General Taxation Advice

We always try to recommend the most tax-efficient solution, utilising the allowances available to you.

  • Annual ISA allowances for tax efficient growth.
  • Capital Gains Tax (CGT) allowances, selling assets without tax liability, to potentially move them into a more tax efficient environment.
  • Staying within Income Tax Personal Allowances for tax free income payments.
  • Use of pensions, where appropriate, to obtain tax relief at your marginal rate (up to 45%).
  • Inheritance Tax (IHT) planning to maximise allowances and mitigate any tax due.

Investment Planning

To look at the most tax efficient way of investing, using the whole of the market. We will try to source the most competitively costed product based on your objectives, size of investment and the level of service needed.

This may involve the use of a platform, which will allow access to a great number of providers’ funds,not just a single providers’ funds; opening up a wealth of options such as Managed Funds, Model Portfolio Services, Discretionary Management and Bespoke Portfolios.

We have considerable experience providing advice on specialist investments such as Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCT), which whilst high risk can provide substantial tax benefits and returns.

Retirement Planning

Retirement Planning is split into two main parts:

Accumulation of funds during client’s lifetime. This could involve advice around the many different pension types available to you such as Personal Pensions which can be suitable for most people, and Self-Invested Personal Pensions (SIPPs) which can be used by individuals to purchase more specialist assets within their funds, for example individual shares. It can also involve a review of your existing pension schemes of all types - Gracechurch Wealth Management can also provide a review of any Defined Benefits (final salary or career average schemes) you may hold.

Decumulation in retirement, when income is needed. The new pension freedom regulations mean that there is more flexibility regarding how funds can be drawn, and advice is needed, now more than ever. Pension funds can now be left to family members in an inheritance tax efficient manner, which needs further consideration when income is to be drawn.

Protection Planning

Protection is the most important area of planning but can be so often be overlooked.

How would your family cope if you were to pass away? Or became seriously ill preventing you from working for a while? Would the mortgage be paid? Or would you need to downsize and cutback? Lump sum benefits could be provided on death or critical illness, through Term Assurance policies, and an income could also be provided on these events through Family Income Benefits. Income Protection policies protect income in the event of long-term sickness.

Inheritance Tax (IHT) Planning

For some, Inheritance Tax is not on their radar, after all, it is not you who will be paying the tax bill but rather your estate. However, few people like to see more tax paid that does not need to be, and more and more estates are over the IHT nil rate bands due solely to the value of the main residence.Inheritance Tax planning aims to maximise allowances and mitigate any tax due; through gifts, trusts, protection policies, IHT efficient investments and pensions. We regularly work with other professionals, such as solicitors and accountants to ensure the best solution. This means we have the full suite of Inheritance tax mitigation strategies at our disposal.

Long Term Care Planning

Whilst many consider how their investments can be utilised for Inheritance Tax Planning (IHT), they do not consider what will happen to these investments if they go into care.

What assistance is available with consideration to care homes or care at home services, and what options are available when it comes to paying for care? We have 2 specialists within the firm who can help.