Capital Gains & Inheritance Tax

The key to capital gains and inheritance tax accounting lies in knowing and understanding all the details. This allows you set a plan in motion to balance the available taxes and reliefs. For this, you often need advice from an accountant specialising in capital gains and inheritance tax.

At Warr & Co we have a team of highly experienced accountants with their finger on the pulse of taxes and reliefs. We ensure our clients minimise tax exposure and maximise their tax efficiency. This is an extremely important part of the work we do – we’re here to help you make the most of your money.

Our experience and advice will help you better manage your money, whether you’re just starting out with tax planning or you’re thinking to the future and need assistance with estate planning or trusts. We’ll keep things in plain English, so you’re always in control.

Submit an enquiry form through this page and we’ll get back to you and explain how we may be able to help. There’s no obligation to commit and we won’t charge you for this initial consultation.

Working With An Inheritance Tax Accountant

at Warr & Co Chartered Accountants

1

Calculate

It's a good idea to get your figures together ahead of your free consultation, that way our capital gains and inheritance tax accountants will be able to offer you the most relevant advice.
2

Book Your Call

Arrange your consultation call with our team. There's no obligation to commit, it's completely free, there are no catches and we'll explain everything in plain English.
3

Become A Client

If you're happy that you'll benefit from working with the team at Warr & Co, we'll send you your paperwork by post. Complete it, post it back and then we'll get to work for you.

Capital Gains Tax & Inheritance Tax

So many factors influence your wider tax picture. We’ve listed a few factors here, but every person’s situation will be unique. There’s no ‘one-size-fits-all’ at Warr & Co, so book your consultation and get access to a professionally tailored solution with our help.

What Is Capital Gains Tax?

Capital Gains Tax is the tax that is due on an asset when it is sold if it has appreciated in value. There are exemptions – see the information in the blue box for more information.

For the most part, the average person will be subject to Capital Gains Tax when they sell a property which is not their main residence, or when passing on money to loved ones in a trust. Businesses are also subject to Capital Gains Tax.

A tax-free exemption does apply, but it’s only £12,000 (correct for the 2019-20 tax year). So, if your assets have appreciated significantly, you may still be exposed to Capital Gains Tax.

The rate of Capital Gains Tax can also be slightly complicated. There are different rates for higher tax payers, and also different rates for property or non-property gains, all ranging from 10% to 28%.

You Don’t Pay Capital Gains Tax If…

  • You’re selling your main residential property
  • You’re selling a car
  • Your possession is worth less than £6,000
  • You’re gifting money to a spouse or civil partner, or a charity
  • The gain is within your tax-free allowance

What Is Inheritance Tax?

Inheritance Tax becomes applicable when someone dies leaving an estate (property, savings, possessions) of £325,000 or more to be passed on to loved ones. The Inheritance Tax is applied at 40% of anything over the £325,000.

Yes, 40% is an amazingly high percentage of your money that will not be passed on to the people you intend. This is why it’s so important to plan for Inheritance Tax and ensure your hard-earned savings can be passed on in a tax-efficient manner.

As with all types of tax there are exemptions and exclusions, so it’s important to discuss your unique situation with your accountant and set out a plan to reduce your Inheritance Tax exposure.

Inheritance Tax Exposure Can Be Reduced By…

  • Careful tax planning
  • Setting up a trust
  • Gifting some money to charity in your will
  • Making money gifts to loved ones while you’re still alive

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