Guy Rigby

Inheritance tax planning is becoming increasingly critical for high net worth individuals, business owners and property landlords in the UK, particularly in light of potential changes proposed by the Labour government. With an emphasis on reducing wealth inequality, Labour has signalled potential reforms aimed at increasing inheritance tax rates and lowering thresholds, which could significantly impact the estates of affluent families. HNWs and landlords are more at risk as business owners can explore Business Property Relief, although I usually see business owners 'dabbling' in property for example. As a forward-thinking adviser, I would recommend that it is essential to proactively assess and revise estate plans to mitigate potential tax liabilities. This includes leveraging lifetime gifts perhaps, or establishing trusts, but ultimately exploring tax-efficient structures to ensure that wealth is preserved and transferred according to the individual/family's wishes, while minimising the tax burden. It's always a balancing act! Furthermore, it is prudent for high net worth individuals (particularly non-doms) to stay informed about these potential policy shifts and consider the timing of their wealth transfers. Engaging in early and strategic planning can provide greater flexibility and control over how and when assets are distributed. By incorporating a mix of current gifting, trust formation, Family Investment Companies, onshore and offshore pension funds and charitable donations, families can not only reduce the impact of increased tax rates but also align their financial legacy with personal values and philanthropic goals. In this evolving tax landscape, working closely with tax advisers (and estate planners) who understand the nuances of proposed legislative changes is paramount to safeguarding family wealth and ensuring long-term financial security (not losing 40% per generation to HMRC). Our UK and international tax advisory knowledge and awareness can come in handy. Always happy to have a chat. 😊 ASWATAX ASWATGlobal #inheritancetax #labourparty

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"Paul’s book contains a wealth of information on how family businesses should be run and will prove a real boon to those who follow his advice. With a host of references to many leading authorities, Paul helps the reader to further their knowledge on the many complex aspects of running a family business. " Gordon Sealey – Mindshop Adviser and former E-Myth Consultant. #businessbook #review #readinglist #familybusiness

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Great article on IHT planning. The question is however, how much of it will still be valid come the Budget at the end of October? If you want to review your planning around IHT it would be well worth a discussion once the Budget details have been revealed.

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The Residence Nil Rate Band - something always part of my discussion with clients as relates to nearly all or my inheritance tax planning individuals and families. We are assisting lots of clients on their IHT mitigation strategies. Can't stress enough how much 'opportunity' or methodologies that are available to take advantage of - rather than paying the tax man x amount which you will never see again. Of course, this type of work is completely bespoke, naturally. We devise a strategy based on your circumstances and your long-term goals. Reach out for a chat. ASWATAX #inheritancetax #taxplanning

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The benefits of early inheritance tax planning for your estate https://lnkd.in/ey8ZC5Ci #EstatePlanning #InheritanceTaxTips #FinancialLegacy #TaxEfficientWealth #FutureWealthPlanning

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Inheritance tax planning involves making strategic decisions to minimise the tax liabilities on assets passed down to heirs. Here are some tips for smart inheritance tax planning at https://lnkd.in/dp6HcH9S

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From April 2024, UK businesses can access enhanced R&D tax relief through the merged RDEC and new ERIS schemes. With generous deductions and credits for R&D-intensive projects, the schemes offer tailored support to fuel innovation and drive growth. Research and Development (R&D) tax reliefs are designed to support UK companies engaged in innovative science and technology projects. As of April 2024, the R&D Expenditure Credit (RDEC) and the Small and Medium Enterprise (SME) Scheme were merged. The new R&D expenditure credit (RDEC) and enhanced R&D intensive support (ERIS) came into effect for accounting periods beginning on or after 1 April 2024. While the expenditure rules for both are the same, the calculation methods differ. Find out more: https://lnkd.in/eVW8cPgZ

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🔍 My latest contribution to Taxation magazine for a Q&A on............... the *oh-so-exciting* topic of a HMRC consultation document & draft legislation - "THE #CARF and #CRS 2 consultation: outcomes, implications & next steps." but hear me out.... 🔍 The Crypto-Asset Reporting Framework (CARF) is shaping up to be a real game-changer for #HMRC, offering unprecedented visibility into crypto transactions. Sure, this also means more work for intermediaries (RCASPs do need to understand who they are reporting to and what they are reporting on), but the added transparency could be incredibly valuable for the industry as a whole. For anyone else excited by this, pls share your thoughts below! A link to the article: https://lnkd.in/dcPW8gzK for subscribers.

