Discussion
Gents
I'm looking for some professional advice on CGT & IHT, I've never had "proper" financial advice but my situation has become a little more complicated and I wish to mitigate the future financial exposure. Naturally I happy to pay for the advice but I dont really know where to start. I'm happy to do this by email \ phone so doesn't have to be local to me (Dorset) and recommendation gratefully received.
I'm looking for some professional advice on CGT & IHT, I've never had "proper" financial advice but my situation has become a little more complicated and I wish to mitigate the future financial exposure. Naturally I happy to pay for the advice but I dont really know where to start. I'm happy to do this by email \ phone so doesn't have to be local to me (Dorset) and recommendation gratefully received.
CGT advice you can get from an IFA or Accountant, it really depends on the abilities/sophistication of any IFA or Accountant you use and how specific the questions are.
IHT advice depending on how complicated it is and the sums involved it might be worth talking to a lawyer specialises in structuring a will as tax efficiently as possible and anything you can do in the meantime to mitigate it.
As an example of how complicated things can get I gifted some assets using Hold-Over relief to my kids a few years ago. That required specialists advice from a consultant my accountant used to confirm that I could claim Hold-Over relief. I then had to get a lawyer to draft the necessary paperwork to satisfy HMRC etc. I have a relatively sophisticated IFA but they had no expertise on any of that, but they did introduce me to the lawyer.
Feel free to PM me.
IHT advice depending on how complicated it is and the sums involved it might be worth talking to a lawyer specialises in structuring a will as tax efficiently as possible and anything you can do in the meantime to mitigate it.
As an example of how complicated things can get I gifted some assets using Hold-Over relief to my kids a few years ago. That required specialists advice from a consultant my accountant used to confirm that I could claim Hold-Over relief. I then had to get a lawyer to draft the necessary paperwork to satisfy HMRC etc. I have a relatively sophisticated IFA but they had no expertise on any of that, but they did introduce me to the lawyer.
Feel free to PM me.
OP question is a bit like asking, "I want a car, which dealer should I go to?"
In other words, without knowing basics such as your age, ball-park ££ involved and whether you own your own business it's impossible even to suggest whether you need basic guidance (inexpensive) or serious professional input which would cost a wedge but should represent good value in an appropriate situation.
Age, health and family situation are always relevant in financial planning but the age/health thing becomes crucial for older taxpayers. The last thing you want to do is pay a shed-load of CGT followed by another shed-load of IHT. As you may appreciate, almost any disposal (other than to spouse) will trigger CGT but death doesn't.
In other words, without knowing basics such as your age, ball-park ££ involved and whether you own your own business it's impossible even to suggest whether you need basic guidance (inexpensive) or serious professional input which would cost a wedge but should represent good value in an appropriate situation.
Age, health and family situation are always relevant in financial planning but the age/health thing becomes crucial for older taxpayers. The last thing you want to do is pay a shed-load of CGT followed by another shed-load of IHT. As you may appreciate, almost any disposal (other than to spouse) will trigger CGT but death doesn't.
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