As specialist capital taxes advisers, our objective is to work closely with you to ensure that you pay the correct amount of tax required by law.
The liabilities arising from capital taxes often give opportunities for mitigation, and it is therefore essential to have an adviser who fully understands how to apply the complex raft of reliefs that can be available.
Capital Gains Tax
Capital Gains tax is a tax on the profit you make from selling certain assets, such as property, shares or other investments. A charge to Capital Gains Tax usually arises after you sell an asset, but can also occur in the following circumstances:
- When you give away a chargeable asset
- When you transfer a chargeable asset to another person for no consideration
- When you receive compensation for the loss or destruction of an asset
In some circumstances there are valuable Capital Gains Tax reliefs available that can substantially reduce or even eliminate your Capital Gains Tax liability. HM Revenue & Customs routinely scrutinise the application of these reliefs, and it is therefore essential that your adviser possesses sufficient knowledge and expertise to both claim these correctly, and then defend that claim in the event of scrutiny.
Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who has died, and is generally charged at a rate of 40%.
It is sometimes the case that relatively simple advance planning can help to avoid considerable amounts of tax, ensuring that your wealth is protected for future generations. Our specialist team can advise you on the most efficient way to arrange your affairs, and potential ways to reduce your Inheritance Tax exposure, which can include:
- Utilising the deceased spouse’s nil rate band
- Maximising the use of IHT reliefs
- Ensuring that your assets qualify for Business Property or Agricultural Property Relief
- The use of lifetime gifts
- Making gifts out of income
- Reviewing pension arrangements
- Conversion of assets
As specialist agricultural and equine advisers, our team is extremely focused on inheritance tax efficiency, and in particular, the availability of Business Property and Agricultural Property Relief.
Experience has shown us that many advisers are out of their depth when dealing with capital taxes, leading to inadequate planning and missed opportunities for reliefs to be claimed. Don’t take the risk, speak to our knowledgeable team and ensure that your tax exposure is minimised as far as possible.