It’s vital to keep a close eye on your personal tax affairs, particularly when fixed penalties and interest charges are possible if you get things wrong.
A capital gain arises when certain capital (or ‘chargeable’) assets are sold at a profit. The gain is the sale proceeds (net of selling costs) less the purchase price (including acquisition costs).
Are you worried about how much Inheritance Tax your loved ones may have to pay in the event of your death and how they will be able to meet the payments?
We specialise in residency and domicile issues and are well placed to help you understand some of the complex tax matters and opportunities that may arise as a result of being non-UK domiciled or changing your residency status.
Trusts have a variety of uses. They can save tax whilst maintaining control of assets, be used to pass on family wealth, can help tax planning for marriage, divorce, retirement and other major events in life, and can also be beneficial in some aspects of offshore tax planning.
You may, for example, hope to pass on your company to other directors or family members or you may wish to liquidate your assets by selling your business to fund a comfortable retirement.