Individuals

Utilising allowances

Utilising allowances

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.

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Eugenia Campbell

Inheritance tax

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.

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Business property relief

Business property relief

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.

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Agricultural property relief

Agricultural property relief

Agricultural property relief (APR) can relieve qualifying property being transferred, from an inheritance tax (IHT) charge, either on lifetime gifts or on death.

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Pensions

Pensions

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.

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Tax efficient investments - Karen Clark

Tax efficient investments

Generous tax reliefs are available using an individual savings account (ISA) and investment in private companies.

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Chris Etherington

Investment wrappers

The gulf between personal and corporate tax rates has made companies attractive for holding personal assets.

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Heather Pendleberry

Supporting children or grandchildren

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.

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UK residence status

UK residence status

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.

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Private client compass - Residential property owned by individuals

Residential property owned by individuals

Non-UK resident investors should evaluate the pros and cons of how they own UK residential property in conjunction with their broader plans.

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Residential property owned by corporates

Residential property owned by corporates

The Government has targeted properties held by corporate structures as a means of increasing tax revenue.

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Tax issues for landlords of residential property

Tax issues for landlords of residential property

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.

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Other property tax proposals recently announced

Other property tax proposals recently announced

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.

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