Matthew Ainsworth
Deeds of Appropriation - The Capital Gains Tax cheat code?
When thinking about taxes for a deceased person’s estate, most people only really think about the dreaded Inheritance Tax at 40%. The law...
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Nothing is certain but death and taxes. It is important to bear that in mind, alongside another short fact - Inheritance Tax is presently charged at 40%*. Why would you wish to work all your life to then see such great proportion of your estate go to HMRC? It is imperative that you seek specialist advise on how to mitigate such liabilities now and whether any special exemptions or reliefs apply.
As a firm based in the heart of North Yorkshire, we have particular specialism in Agricultural and Business assets and can provide the necessary advise to ensure that your assets are protected on death and importantly, pass to your successors in an effective and most tax efficient manner.
We have a dedicated team of lawyers who have a wealth of knowledge and experience in providing advice in all aspects of this area. We provide ourselves on listening to the individual, family and business needs and tailoring our advice to ensure that you receive the best advice.
We also offer home visits for infirm clients who are not able to attend the office and all our lawyers are fully DBS checked, so you can feel confident in asking us to attend at your home to discuss your matter.
Finally, many of our lawyers are STEP (Society of Trust and Estate Practitioners) qualified ensuring the
highest standards of service are provided.
*at the date of writing - September 2021
- Experienced & Trusted Advice -
Inheritance Tax & Succession Planning
WHAT OUR CUSTOMERS SAY
Thank you Alison
Alison explained everything very clearly to all involved. We would like to thank her very much for her patience and expertise.
Exceptional
I have found Eccles-Heddon to be exceptional and to provide help over and above that usually given by solicitors in general. Thank you so much for all your help in the past.
THE PRIVATE CLIENT TEAM
RIPON
- WILLS, TRUSTS & PROBATE -
- INHERITANCE TAX -
- SUCCESSION PLANNING -
RIPON
- CORPORATE & COMMERCIAL -
- COMMERCIAL PROPERTY -
- AGRICULTURAL -
- INHERITANCE TAX -
- SUCCESSION PLANNING -
RIPON
- WILLS, TRUSTS & PROBATE -
- INHERITANCE TAX -
- SUCCESSION PLANNING -
- AGRICULTURAL -
THIRSK
- WILLS, TRUSTS & PROBATE -
- INHERITANCE TAX -
- SUCCESSION PLANNING -
- RESIDENTIAL PROPERTY -
BEDALE
- WILLS, TRUSTS & PROBATE -
- INHERITANCE TAX -
- SUCCESSION PLANNING -
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BEDALE
01677 422422
- INHERITANCE TAX -
- ESTATE ADMINISTRATION & PROBATE -
- WILLS & LASTING POWERS OF ATTORNEY -
OUR SERVICES EXPLAINED
Inheritance Tax (‘IHT’) Planning
Our specialist team is here to provide the necessary advice and planning you require to help reduce any IHT. This is a tax paid on your estate when you die (inclusive of assets in the UK and abroad). Having worked to build up your wealth over the years, why pay more than necessary? It is important to seek appropriate advice to mitigate any ‘IHT’ as early as possible. IHT reduces how much value can be passed to your loved ones or other chosen beneficiaries. IHT can also be levied on certain gifts you make whilst you are alive. When the value of your estate exceeds the limit, known as the ‘Nil-Rate Band’, everything over that threshold could be taxed at 40%.
Farm Succession Planning
Ensuring there is a successful plan in place for the long-term succession of the farm is essential. Appropriate advice can be sought from our specialist Private Client Team, many of whom are STEP Accredited and from farming backgrounds themselves. As a firm, we are well placed to provide the clear and pragmatic advice you require in an easy to understand manner. If appropriate, we will meet with you around the kitchen table and work closely with your other professional advisers, including Accountants and Land Agents. We will also take into account any important matters, from family dynamics to the aims and requirements of the business and help ensure the correct advice is received to ensure the next generation are brought through. There are specialist reliefs available to farms, from Agricultural Property relief (APR) to Business Property Relief (BPR) and we advise on such matters on a daily basis. Even where you already have a plan in place, it is important to appreciate this is a complex area and seeking advice to ensure your existing arrangements remain up to date is strongly recommended.
Advising on Specialist Inheritance Tax Reliefs
Our Private Client Team has the expertise and knowledge to guide you through the common pitfalls of IHT, providing the necessary in depth advice to help take full advantage of any specialist Inheritance Tax Reliefs, including Agricultural Property Relief (APR) and Business Property Relief (BPR). Understanding what reliefs are available and whether or not they could be successfully claimed can help you plan for any IHT that may be payable on your estate and maximise the amount you can pass on to your loved ones.
Trusts and Trust Administration
Trusts are normally prepared to protect family assets or for other Inheritance Tax reasons. The management of trusts and family wealth generally can be complex and time consuming. Many Trustees often struggle to grasp their responsibilities and can find themselves subject to claims from beneficiaries. Whether a trust is new or old, it will always require detailed records to be maintained and up to date advice from solicitors and the accountant. Our Private client Team provide advice on all aspects of trust administration. We do so on a daily basis and assist all size of trusts, from small family trusts to large charitable trusts.
Inheritance Tax Planning
Farm Succession Planning
Advising on Specialist Inheritance Tax Reliefs
Trusts and Trust Administration
USEFUL ARTICLES
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