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 INCOME TAX
Income tax is levied on income from salaried earnings, profits from self employment, bank interest and dividends to name but a few.
We can advise you on tax efficient strategies that can reduce or mitigate your liability.
CAPITAL GAINS TAX
Capital gains tax is payable on the profit arising from the disposal of assets such as investment property, stocks and shares and works of art (where the gain exceeds £9,200 2007/08). The excess profit is assessed at your highest marginal rate, this can mean that tax could easily be paid at 40% by someone who normally pays basic rate tax.
We can help you make use of the various reliefs available to reduce the tax burden, this can be a complex area and advice is essential.
INHERITANCE TAX
Inheritance tax may be payable if your estate is valued in excess of the Nil Rate Band (£300,000 2007/08) at the time of your death. This tax is charged at 40%, so with house prices rising, more and more people are being caught by this tax charge. From the 9th of October 2007, couples can transfer this allowance between themselves. Widowers can in some cases also use their late spouses old allowance.
We can advise you how careful use of will planning and Inland Revenue approved investment strategies can mitigate this tax.
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