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T&G’s Tax Department has a new face

We are excited to welcome Kevin Taylor to Towers + Gornall, where he has taken up the role of Senior Tax Manager. He brings with him a wealth of knowledge and experience, and amongst other things, will be providing Inheritance Tax (IHT) planning advice for our clients. Kevin has more than 20 years of experience on a wide-range of tax planning and compliance issues.

Areas of work he has undertaken include dealing with:

  • Tax Consultancy and compliance;
  • Remuneration and succession planning;
  • Income Tax and Capital Gains Tax planning;
  • Research & Development;
  • HM Revenue and Custom enquiries and Investigations;
  • Inheritance tax and Estate planning;
  • Corporate reconstructions

If you think it’s time you started planning for IHT, or would like advice on any of the issues mentioned in this post or otherwise, please get in touch to have a chat about your personal circumstances and put your mind at rest.

You can contact Kevin via e-mail at: kevint@tagac.co.uk

If you would prefer to give him a call the number is: 01995 600600

Inheritance tax

Kerri Williams | Towers + Gornall

No one likes paying tax and no one likes thinking about death, which probably makes Inheritance tax (IHT) one of many people’s least favourite subjects. It can also be complicated, especially with the introduction of the main residence nil rate band last year.  So much so that earlier this year Chancellor of the Exchequer, Philip Hammond, requested that the Office of Tax Simplification carry out a  review of the whole IHT regime in an effort to peel back some of these layers of complexity but as of yet there hasn’t been an indication of when things might start to be reformed.

Therefore any changes are likely to be a while off so, with that in mind if you haven’t already, now would be a good time to take stock of your affairs and make sure your beneficiaries won’t be paying any more tax than necessary when the time comes.

For the 2017/18 tax year the amount of a person’s estate before it becomes liable to pay IHT is £325,000 (known as the basic Nil Rate band) in addition to this there is a new relief, the main residence band potentially worth £100,000 each.  Someone with a home (and no other assets) worth up to £425,000, or a married couple with a home worth up to £850,000, would not pay any IHT at all.

The rules are really quite complex, if you have an estate which could exceed these amounts it really is worth checking to see if there’s anything you could do to ease the IHT burden.

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