Tax planning

some notes and coins of British money

Tax planning refers to the use of perfectly legitimate tax mitigation strategies to minimise the erosion of your wealth.

The UK taxation system is notorious for its complexity, with a variety of levies payable on income, capital gains and inheritance at different levels and at different times for different people. Having the help of a professional adviser can make all the difference to your personal wealth.

It is essential to take a knowledgeable and structured approach to your tax affairs by ensuring that your investments and all your financial affairs are optimised for tax-efficiency. There are, a number of tax-efficient investment strategies that your wealth manager will be able to suggest in order to limit your tax bill.

Estate planning

Estate planning includes a variety of elements, many of which can blur the lines between financial and legal services. Estate planning is far from the preserve of the super-wealthy and those of even fairly modest affluence should explore what a wealth manager could do to preserve as much of their assets for their family as possible. Ways of mitigating inheritance tax could include tax-efficient investments, or even deploying what is known as the “seven year gifting rule”. But estate planning decisions are rarely simple: passing on your wealth needs to be carefully thought out. People are now living longer than ever. You have to consider maintaining your lifestyle over a retirement which could perhaps last for several decades. Moreover, many could eventually find themselves having to meet residential care costs amounting to upwards of £20,000 a year. Your wealth manager will help you take an objective look at all your options before designing a strategy precisely aligned with your financial needs.