Services for Individuals -

Taxation

“The Uk has a developed, complex & pervasive system of taxation and is subject to constant change”

Introduction

The UK has a developed, complex and pervasive system of taxation. A system that is subject to constant change with each annual Budget and Finance Act, indeed Finance Act 2006 totalled over 500 pages and contained far-reaching changes to the Inheritance Tax treatment of trusts.

For the taxpayer life has never been so complex nor the tax burden as high. In most cases early specialist advice can save hundreds of thousands of tax pounds.

At Russell-Cooke we have a team of dedicated solicitors who deal with Estate Planning and Trusts. We are experienced in advising on all aspects of UK taxation, with particular emphasis on Inheritance and Capital Gains Tax Planning.

Tax advice can range from a simple 'health-check', common where all you want to know is whether your family will be subject to an Inheritance Tax charge in the event of your death to sophisticated tax planning arrangements that involve the following common scenarios:

Advice on general estate planning and maximising IHT reliefs
Post death tax planning using Deeds of Variation
Maximising Agricultural Property Relief & Business Property Relief
Mitigating CGT on second properties
Disposing of a capital asset and maximising CGT reliefs
Creating trusts as a structure for maintaining family wealth
Reviewing an existing trust post Finance Act 2006 and advising whether restructuring is required
Creating and advising on the implications of Personal Injury Trusts (where we can work together closely with our Personal Injury Department)
Advising on Pre-Owned Assets Tax Regime

So whether you are a parent concerned about Inheritance Tax or a buy-to-let investor concerned about Capital Gains Tax our specialist solicitors will be happy to assist.

People

The team is based in our Putney offices and is headed by Richard Frimston, a private client tax planning specialist.

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Quick Facts

TAX YEAR 2008/2009 (Tax Year ends on 5th April 2009)

- Self-Assessment Tax Returns for the previous tax year 2007/2008, need to be submitted to HMRC by no later than 31st October 2008 for paper returns and 31st January 2009 for online returns.

- General income tax personal allowance is set at £5,435.

- Inheritance Tax Annual Exempt Amount, £3,000.00. Taxpayers are able to carry forward previous tax year's exemption if unused, giving maximum Annual Exemption of £6,000.00.

- Inheritance Tax is first payable 6 months after the end of the month of death. Inheritance Tax attributable to land can be paid by 10 yearly instalments.

Find out more on our Quick Facts Guide

Whats New

Taxation of Pre-Owned Assets - June 2008
Rita Bhargava explores the position regarding the taxation of pre owned assets in relation to use by the donor and gifts with reservation of benefit. This thesis paper was originally written as part the Society of Trust and Estate Practitioners’ membership requirement for which Rita received the Qualified Practitioner Student of the Year award in taxation.

Full Article

Pre-Budget Report on Capital Gains Tax Simplification - November 2007

The Pre-Budget Report unveiled the Government’s proposals for simplifying the Capital Gains Tax regime as from the 6th April 2008. The main consequence of this simplification will be the withdrawal of taper relief and indexation allowance and the lowering of the rate of CGT from the current top rate of 40% to a standard rate of 18%. How will these new rules affect you?

Click here for the article

Inheritance Tax and the Pre-Budget Report - November 2007

The Pre-Budget Report 2007 has been heralded as making the greatest change to Inheritance Tax since this tax was introduced in 1986. Headlines announce that Inheritance Tax thresholds have been ‘doubled’. Yet, are the changes really that sweeping, will couples really be able to leave £600,000 tax-free when they die and, most importantly, how will these new rules affect you?

Click here for the article