We can advise on the inheritance tax, capital gains tax and income tax implications of your proposed transaction. There are a vast number of rules as to when tax is payable, and an even greater number of exceptions to the rules. When appropriate in conjunction with other advisors, we can help you achieve what you want to do in a tax-efficient way.
When making a Will or certain gifts during your lifetime you may need to consider the potential inheritance tax liability. Generally any inheritance tax due is paid by your estate after your death, but a small number of transactions give rise to an immediate inheritance tax bill. We can discuss your options for passing your property on to friends and family and the related tax implications.
If you sell or give away an asset Capital Gains Tax may be payable. It is calculated based on the increase in value of that asset during the time you have owned it. We can advise you whether your proposed transaction will give rise to a Capital Gains Tax liability and help ensure you do not pay more tax than you have to. You are likely to have to pay Capital Gains Tax if you sell or give away assets including (but not limited to) shares or a property that is not your main residence.
There are a number of allowances, exemptions and reliefs available. We can advise on the various ways to offset capital gains tax liabilities including reliefs such as rollover relief, hold over relief and entrepreneurs’ relief. If you own a farm premises or business property there are other reliefs available.