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.
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.
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.
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.
Preparing for 5 April 2024.
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?
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.
On 1 October the new energy price cap was introduced. This price cap will be in effect from 1 October until 31 December and a typical household that uses gas and electricity will pay no more than £1,923 per year. This represents a 50% reduction in the price cap that was in place for Q1 2023, which represents good news for consumers.
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.
While personal and family circumstances will differ for each couple, tax rules are the same for both LGBTQ+ and non-LGBTQ+ 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.
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.
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.
Under current tax rules, 6 April is the optimal separation date for divorcing couples.
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.
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.
As we approach the final months of the 2021/22 tax year, it is the perfect time to consider whether you have made the best use of your tax allowances available, as these can save you thousands of pounds each year.
We are delighted to announce that ten women from Mazars have been shortlisted for the Women in Financial Advice Awards 2022.
As we approach the 5 April 2022 deadline, it’s the perfect time to consider whether you’ve made the best use of your tax allowances available, as these can save you thousands of pounds each year.
The tone of the debate in May can be characterised by reopening post-Covid, the rebound of the economy, and the resurgence of inflation. Positive economic data saw risk assets move higher while bond performance was mixed.
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.
On Saturday, 10 April, VouchedFor released their 2021 Top Rated Financial Adviser Guide in The Times.
Late in 2020 equity markets climbed on the anticipation of vaccinations and are now consolidating at higher levels. They are now trading sideways, patiently waiting for economies to open and earnings to catch up to heightened valuations.
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