Tax Planning

Introduction

The use of legitimate tax planning to reduce your liabilities and ensure you are paying the lowest amount of tax possible can enhance your wealth and help you achieve your financial objectives sooner.


HGSL can assist you with your  personal Income Tax planning and advise on how best to use the reliefs and exemptions available to you in order to minimise your Capital Gains Tax liability.


Tax treatment varies according to individual circumstances and is subject to change.


Call 0161 519 8500 to speak with an adviser. 

Content

Capital Gains Tax (CGT)

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Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. It’s the gain you make that’s taxed, not the amount of money you receive. Some assets are tax-free. You also do not have to pay Capital Gains Tax if all your gains in a year are under your tax-free allowance.


It is important to consider whether any investments have made a loss and whether excess gains could be offset by any losses. Losses can be carried forward indefinitely, so it is important to include gains, losses and the annual exemption in any calculation to determine how to maximise relief.

 

The Financial Conduct Authority(FCA) does not regulate taxation advice.


The value of investments and the income they produce can fall as well as rise. You may get back less than you invested.

Inheritance Tax

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Inheritance tax is a tax paid by a person who inherits money, property or possessions of a person who has died.


There’s normally no Inheritance Tax to pay if either:

  • the value of your estate is below the £325,000 threshold
  • you leave everything above the £325,000 threshold to your spouse, civil partner, a charity or a community amateur sports club


If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to your partner’s threshold when you die. This means their threshold can be as much as £950,000.


The Financial Conduct Authority does not regulate advice on Estate Planning or Inheritance Tax Planning.