Lovegroves LLP

Where personal finances are involved, you can virtually guarantee that there will be tax consequences on any action you take. Lovegroves LLP can provide advice on inheritance tax, capital gains tax and income tax to help you ensure that you are fully informed of the tax consequences when you undertake various types of transaction. The three taxes often intertwine and complete advice is essential.

Inheritance Tax

You may wish to become aware of and then mitigate your own inheritance tax position.

Do you know the current amount that you can leave on your death without inheritance tax being payable?

Are you a widow or widower requiring advice with regard to the new transferable nil-rate band legislation? Are you really entitled to an increased inheritance tax allowance on your death and what can you do now to ensure that your executors succeed in claiming it?

Do you require assistance with possible inheritance tax exemptions that might apply to you during your lifetime and on your death?

Do you have a well drafted and up to date Will?

Do you wish to make gifts during your lifetime? What conditions and exemptions are there and how should you record such transfers?

Would you like to set up a trust during your lifetime to benefit others? Will the trust itself have inheritance tax issues of it’s own and what are they?

What works and what does not for inheritance tax planning? There is nothing worse than action being taken without proper advice and additional tax being payable or administration problems being created.

Does your action have an impact with regard to nursing home fees?

You may be the Executor or Administrator of the estate of a person who has died or you could be a Trustee of a Trust?

What inheritance tax is payable? When and how?

Is there any way to mitigate the inheritance tax? What exemptions are there?

Capital Gains Tax and Income Tax

We regularly advise our clients with regard to capital gains tax and income tax. For example you may be selling a second property or realising other types of assets. Perhaps you are transferring assets to another person or to a trust.

You may be responsible for the administration of a deceased person’s estate. What capital gains tax and income tax rules apply in these circumstances? What tax is payable for the period before the date of death, during the administration period and afterwards by the beneficiaries?

You may be the Trustee of a Trust? What type of trust is it and what capital gains tax and income tax rules apply?

Above all:

What capital gains and income tax is payable. When and how?

Is there any way to mitigate the tax? Are there exemptions available?

We cover these issues and more for our clients. If you require assistance then please contact Avril Turner on 01753 851 133 or by email info@lovegrovesllp.com.

Inheritance Tax

Capital Gains Tax and Income Tax

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