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Tax Mitigation

An analysis of Revenue and Customs data suggests Britons waste more than £10 billion neglecting tax reliefs, tax credits and paying penalties for late or inaccurate filing. However, four out of five taxpayers have done nothing to reduce their tax.

Yet there are many opportunities to do so. Pensions are a tax-efficient form of investment. Spouses can transfer savings to a lower-earning partner to reduce their tax liability.

We can advise on tax efficient ways of holding your deposits and capital, holdings which “wrap around” your wealth protecting it from tax and encouraging growth and income. For some, a Family Trust or other more sophisticated planning may be appropriate.
Your annual Capital Gains Tax (CGT) allowance allows you to avoid tax on gains you have made on shares, property and other investments.

Transfers between spouses are exempt from CGT and both spouses have an annual CGT exemption so they can double their allowance by splitting ownership of assets between them.

With inheritance tax (IHT) an up-to-date Will can make full use of the nil-rate band of up to £325,000 of either spouse’s or civil partner’s estate, and lifetime gifts can further reduce your liability. Anyone with property, for example, is likely to risk falling into the IHT net.

Even the simplest tax affairs benefit from professional advice and the more complex your assets and sources of income the more there is to be gained.

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