Personal and Trust Tax

So, the business is making money – how do you get some value? As a business owner, you of course want to take value from the business to fund your lifestyle.  Discovering the most tax-efficient ways to achieve this can result in more cash for you to enjoy your lifestyle.

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Our specialist team is here to ensure you make use of specific allowances and reliefs and structure disposals tax efficiently to mitigate/reduce your exposure when selling assets.

If you relocate overseas, consideration is needed as to your UK tax position.

The starting point is whether you will remain a UK tax resident. This is not influenced by your tax resident status in the other jurisdiction but is based on the UK statutory residence test. This test involves many different factors including the number of days spent in the UK, your reason for leaving the UK, and the number of ties you retain to the UK.  We will assess your residence position and advise you in relation to the best options for the structuring of your UK assets.  As an example, if you have a business in the UK and have relocated abroad, this may present an opportunity to release the value of the business tax efficiently with careful structuring. 

The tax position in the other jurisdiction will also be paramount to any decisions in relation to your UK assets. Our team has an extensive contact network of advisors across the globe, with whom we collaborate to provide joined-up tax advice across the relevant jurisdictions.

Trusts pay income tax at the additional rate on dividend income and on all other income, however, with careful planning it is often possible to reduce the tax exposure of a Trust. This is a very specialist area, but do not worry we have one of the most experienced trust teams in the North-West who are here to help.