Tax Planning
Investments,
Mortgages, Protection; each area of financial planning carries with it a
different, and often complex tax regime. At Affinity we can plan your
finances in the most tax-efficient way, thereby denying the Chancellor the
unnecessary tax payments that you may make by default. Key areas to address
are:
Inheritance
Tax (IHT)
The
tax payable by your beneficiaries upon the value of your estate at death. Described by Roy Jenkins as “tax
paid by those who distrust their relatives more than they dislike the
Inland Revenue”.
What are
the annual exemptions allowable to an individual to minimise the
beneficiary’s eventual bill? What is the current IHT Nil Rate Band? Please
use our contact form to find out the
answers.
Capital
Gains Tax (CGT)
The tax payable on the sale
or disposal of assets . However, once again there are
annual exemptions that may be set against your disposals. Perhaps the
transfer of a proportion of the assets to a spouse/Civil Partner to make
use of an extra set of allowances may help? Maybe your investments have
never been planned with CGT in mind? Are you aware of those investments
that do not attract CGT in the first place (and are often more secure)?
Lastly, what tax may be payable on the sale of that second home, or buy to
let property?
Income
Tax Mitigation
Many
individuals are unaware of their total tax allowances in each year. By
ensuring that you claim all of those that may be applicable you may find
your tax bill considerably reduced. Careful selection of the right kind of
investment may also help, as the Chancellor has made many (not necessarily
obvious) concessions in recent years.
Please use
our contact form to receive advice.
