much tax. Especially as house
prices have risen significantly over the past decade, yet the Inheritance Tax
threshold has only gone up by small amounts in comparison, and is currently set
at £300,000 (April 2007). Recent changes to the Inheritance Tax Rules go some way towards redressing this situation, but may still not do enough for some people. The recent changes also made it more important than ever to get good advice to explain how your estate would be dealt with from a tax perspective and possible methods of reducing the estate's potential tax bill. It is still very much true that Inheritance Tax is no longer purely a tax on the excessively wealthy.
Similarly, Capital Gains Tax can catch a
lot of people unawares. The parents who buy a house for their children, but buy
it in their names until the child is “a bit more settled”. The
property investors who ‘buy to let’ and benefit from an increase in
value. Often the first time that people learn about Capital Gains Tax is when
they find out they owe some.
We are more than happy to advise you of
the various ways of minimising the amounts of tax that have to be paid in any
scenario, and our team of solicitors have years of experience in dealing with
these taxes, or more specifically, minimising the impact of them on your
assets.
Lets face it - Tax is rarely seen as exciting. Potentially
saving thousands, or, in some cases, hundreds of thousands of pounds in tax is,
however, likely to make you feel pleased that you came to see us!
Home
visits or an appointment in a ground floor room can be arranged – please
ask about this when making an appointment
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