Personal tax planning


The Trowers & Hamlins personal tax team is expert at mitigation of taxes through effective estate planning, trust creation, business succession planning, asset protection and post death planning. 

The increasingly tough tax legislation makes it even more important to review business and personal planning regularly to ensure new laws and judicial interpretations are not bringing additional burdens to the taxpayer.

Wherever you are based – our expert team of lawyers can assist you with your tax planning. Where we do not have a presence, as we are members of the Interlaw (the preferred global elite network of independent law firms), with lawyers based in over 150 cities worldwide. There are three main taxes in the UK which affect individuals and business owners – inheritance tax (IHT), capital gains tax (CGT) and income tax (IT).

Our team advises clients to review personal tax affairs regularly, whether for succession plans or on-going efficiency. Where clients have specific proposed transactions, then taking early advice so that the tax context can be taken into account in planning and provisions will hopefully improve the transaction outcome.

This counts unfortunate in that Trusts, if structured correctly, can provide future generations with tax efficiency security and stability, especially if beneficiaries are minors, or disabled or vulnerable. When not appropriately organised, even the use of lifetime trusts can sometimes adversely affect personal tax positions. In the absence of correct advice, this can be tax detrimental including upon the settlor of the trust.

Trusts are also useful in planning for individuals and families coming to or leaving the country. Early advice on domicile, tax residency, arrival or departure can make a big difference. This includes the benefits of making a claim using the "remittance basis" for income and gains and in the implications of short term non-resident status followed by return to the country too soon.

In brief

  • Inheritance tax mitigation and the utilisation of all available IHT reliefs and exemption
  • CGT reliefs and exemptions such as personal private residence relief (PPR), Entrepreneurs Relief (ER), holdover reliefs and tax reliefs on Enterprise
  • Investment Schemes (EIS), Seed enterprise Investment Schemes (SEIS), Venture Capital Trusts investments (VCT) and Social Investment Tax Reliefs (SITR).
  • Maximising and making use of all income tax exemptions reliefs and tax reducers
  • Specific advice on Business Property Relief (BPR) and Agricultural Property Relief (APR)
  • Lifetime gifting utilising all reliefs available
  • Advise on tax compliance and anti-avoidance legislation
  • Tax reliefs available on charitable giving
Insight

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IR35 – tax changes afoot to off-payroll working arrangements

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IR35 off-payroll working rules

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Trust and Estate Reporting – Trustee compliance considerations

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Budget 2018 reaction

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Employers will be required to itemise payslips under new legislation

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