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Tax Planning

Paying inheritance tax is no longer something that only the rich need to worry about. Many people living in the south now have an estate valued above the threshold for tax, and the limit changes every April.

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With a little careful planning and a well-drafted will, you can arrange your finances to ensure that your loved ones benefit, rather than the taxman.

It is crucial to plan what will happen to the pennies that you have saved and earned. Our team can advise on saving, investing and wealth protection.

We can help you with:

Tax Planning in Bournemouth, Poole, Christchurch, Ringwood and the New Forest

We have bright, modern and accessible offices in Christchurch and Ringwood, but our excellent IT systems allow us to work with clients from all across the country.

All new clients can have a free initial meeting with one of our bright experts. These can take place over a coffee at one of our offices, by phone or video conference. Call us on 01202 499 255 or fill in the get in touch form on this page to arrange yours. 

What is inheritance tax?

Inheritance Tax is the amount of tax paid by an individual that has inherited money/property from a person that has died.

What is Capital Gains Tax?

Capital gains tax is a tax on the profit when you sell an ‘asset’ that has increased in value. The amount of “gain” you make is taxed, not the full amount of money that you receive.

For example, if you buy a shareholding for £5,000 and later sell it for £15,000, you made a gain of £10,000.

Some assets are tax free and you also do not have to pay capital gains tax if all your chargeable gains in a year are under your annual allowance. The most obvious asset that this applies to is property. It does not apply to a home that is your main residence, but capital gains tax will be relevant for any type of investment property that you own.

What is Power of Attorney?

Power of Attorney is someone you trust who you believe will make decisions in your best interests and take care of your finances and sign forms for you if you have an accident or become ill and are no longer physically or mentally able to deal with your own affairs.

What is a lasting power of attorney?

A lasting power of attorney (LPA) allows an individual to give someone that they trust (e.g. family member) the legal authority to make decisions on their behalf if they lose mental capacity in the future.

There are two types of lasting power of attorney – “property and affairs” and “personal welfare”. By setting up a lasting power of attorney you can therefore appoint one or more people of your choosing (the attorneys) to deal with your financial affairs, your personal welfare, or both. This can include:

  • giving your attorneys access to your bank accounts
  • paying your bills
  • dealing with your medical care
  • selling your property if required
  • generally handling your affairs

Further information on LPAs can be found here.

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