TAX PLANNING

The appropriate management of wealth is imperative in meeting financial planning objectives. This is combined with effective tax mitigation advice, often in relation to inheritance tax (IHT), to help maximise investment returns in the most cost effective and tax efficient way.

Inheritance Tax, for example, is often called a “voluntary tax” because if plans are made soon enough, it could be considerably reduced or avoided altogether.

Transfers between spouses are exempt for Capital Gains Tax purposes. If you have an asset which at disposal could be liable to CGT, this could be reduced or even avoided if the asset is transferred to a spouse that has an unused CGT allowance for the tax year of disposal.

Trusts are a very effective way of making sure those you wish to benefit from your estate do so in the most efficient way. Recent changes to Trust law mean that you should also review existing arrangements.

There are often Income Tax and National Insurance savings to be made by way of pension contributions.

Wills – so many people have wills that are incorrectly drawn up. It is vital your will is reviewed regularly to ensure it reflects your wishes and is effective for IHT purposes.

Contact Michael Royde to discuss your individual circumstances and find out whether you could be making savings and whether you should be making plans now.