Morr & Co Solicitors
Inheritance Tax Planning
By reducing tax liabilities, our inheritance tax solicitors can help you maximise the amount you leave behind
Sound tax planning is vital if you want to ensure that you aren’t paying more tax than you should be.
This could be tax which is payable on your wealth during your life, such as capital gains tax on the sale of an asset. Or it could be tax which is payable on your estate after you have passed away. In particular, there may be inheritance tax considerations, not just in relation to the assets that you leave behind but, also, it may be necessary to look at any recent lifetime gifts that you have made and their effect on the tax position.
Inheritance tax (IHT) Solicitors
Morr & Co's inheritance tax planning solicitors can advise you on all aspects of inheritance tax, including how best to minimise the exposure of your estate to inheritance tax after your death, and also on the process of obtaining probate and paying the tax before the estate can be distributed to the beneficiaries.
The rules around inheritance tax can seem complicated and are prone to change, but there are a number of important guiding principles that you should be aware of, particularly in structuring your estate in order to shield it as far as possible from taxes after your death
Read our quick guide to Inheritance Tax
Capital Gains Tax
This will typically apply if you sell an asset in your lifetime for more than its original purchase price, as capital gains tax is payable on the difference – in other words, on the profit or ‘gain’ realised. It is not just assets that are sold that may attract a capital gains tax liability, as an asset that you dispose of by way of a gift may also be taxable assuming that there are no exemptions available.
If you are planning to sell or give away an asset, we recommend therefore that you should seek advice on the likely tax implications to avoid any unforeseen tax liabilities.
We can also provide advice and guidance on capital gains tax liabilities arising after death when the sale of the deceased person’s assets will often trigger a tax charge. We can assist with the preparation of the necessary tax calculations, as well as advising you on any exemptions that may be available.
Domicile and foreign assets
If you are a non-domiciled individual (in other words, you consider your permanent home to be in a country other than the UK) and you own property in the UK, there will inevitably be cross-border issues that you will need to consider when it comes to estate planning. This will extend to the executors of your estate, as they will need to acquaint themselves with the principles relating to the administration of cross-border estates.
Conversely, if you are domiciled in the UK and own assets abroad, you (and in due course your executors) will also need to be aware of the issues that could arise and would be advised to consult with our specialist lawyers for guidance on this complex area of law.
We are also able to advise personal representatives in situations where one or more of the beneficiaries is located abroad, including the taxes that apply in the jurisdiction(s) in question.
Please see our page on Domicile and Foreign Assets for more information.