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🎯 I've been speaking a lot about goals in the past few posts but what about goals here at Taxtful... 🎥 Have a watch for a recent example 🔗 Find out more about setting and achieving in our free workshop on May 8th at 1pm 👉 https://lnkd.in/e8bjis29 #businessowner #settinggoals #goals #goalsetting #clientexpectations

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£700,000 to pay in UK Inheritance Tax - immediately!!! 😱 😮 🚨 🤦‍♂️ . When planning for Inheritance Tax for Property Investment Companies, one angle that is usually looked at is the use of Trusts. Trusts work pretty well but should never be looked at in isolation. What we do is assess your situation and bring multiple strategies and vehicles together. 😉 Moreover, the following points must be kept in mind when looking at trusts: • Although Capital Gains Tax (CGT) can usually be avoided, transfers into a trust exceeding the nil rate band of £325k will give rise to an immediate IHT liability at 20%. I have a client. Our first conversation he began by passionately saying: 'I want to transfer £4m of my assets into trust for my 12 grandchildren so I can support them in their early stages of life!' Me: 'That's really really nice of you.' 😁 (genuine) But me in my head: [fearful] this is already not looking good at all. Quick math telling me £700k in immediate IHT. Therefore, care must be exercised when planning for IHT or any tax planning for that matter. Such events are one-off life events so I don't understand why proper advice is not sought. I've seen so many structures and scenarios and thought - 'if you came to us, we would have set things up sooooo much better and tax-efficient for you. Ultimately, keeping more money in YOUR pocket and accelarating your financial goals whilst preserving wealth for the next gen! Anyways.... back to the topic at hand. • Valuations must be undertaken to ensure we're working with the correct figures.... can potentially be discounted. • Non-tax factors must also be considered such as cost and the administration requirements of a trust. Reach out if you (or your client) requires their estate exceeding £500k to be looked at. I simply just want to use my expertise and help out by saving you tax! 😎 ASWATAX #trusts #inheritancetax #taxplanning

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𝗕𝗲𝘆𝗼𝗻𝗱 𝘁𝗵𝗲 𝟳-𝗬𝗲𝗮𝗿 𝗥𝘂𝗹𝗲: 𝗛𝗼𝘄 𝘁𝗵𝗲 𝟭𝟰-𝗬𝗲𝗮𝗿 𝗥𝘂𝗹𝗲 𝗜𝗺𝗽𝗮𝗰𝘁𝘀 𝗬𝗼𝘂𝗿 𝗜𝗛𝗧 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴 When it comes to UK inheritance tax (IHT) planning, many of us have heard about the seven-year rule. It’s a well-known part of the tax code that says if you give away assets during your lifetime, and survive for seven years after making the gift, those assets will typically be exempt from IHT when you pass away. But there’s another, less familiar rule that can complicate matters — the 14-year rule. If you’re serious about protecting your estate from unnecessary tax, this rule is something you need to be aware of.

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Inheritance Tax nil-rate bands remain frozen until April 2030. Learn how this affects estates, the residence nil-rate band, and planning opportunities to maximise tax-free inheritance for loved ones. #InheritanceTax #EstatePlanning #TaxFreeThreshold

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Business Owners should reach out. We can certainly assist prior to April 2026, when Business Property Relief / Inheritance Tax will become a 'nuisance'. ASWATAX #taxadvisory #taxplanning #inheritancetax

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Huge Changes to Inheritance Tax for Family Businesses and Farmers 📆 Starting 6 April 2026, the rules around Inheritance Tax (IHT) reliefs—specifically Business Property Relief (BPR) and Agricultural Property Relief (APR)—will see significant changes. Currently, qualifying assets can receive up to 100% relief for IHT. But under the new rules, relief above £1 million will drop to 50%. Key changes: ▫️ New £1M Allowance ▫️Changes to Gifted Assets ▫️Implications for Trusts This shake-up is a big deal for succession planning and could impact the IHT liability for many individuals. Check out the full article to understand how these changes could affect you. And it’s not too late to plan so get in touch. https://lnkd.in/e3Z9iDgb #IHT #AutumnBudget #BPR #APR

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