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Personal wealth and tax planning insights
Topical tax and financial planning insights from our Private clients teams, designed to help you grow and protect your wealth.
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17 September 2024
Business Relief could impact business legacy
Ahead of the upcoming Budget, rumours suggest could see changes to Inheritance Tax (IHT) Business Relief. Business Relief could now be capped at anywhere between £500,000 and £1m per person, removing the 100% and 50% reliefs that currently apply without limit on qualifying assets meeting certain requirements.
28 October 2024
Autumn Budget predictions 2024
Rachel Reeves has confirmed that Labour will have to raise taxes in a bid to claw back some of the Government's £22bn debt, with changes expected to be announced in the 30 October Autumn Budget and possibly effective from this date too.
9 August 2024
Selling your business – common tax myths
When selling a business, complex tax rules can cause additional angst at what is a stressful time for the seller. Below we debunk some of the most common tax misconceptions that can arise during the sale process, providing support for those who are considering or going through an exit.
Labour announces further changes for non-dom rules
Labour announced further details on the proposed changes to the non-domicile regime, which were first introduced by the Conservative Government in Spring.
2024/25 Tax Rates: UK Updates
Welcome to our detailed guide on the 2024/25 tax rates in the United Kingdom. This article provides the latest information on various tax rates and allowances, crucial for both individuals and business owners effective financial planning. Understanding these rates is essential in navigating the complexities of the UK tax system. Let's delve into the specifics of the 2024/25 tax rates!
IHT myth-busting
The UK tax regime has several complex rules which impact you as a high-net-worth individual. With complexity comes confusion and misinterpretation which in turn, could mean you pay more tax than you need to, particularly in the case of Inheritance Tax (IHT). Below we debunk some of the myths surrounding IHT and planning opportunities to help protect your wealth for future generations.
What is the four-year FIG regime?
As part of the Budget announcements, new arrivals to the UK will be eligible for a new Foreign Income and Gains Regime (the “FIG Regime”). This is set to apply from 6 April 2025. For new arrivals to the UK, the regime could be very attractive.
Changes to the taxation of offshore trusts
Alongside the shake-up to the UK’s longstanding non-domicile regime, significant changes are to be made to the taxation of offshore trusts. Interestingly, the current proposal will put many offshore trusts back into the same position they were in before the changes introduced in 2017 and trustees will need to consider the implications for themselves and beneficiaries.
Changes to the UK non-dom tax regime
Currently, an individual's UK tax position is influenced by their domicile status. Under the proposed changes the concept of domicile will be disassociated from an individual’s income and capital gains tax exposure and replaced with a residence-based test.
Tax year-end planning
Preparing for 5 April 2024.
Can I gift all my net excess income IHT-free?
My approximate net recorded income is £90,000 per tax year and my recorded expenditure is approximately £70,000 per tax year. Am I able to gift the entire £20,000 difference annually, without incurring inheritance tax on any of the £20,000?
Inheriting a Pension – changes to death benefits
Pension funds have, for some time, been used as a tax-efficient way to pass wealth to future generations as they, in almost all instances, sit outside of an individual's estate. Pensions are therefore not part of Inheritance Tax (IHT) calculations and are not subject to the punitive 40% IHT rate.
Changes to the Pensions Lifetime Allowance
Pensions are a tax-efficient way to save. An individual receives tax relief on the money paid in, tax-free growth during the period that they hold a pension, and the ability to access money tax-efficiently in retirement (a combination of tax-free cash and taxable income). There is no limit on how much can be built up within pensions, however taxes may be applied upon drawdown.
IHT planning for LGBTQ+ couples
While personal and family circumstances will differ for each couple, tax rules are the same for both LGBTQ+ and non-LGBTQ+ couples.
IHT planning for married and civil couples
Inheritance Tax (IHT) was once regarded as a tax that only affected the very wealthy. However, rising property prices and a freeze on allowances mean many more people are facing a tax charge upon death. Everyone’s circumstances are different and it is important that (even those who might not consider themselves particularly wealthy) get proper tax and financial planning advice.
What the Budget means for your NHS Pension
16/03/2023. The Chancellor, Jeremy Hunt has announced wholesale changes to pension legislation in the form of an increase in the Annual Allowance and plans to abolish the Lifetime Allowance.
FURBS and EFRBS
Funded Unapproved Retirement Benefit Schemes (FURBS) and Employer-Financed Retirement Benefit Schemes (EFRBS) are discretionary trusts established for the benefit of a company’s employees and their families.
CGT changes that could benefit divorcing couples
Under current tax rules, 6 April is the optimal separation date for divorcing couples.
What is non-domicile status?
Every individual has a domicile and can only have one domicile at any given time. It is where they consider their permanent home to be, and it is distinct from nationality and residency.
ATED – what does it mean for you?
Annual Tax on Enveloped Dwellings (ATED) is an annual tax payable by a ‘non-natural person’ (usually a company) that owns high-value residential properties in the UK. The meaning of ‘high value’ has changed significantly since the introduction of ATED in 2012 from £2m to a much lower value of £500,000.
Women in Financial Advice Awards 2022 nominees
We are delighted to announce that ten women from Mazars have been shortlisted for the Women in Financial Advice Awards 2022.
Lifetime Allowance FAQs
Our Lifetime Allowance FAQs explain all you need to know about the recent freeze, how this could affect you and what you need to do.
The importance of consumer feedback
On Saturday, 10 April, VouchedFor released their 2021 Top Rated Financial Adviser Guide in The Times.
Key contacts
Ian Pickford Partner - Head of Private Client - Milton Keynes
