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Inheritance Tax Planning
If you wish to leave behind assets to your loved ones while ensuring that no more money than is strictly necessary goes to HMRC it is essential to obtain professional legal advice.
Planning ahead is key to preserving your assets and mitigating tax, and our team can help you by guiding you through the ever-increasing amount of tax legislation to find the best way forward.
We can offer advice in relation to many areas, including:
- Lifetime trusts and corporate structures
- Lifetime giving
- Charitable gifts
- Charity creation and registration
- Succession planning
- Domicile and residence
Our specialist team of Inheritance Tax planning solicitors will provide you with all the advice necessary to ensure you make the right decisions and see that your assets go to who you want them to. The JMW team will evaluate your specific circumstances and talk you through every aspect of the process in order to deliver you a tailor-made Inheritance Tax plan.
How JMW Can Help
Inheritance Tax is charged at 40% on the value of your estate when you die. However, there are some very valuable exemptions and reliefs which, when applied to your estate, can dramatically reduce your tax liability. JMW will evaluate your personal circumstances and work with you to identify and apply the most relevant exemptions.
Below we have listed the most common of these exemptions:
- Spouse/civil partner exemption
- Nil-rate band
- Transferable nil-rate band
- Residential nil-rate band
- Charity exemption
- Normal expenditure or gifts out of income
- Agricultural or business property relief
- Lifetime gift exemptions
- Gifts on marriage
- Maintenance gifts
If you believe your estate could benefit from any of these exemptions, or if you would like to find out more about the available relief that could be applicable to your circumstances, please get in touch today with our specialist team of solicitors.
We can also work closely with your accountant or adviser to ensure that you receive the best possible solution for your specific circumstances with the minimum of jargon. Our experienced solicitors have clients nationwide and abroad who appreciate JMW's clear and practical legal advice.
Contact us today for more information about your Inheritance Tax planning and start receiving practical help and advice from our expert team of Inheritance Tax solicitors right away. Call us on 0345 872 6666 or complete our online enquiry form and we will get back to you.
Capital Gains and Inheritance Tax Planning
If you are thinking about making gifts or setting up a trust, it is vital to consider the tax implications of doing so. Creating a trust or making large gifts during your lifetime for your children or grandchildren can result in a large bill for both Inheritance Tax and Capital Gains Tax, if not done correctly.
For example, profits made on property or investments sold during a person's lifetime can create a Capital Gains Tax liability. The tax can also apply if the property or investments are given away, as the assets are assessed at what their value would have been at the date of the gift if they had been sold instead.
Gifts made during a person's lifetime and distributions out of an estate on death may be subject to Inheritance Tax, as well as Capital Gains Tax.
Whether Capital Gains or Inheritance Tax liability occurs will depend upon various factors including the timing, size and recipient of the gift. A gift made without taking advice could result in:
- A tax liability that could have been avoided
- A further tax liability where tax has already been paid during your lifetime
- A gift falling back into your estate and creating a tax liability
If you wish to set up a trust or make a gift, speak to our specialist team of solicitors in advance to ensure you negate any serious tax implications for yourself or loved ones further down the line.