Tax Planning
Here at Elizabeth Jones Law we offer a wide range of tax planning advice services for a variety of scenarios, including guidance regarding inheritance tax, capital gains tax, and more.
Below you can find a brief overview of the most common fields we receive enquiries about. If you have any further questions about tax planning, feel free to reach out and contact us here at Elizabeth Jones Law.
Inheritance Tax
Good inheritance tax planning and advice is essential to ensure that no more than necessary is paid in tax from your estate after death.
Every individual has an allowance of £325,000 of your estate which can be left tax free. The remainder can be taxed at 40% so careful planning is required.
There is also a Residence Nil Rate Band (RNRB) currently at £175,000 and to benefit from this additional band the property must be left to your linear descendants. Any gifts you leave to your spouse, civil partner or charity within your will are free from of inheritance tax.
Every individual has an allowance of £325,000 of your estate which can be left tax free. The remainder can be taxed at 40% so careful planning is required.
There is also a Residence Nil Rate Band (RNRB) currently at £175,000 and to benefit from this additional band the property must be left to your linear descendants. Any gifts you leave to your spouse, civil partner or charity within your will are free from of inheritance tax.
Lifetime Gifts
Any gifts you make within 7 years of your death with reduce your Nil Rate Band on death. There are some small exceptions such as £3000 annual allowance and £250 per recipient small gift exemption.
If you survive 7 years from the making of the gift to an individual, there is no tax impact of that gift for your estate.
If you survive 7 years from the making of the gift to an individual, there is no tax impact of that gift for your estate.
Capital Gains Tax
Capital gains tax is on any profit you have made, and is chargeable whether you sell or give away a chargeable asset.
Each individual has an annual exemption they can deduct but the remaining gain is then taxable.
Each individual has an annual exemption they can deduct but the remaining gain is then taxable.
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