Legacy Planning
Inheritance Tax (IHT) is often described as a voluntary tax, yet without clinical planning, it can significantly erode the wealth you intend for the next generation. At Ford Rhodes Accountants, we provide the technical rigour needed to navigate IHT thresholds, exemptions, and relief structures.
The Challenge
Common pitfalls include failing to utilise annual gift allowances, overlooking Business Property Relief (BPR), and failing to account for the complex Nil-Rate Band dynamics within modern family structures.
Capital Gains Tax: Reliefs and Exemptions
Capital Gains Tax (CGT) is a tax on the profit when you sell or ‘dispose of’ an asset that’s increased in value. It’s the gain you make that’s taxed, not the amount of money you receive. For individuals, this often affects the sale of second homes, shares not in an ISA, or business assets. Common pitfalls include failing to report gains via the 60-day residential property return or missing out on valuable reliefs like Business Asset Disposal Relief (formerly Entrepreneurs’ Relief) or Private Residence Relief. Ford Rhodes Accountants provides meticulous planning to identify every applicable exemption, ensuring you meet statutory HMRC deadlines while legally mitigating your tax liability. Our technical advisory ensures your disposals are structured for maximum fiscal efficiency.
Trusts & Inheritance Tax Advisory
Inheritance Tax Planning
Inheritance Tax (IHT) is often described as a voluntary tax, yet without careful planning, it can significantly diminish the estate you leave behind. Currently set at 40% above the available thresholds, IHT affecting those with property, investments, or business assets. Common pitfalls include failing to utilise the Residence Nil-Rate Band or mismanaging lifetime gifts. Ford Rhodes Accountants provides strategic oversight to mitigate liabilities through trust structures, gift relief, and business property relief, ensuring your legacy is preserved for the next generation.
Trusts & Gifting Strategies
Trusts are powerful instruments for asset protection and tax efficiency, yet they carry complex compliance requirements. Whether you are setting up a Discretionary Trust for family protection or a Bare Trust for minors, understanding the 7-year rule (Potentially Exempt Transfers) and immediate charges is critical. Pitfalls often include overlooking the Trust Registration Service (TRS) mandates or failing to structure gifts to meet 'natural love and affection' criteria. Our team provides the technical rigour to manage your trust accounting and long-term gifting strategies effectively.
Secure Your Legacy
Inheritance tax and capital gains can complexify your estate. Our senior tax practitioners provide the technical rigour needed to protect your assets and ensure compliant wealth transition.