The new LISA is becoming an attractive savings vehicle particularly for the better off however beware the pitfalls of early encashment.
Most people are aware of the fact that if you make a gift in the UK and then live for more than 7 years then that gift will fall out of your estate. What is less well known is that if you make more than one gift and you die within 7 years of the last gift then Inheritance Tax (IHT) may well be due on some or all of your gifts.
One of the most often asked questions we receive is how to mitigate capital gains tax (CGT) on second homes. The following is a brief synopsis of our understanding of PPRR and how it can help clients to save tax. We have more detailed notes from outside experts for those who want additional detail.
It is not unusual for the family home to be the biggest asset within an estate. The following notes are designed to explain some of the options available to reduce the tax burden on your property. We are not estate planning experts so these notes should be seen as a catalyst for you to get expert advice from a tax barrister or specialist lawyer.
The change in the tax treatment of loan interest combined with rumblings about changes to capital gains tax (CGT) has lead me to consider a change in ownership structure for two new property purchases.