Lifetime Tax & Wealth Management Strategies

Wealth takes many forms, and Governments seek to tax it in many different ways, but offer some valuable exemptions. For more determined taxpayers, there can also be a surprising number of legitimate “loopholes” exemptions and reliefs to exploit as well as pitfalls to avoid.

The UK tax regime favours lifetime giving, but many people cannot afford to make substantial gifts to children until later in life when they feel they are financially secure. Those with family businesses, including farms, may be able to pass them on at low tax rates. For others, the options may revolve around tax favoured pension funds, and life insurance written in Trust.

With a new pension regime in place from 6 April 2006, an independent review of your pension and retirement planning arrangements with an authorised Financial Adviser is highly desirable. If you need a referral to one we can help.

Foreigners who take up residence in the UK should take advice in order to ensure their UK and worldwide assets are dealt with appropriately. We can help you to optimise your UK taxation position with appropriate structures and we can liaise with your own overseas advisers on the interaction of your UK and foreign assets to ensure that your worldwide estates are dealt with as you wish.

Everyone, young or old, UK or foreign, should back lifetime tax planning strategies with Wills which should be kept up to date with changing family and personal financial circumstances.

Once advice has been taken and Wills or tax planning arrangements made, it is equally important to review them regularly. Tax Laws and practice change – and so do family circumstances.

For further information, and a free initial consultation, contact Helen Webster.