Tax planning is often undertaken in the context of estate, wealth and succession planning as a whole, both exercises being undertaken side-by-side.
Wishes regarding succession, inheritance and asset protection will in most cases be the key motivating factors. Arrangements will then be put in place to facilitate these whilst at the same time mitigating the intended recipients’ exposure to tax. The tax treatment of certain arrangements will in turn influence their suitability and so the interconnection between what is ultimately succession planning and tax planning becomes clear.
Good tax planning cannot be undertaken therefore without good succession planning and a detailed consideration and understanding of a client’s personal and business circumstances, their wishes and existing arrangements. In turn, assets need to be fully analysed and understood.
When tax planning with our clients, we may recommend using one or more of the following – Wills, Trusts, Powers of Attorney and Family Investment Companies, as well as making use of well-established allowances. Typically, arrangements will be structured to maximise tax reliefs and, importantly, flexibility to ensure the succession of assets without an unnecessary charge for tax.
Due to the nature of succession and tax planning, it is an exercise that should always be under review in light of changes to an individual’s wishes, their circumstances and assets, the law itself and the applicable taxation regimes. For many clients, we will be at their sides throughout their lives.
It is always in a client’s best interests that they receive full advice and so we believe in a holistic approach and work closely with other professional advisors including accountants, financial advisors, investment managers and surveyors ensuring clients will always receive full and complete advice in any tax planning they undertake.
Our team can advise you on:
- Succession planning
- Asset protection
- Inheritance Tax, Capital Gains Tax and Income Tax
- Agricultural and Business Property Relief
- Entrepreneurs Relief
- Stamp Duty Land Tax
- Principal Private Residence Relief
- Lifetime gifting and allowances
- Wills, Trusts and Powers of Attorney
- Deeds of Variation
- Family Investment Companies