capital tax planning

Capital tax planning for capital gains tax or inheritance tax should be pro-active and we aim to offer a tax planning service with a view to mitigating these liabilities, where possible.

If you are contemplating any transactions disposing of any of your assets, then we would be pleased to comment on the capital gains tax position and advise you on the range of reliefs that may be available to you. 

Nobody likes to contemplate the end of their life, but inheritance tax planning can result in much more of your estate being left to your surviving family, rather than ending up in the hands of HMRC.  We work in association with local lawyers or your own appointed legal advisor, to ensure that your Will reflects your wishes in the most tax efficient manner and that the inheritance tax is, in some cases eliminated, or at the very least, mitigated as far as possible.

If you reside outside the UK, your estate may be subject to Inheritance Tax/ Death Duties in the country of residence but if you are still considered as domiciled in the UK, your worldwide assets will also be taken into account when determining any UK inheritance tax liabilities to be levied on your estate.  The UK Government has concluded a very limited number of international Capital Taxes Agreement (treaties) which govern the taxation of your estate if you are domiciled in the UK but have assets sited outside the UK and/or you are resident outside the UK at the time of your death.   Our international tax team can advise on the tax implications of the situs of your assets and explain exactly how the international treaties can impact on the eventual tax liabilities.

Non-domiciled individuals with assets in the UK may have specific inheritance tax issues, particularly if you have a UK domiciled spouse/civil partner.  The inter-spouse/civil partner exemptions are limited and it is essential to take advice from PetersonSims regarding the potential tax position.