Family tax planning

Every member of your family has a tax allowance and certain reliefs available to them. Everyone’s tax allowance is allocated at birth and is available to them until death.MACO TPL Family purple balloon

Using your family’s allowances and reliefs is prudent way of minimising the taxes you pay, whilst maximising the income and value of assets available to you and your family.

That’s why it’s important to take all of your business and personal affairs and circumstances into account when devising your tax planning strategy.

The use of family trusts is a well-established and acceptable way of tax and wealth planning. Furthermore, if you run your own business or have a significant share of a business, it is also worth considering sharing the business profits as dividend payments to family members as part of your tax planning.

We will advise you on a range to tax planning opportunities that available to you and your family, including: TPL 2020 21

  • Tax efficient and friendly investments and savings products for children.
  • Setting up family trusts to defer and/or mitigate against capital gains tax liabilities.
  • Involving the younger family members, spouses and other relatives in the business by devising tax-efficient remuneration strategies.
  • Planning for school, university/college fees, living costs and potential property ownership/rental with a view to reducing and/or mitigating tax liabilities.
  • Pension planning for children – yes, there is no better time to start planning.
  • Assisted living, care home and nursing home fees – there are two things that you can be sure of in life, taxes and that the cost of living longer is going to rise exponentially over the next decade. You should prepare yourself for longer life, whilst minimising the impact it could have on what you want to pass on to your beneficiaries.

Our Tax Planning for Life guide provides a host of of tax and financial planning opportunities for individuals, couples, families and company directors. It also provides a few simple steps that you can take now so that you do not pay a penny more in tax than HMRC is due in this tax year. Download the guide >click here