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Specialist tax advice for you and your dependants
Paying tax is one of life's certainties, both during your lifetime and on death. Whether it be help with completing your annual tax return or planning for the future to reduce the liability to tax on death or the liability of a capital gain, we are able to help.
Capital Gains Tax
There are fewer opportunities to reduce this liability. We can, however, help with putting plans into place as soon as possible and advise you on reliefs and exemptions. We can then calculate your liability to capital gains tax and ensure that this is paid on time to HM Revenue and Customs.
FAQs
When do I have to pay inheritance tax?
The Nil Rate Band (NRB) is the basic allowance available to an individual before any inheritance tax becomes payable. The NRB is currently £325,000. The value is made up of gifts over and above the allowed allowances for the previous seven years before death and also the value of your estate when you pass away.
What is the Residence Nil Rate Band?
The Residence Nil Rate Band (RNRB) is an additional inheritance tax allowance that may be available when a person leaves their home, or a share of it, to direct descendants such as children or grandchildren.
It can apply in addition to the standard Nil Rate Band, subject to certain conditions. The amount available, and whether an estate qualifies, will depend on individual circumstances, including the value of the estate, who inherits the property and any lifetime gifts or tax planning arrangements.
As inheritance tax rules and allowances can change, it is important to take professional advice to understand how the Residence Nil Rate Band may apply to your estate.
How much is inheritance tax?
Inheritance Tax is charged at 40% for anything over the inheritance tax allowance.
“I used Battens to both sell a property and work on my behalf for Capital Gains tax, which was due as a result of selling this property. Whilst dealing with two separate individuals in Battens for these two different requirements. I found both persons that I dealt with, were very professional, easy to work with and very customer-focused. No issue was too much trouble and they explained all the steps we had to go through in a clear and precise manner. I would certainly use Battens again even though I don't live local to any of their office locations and would certainly recommend them to any friends or family who may also be looking for some sort of legal services.”