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HM Treasury Budget website

Tax Planning

General taxation information that may be useful when dealing with certain life events.

Many people pay too much tax, or miss out on opportunities to reduce their tax burden.

You should take the opportunity to review your tax position if you are affected by one or more of the following:

  • Pay higher rate income tax
  • If you have investments
  • If you are married or in a civil partnership, and one of you is in a higher tax bracket than the other; or
  • If you, or your partner, come from overseas
  • Run your own business

The Financial Conduct Authority does not regulate taxation and trust advice.

For details of our fees for Tax Planning business please see our page How we are Paid

To discuss this further, please contact us.

Capital Gains Tax

Capital Gains Tax

Individuals are entitled to an annual exemption. If you think that your investments have made substantial gains and you have not yet made use of your annual allowance, you should consider taking financial advice as you may be able to utilise your annual allowance, or reinvest in an ISA (subject to the ISA limits).

Taxation

Taxation

Income Tax is a tax you pay on your income. You do not have to pay tax on all types of income. You pay tax on things like: money you earn from employment, most pensions, interest on savings etc.. You do not pay tax on things like: income from tax-exempt accounts, like Individual Savings Accounts (ISAs) and working tax credits.

Inheritance Tax

Inheritance Tax

The Individual Inheritance Tax Allowance is £325,000. Certain lifetime gifts can be made without giving rise to an inheritance tax charge. You can give away £3,000 worth of gifts each tax year (6 April to 5 April) and it is worth considering making a gift of this amount if you are in a position to do so.

Civil Partnerships

Civil Partnerships

Couples who have signed a civil partnership are treated by HM Revenue and Customs (HMRC) the same as a married couple. A civil partnership must be registered in order to fall within the new rules.

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