With periodic changes to tax rates and allowances for individuals, it is important to review asset ownership and the resulting income and capital split between couples, to help minimise your overall tax liability.
Inheritance tax (IHT) can significantly reduce the value of assets passed to the next generation. It is never too early to make an IHT plan in order to achieve up to a 40 per cent tax saving.
Business property relief (BPR) potentially removes the full value of a business from the charge to inheritance tax (IHT), either on lifetime gifts or on death.
Agricultural property relief (APR) can relieve qualifying property being transferred, from an inheritance tax (IHT) charge, either on lifetime gifts or on death.
Tax relief is generally obtained at your marginal income tax rate on pension contributions up to an annual allowance, plus any unused relief available from the three previous tax years, although the annual allowance is reduced for those with income above £150,000.
The increasing cost of funding children through university or private school, or just trying to give them a head start in life, can be significant for families.
Individuals coming to or leaving the UK need to be aware of how tax residence is determined. This includes those moving for short term reasons, such as work, or longer term reasons, such as those entering under the UK investor and entrepreneur visa programme.
Whether you are already a landlord, or considering purchasing a buy to let property, it is important you understand the relevant complex tax rules so that you can make informed decisions on how to structure and finance your property.
In November 2017, the Government published a consultation paper regarding the taxation of gains made by non-UK residents on disposals of all types of immovable property in the UK, realised after 5 April 2019. It is expected that the part of any gain that relates to the period prior to 6 April 2019 will not be taxed, either through rebasing the value of the property at 6 April 2019 or by time apportionment.