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Many people are often baffled when they
are faced with a Tax form - we can often help. |
People should be aware of the danger that Inheritance Tax
maybe payable on their death.
There is no
IHT between husband and wife but any estate above £242,000
would attract tax at 40% many houses in the North-west
(almost everything in south-east) would be above this
value so IHT is a live issue for most families. The Tax
has to be paid before the estate can be distributed. If no
provisions have been made the executor/beneficiary might
have to raise capital to pay the tax, it is often
remarkably easy to avoid IHT by making provisions before
you die. There are even circumstances where appropriate
action could be taken up to 2 years after death has
occurred! Inheritance Tax has been called “The only
Voluntary Tax” – in many cases it only becomes payable
because people have done nothing about it. |
We advise
people to make full use of their Capital Gains Tax (CGT)
allowance and to make tax efficient investments where
appropriate. Each individual can take a tax free capital
gains at £7,500 a year. This can be enhanced by taper
relief and indexation relief. |
Whether its
help with your tax form, advice on IHT, CGT or any other
matters Cambrian Associates Limited can Help! |
CASE STUDY (i).
Mr & Mrs H wanted to buy an
investment property. We obtained a mortgage for them
and advised them to buy the property in their joint
names. By using their Capital Gains Tax allowances and
Taper Relief, it is likely that they will minimise any
liability to Capital Gains Tax when the property is
eventually sold. We have advised them to claim their
mortgage interest and other costs as allowable
expenses against the rental income that they receive.
As a result, they should pay very little tax on this
income. |
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Testimonial No: i
Over the years Cambrian have advised us about our mortgage
and investments so we naturally turned to them when we
wanted to buy an investment property. It was an utterly
smooth process and the cash was available very quickly. It
took only about six weeks from identifying the property to
being able to complete its purchase. Their advice about
Capital Gains Tax and Income Tax has been invaluable. We
have recommended them to family and friends.
Mr & Mrs H. from Chester. |
CASE
STUDY (ii). When Dave retired he
had real difficulties with his tax. It transpired that a
mistake had been made on his P11D relating to his Company
Car when he had been working. We helped him to complete
his Tax Forms and corresponded with the Inland Revenue on
his behalf. The saga dragged on for months but it was
eventually resolved to Dave’s satisfaction. |
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Testimonial No: ii
We first met Cambrian in the early 1990’s. Initially, they
were instrumental in helping us to get rid of our mortgage
earlier. We turned to them for the investment of our
retirement capital. Their help in dealing with the Inland
Revenue was invaluable and they also advised us when Dave
set up his own Consultancy business. We wouldn’t take any
major financial decision without first consulting them and
we have recommended them to family, friends and former
colleagues.
Mr & Mrs A. from Little Sutton. |
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