Personal tax advice & planning

If you are seeking advice and guidance for personal tax issues, it’s highly likely your circumstances are not run-of-the-mill.

personal tax planning advice london

You may be a high income earner, have overseas or non-domicillary tax circumstances, be facing inheritance tax problems or perhaps capital gains tax on investments.

CBW has a team of professionals familiar with a wide range of personal taxation issues and scenarios and can help you develop a plan to manage them in the most tax efficient way possible.

We will help you develop a personal financial plan to manage your tax situation and even make the filings for you.

Our tax advisor will meet with you and review your personal circumstances and help you with the best course of action for a wide variety of personal and business related situations. Some of the areas we have helped answer questions on include;

  • How do I put together a personal financial plan? Indeed, what is a personal financial plan?
  • As a company director, is it best to take a salary or be paid a dividend?
  • I have some valuable assets I’d like to sell; what’s the most tax efficient way to do this?
  • I’ll be working overseas on a contract for the next 18 months; what impact will this have on my UK tax liabilities?
  • I have a new job in the USA and am planning to move my family to the USA; how’s this going to affect my UK tax and national insurance position?
  • What’s the best way to plan and save for the university education of my children?
  • I have an inheritance windfall; how can I maximise it’s value and reduce my tax exposure?


Inheritance tax (IHT)

Inheritance tax (IHT) is a tax on money or possessions you leave behind when you die, and on some gifts you make during your lifetime.

However, a certain amount can be passed on tax-free. This is also known as the ‘nil rate band’.

Everyone in the 2015-2016 tax year has a tax-free inheritance tax allowance of £325,000. The allowance has remained the same since 2010-11, and will stay frozen until at least 5 April 2021.

If you are single, the rate of Inheritance Tax is 40 per cent on anything above the threshold. The rate may be reduced to 36 per cent if 10 per cent or more of the estate is left to charity.

For example, if you leave behind an estate worth £500,000 the tax bill will be £70,000 (40 per cent on £175,000 – the difference between £500,000 and £325,000).

However, if you are married or in a civil partnership, you may be able to leave more than this before paying tax.

Married couples and civil partners are allowed to pass their possessions and assets to each other tax-free and, since October 2007, the surviving partner is now allowed to use both tax-free allowances (providing one wasn’t used at the first death).

Inheritance tax may be payable on gifts you make during your lifetime, especially if you die within seven years of making the gift.

Nil rate band and main residence

For transfers on death (but not on lifetime gifts) after 5 April 2017, an individual will have an additional nil-rate band which can be used only against the value of his main residence and only to the extent that his interest in the residence passes to his children. Although the Chancellor referred to a £175,000 amount, it is being phased in. The actual extra amount is being phased in as follows:

2017/18                      £100,000
2018/19                      £125,000
2019/20                      £150,000
2020/21                      £175,000
2021/22 onwards     £175,000 indexed in line with CPI

Rest assured, if you have questions and need personal tax advice or a situation you wish to discuss, it’s likely we’ve experienced this before and have a solution for you.

Call a CBW personal tax advisor and planning specialist today and come in and talk to us.


Robert Maas
Robert is a giant in the tax world. He is regarded as one of the leading tax practitioners in the UK and is a long standing tax commentator.
d: +44 (0)20 7309 3800
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Thomas Adcock
Tax Partner
d: +44 (0)20 7309 3856
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Andy White
Tax Partner
d: +44 (0)20 7309 3917
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Other members of CBW Tax
Ian Macgillivray - Tax Consultant
d: +44 (0)20 7309 3800
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Graham Mitchell - Tax Manager
d: +44 (0)20 7309 3895
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