Under the presently benign regime, levels of taxation have remained largely unchanged for the last few years. However HMRC is under huge pressure to increase tax revenue and there has been a great deal of negative press around the preception of what constitutes tax evasion as opposed to tax avoidance.
Many of our clients put off planning to minimise Inheritance tax - sometimes people arrive with us too late to really make the best arrangements. There does seem to be a struggle with the concept of "honest" tax avoidance. We must stress the difference between avoidance and evasion. Organising your affairs so that the minimum tax is paid within the law is tax planning. Therefore avoiding tax which may otherwise have been payable. Non- disclosure and intentionally decieivng the tax man is tax evasion.
That being said, there are many areas in which the government could choose to reduce some of the current reliefs available in order to plug some of the deficit. So for some tax breaks it may be a case of make hay while the sun shines. There is certainly no concievable way at the moment the tax regime will become more generous, I think we can all agree on that!
FMB is working with an experienced Chartered Tax Advisor to give our clients an added service. We currently use a variety of strategies to minimise the liability on liquid assets such as cash and investments, but by outsourcing this specialism we are able to offer a more niche service for clients with assets tied up in property, land and businesses.
If this is something you would be interested in please do not hesitate to contact us for more details.
01539 725855 firstname.lastname@example.org
Please note trust and tax advice is not regulated by the FCA