Two of the most visible tax consequences of the recent rise in property prices are the widening of the inheritance tax net and the crystallization of huge capital gains. The net result is that Inheritance Tax is no longer just a concern for the rich, and Capital Gains Tax will bite on almost every sale.
Death and taxes may be
inevitable but they shouldn't
be related.
Consequently, planning for death during life is now more pertinent than ever. The punitive 40% death duty has often been described as a ‘voluntary tax’ reflecting the ease at which it can be avoided. The OneE Team has been in direct liaison with the Treasury on key aspects of Trust legislation. Capital Gains Tax is also of those taxes which can be comfortably planned around as long as clients give the tax consequences real consideration pre-sale rather than post-sale.