Tax Planning

Inheritance Tax & Wills
There has never been a time when Wills and Inheritance Tax Planning have been so important to so many people. With increased general wealth the treasury has been able to take a much larger amount of tax from peoples estates. Everything above the inheritance tax threshold is taxed at 40%. In the tax year 2009 2010/11 that threshold was £325,000 per individual. This means that a couple could leave £650,000 without inheritance tax being payable.

Many individuals and couples will have assets in excess of the threshold but will not have taken measures to reduce the impact of inheritance tax. With good legal and financial advice it is possible to dramatically reduce the amount of tax payable in many cases.

Trusts
Many people now realise that an effective way to make gifts and mitigate inheritance tax is through trusts. These allow the donor to retain some control over the gift.

At Elementum we are able to offer tailored solutions to your problems through specialised knowledge of the tax and trust rules and how best they should be adopted.

Capital Gains tax
Selling or gifting assets often has capital gains tax implications. Through some simple tax planning both prior to the event and after it, tax savings can be achieved through the utilisation of annual exemptions, reliefs and deferral methods
For more information on the simple steps to avoid unnecessary tax on death and to ensure that assets remain in the family, Contact Elementum Ltd on 01772 203 222 or email us.

*The FSA does not regulate all forms of estate and IHT planning
*Tax rates and associated legislation is subject to change