Anyone with more than a certain amount of income, savings, property or investments will have to pay tax, but there are various exemptions, reliefs and ways of organising your affairs to ensure that you pay no more than you need to. This is particularly so with inheritance tax where it is often possible to make significant savings.
Everyone has the right to give a certain amount of money away each year, tax free, and to take advantage of initiatives introduced by the government to increase the amount you can leave tax free when you die. This includes the use of ‘potentially exempt transfers’ which allow you to make gifts of unlimited amounts during your lifetime which will be exempt from inheritance tax provided you live for seven years or more after the gifts were made. It also includes the ability to leave a share in the family home tax free to your children, grandchildren or other direct descendants.
At Hatten Wyatt Solicitors in Kent, our team of wills, trusts and probate lawyers regularly provide tax planning advice to clients who wish to organise their affairs as tax efficiently as possible. They can advise on:
- how much you will be allowed to pass on tax free when you die, which may range from £325,000 to over £800,000 depending on your circumstances;
- the tax incentives of being married or in a civil partnership;
- the tax-free gifts you can make during your lifetime;
- how to take advantage of the potentially exempt transfer rules;
- the capital gains tax implications where transfers of money and property are made before death;
- the tax benefits of leaving a share in the family home to your children, grandchildren or other descendants;
- the tax benefits of leaving money to charity;
- the use of trust arrangements to further mitigate your tax liability;
- the availability of business property relief and agricultural property relief; and
- other ways to protect your wealth.
We can also help you to make a will and take other steps to protect your financial interests, including creating a lasting power of attorney to ensure that there is someone lined up to make important decisions on your behalf if you lose the ability to make them yourself.
Advising individuals and families throughout Gravesend, Kent and beyond
We can also offer meetings at your home, or over the telephone via Skype if you have the need to travel abroad extensively.
An initial appointment to discuss your requirements can be arranged from £250 plus VAT. After that we can agree funding arrangements to suit your budget.
Get in touch with our tax planning solicitors in Gravesend, Kent
If you would like help to arrange your affairs as tax efficiently as possible, please get in touch to see how we can help. You can call us on 01474 351199 or use our contact form and we will call you.