We will guide you through the various taxes and how they interact – and provide lifetime tax and inheritance tax planning. On death we will assist your Executors to ensure that all tax issues are considered and any liabilities reduced where possible.
The main taxes relevant to individuals, estates and trusts are Inheritance Tax (IHT), Capital Gains Tax (CGT) and Income Tax.
Inheritance Tax can apply to lifetime gifts, transfers on death and transfers into and out of trusts. We will advise you on the rules relating to lifetime gifting so you can use all available exemptions. In an estate we will find out if any transferable nil rate band applies and will assist you in making this claim to HM Revenue & Customs. The rules on trusts are very complicated and generally gifts into trusts are not exempt from Inheritance Tax.
Capital Gains Tax can apply to individuals, estates or trusts, all of whom can sell assets. We will advise on how to calculate any gain and the tax charge. We will also advise on tax planning to reduce any CGT liability.
Income Tax issues usually arise in relation to estates and trusts. We will advise on the returns to be filed and their timing and will process any refund claims due to the estate in the trust.
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