Tax and inheritance tax planning

Our team regularly advise on tax and inheritance tax planning and often work in conjunction with a client’s own independent financial advisers and accountants to ensure we give practical, tailored advice for your personal needs and circumstances.

We give advice on lifetime Inheritance Tax and Capital Gains Tax planning measures, looking at what steps can be taken during your lifetime to minimise your liability to taxation.

Effective inheritance tax planning

Some of our top tips would be to:

  • Make use of your annual gift exemption
  • Make regular gifts from excess income over expenditureTax and inheritance tax planning
  • Make a Potentially Exempt Transfer (PET)
  • Make use of the small gifts exemption
  • Make a gift to charity

Using a Will

A properly written Will is an integral part of effective tax and inheritance tax planning and could reduce the amount of inheritance tax you pay. You may wish to consider including Trust provisions within your Will or setting up a Lifetime Trust.  A Trust can also be established to look after family members who become physically or mentally incapacitated.  We will work with you to ensure the best possible solution.

Each individual has a unique set of family and personal circumstances and we always remind clients that decisions about gifting assets or changing your Will should never be made solely for tax reasons.

Charitable trusts

We can also help you to set up and administer Charitable Trusts and can assist you with your legal, administrative and governance needs.  Our private client team work closely with our colleagues in the Charity Law team, including accredited Charity Law specialist Mark Ewing, to ensure you receive comprehensive and specialist advice.