Oxford: 01865 950972 Marlow: 01628 951283 London: 020 3883 1288

Tax Planning Solicitors Oxford, Marlow & London


Sensible tax planning for a secure future

Tax is complex. With their in-depth knowledge, our specialists provide bespoke advice and make sure you always get the most from your capital gains tax, income tax and inheritance tax planning.  

IHT, CGT & Income Tax advice

We advise on all aspects of inheritance tax (IHT), capital gains tax (CGT) and Income Tax, for both UK and overseas individuals. We also deal with succession, exit and retirement planning, together with the consequences of divorce and separation.  

Inheritance Tax

Inheritance tax is a tax on the estate left when someone dies. There is normally no tax to pay if someone's estate falls below the £325,000 threshold or they leave their estate to a spouse, civil partner or charity.
Inheritance tax often runs alongside capital gains tax if the gifting involves assets on which a gain will arise.  

We can help you decide whether a trust is an effective planning vehicle, and set out the benefits and consequences of using a trust both in lifetime and on death.

Inheritance Tax planning and your family business

If you own a family business, now is a good time to take stock of your planning, as current tax rules offer some highly favourable tax saving options and there is no guarantee these rules will stay in place indefinitely. Whilst the potential for saving tax is desirable, it is important to do what is right for you, and we are here to discuss all the options.

Capital Gains Tax

When it comes to capital gains tax, we can advise in relation to all aspects impacting individuals, trustees and executors. We can also support you on planning in advance of a sale or gift of a chargeable asset, and the timing of such transactions. Additionally, our expertise extends to private residence relief, reinvestment relief, business asset relief and entrepreneurs' relief, as well as how best to utilise capital losses against income and other gains.

If you are looking at succession and exit, we can provide expert guidance and help with strategy.

We can also support with reporting gains on residential property and gains for non residents, to ensure compliance with the latest changes.

Income Tax

We advise on income tax issues such as remuneration planning, utilising income tax losses, gifting to charity and relief for interest paid. If required, we can also review levels of taxable income with a view to equalising income for tax purposes between spouses and civil partners.

Additionally, we can advise on the tax aspects of making investments under Enterprise Investment Schemes (EIS), Venture Capital Trusts (VCT) and SEIS (Seed Enterprise Investment Scheme).

Minimising Capital Gains, Income & Inheritance Tax

There is no bad time to consider capital gains tax and inheritance tax planning. However, it is particularly important to take advice when someone is thinking about buying a new house or selling a business, when reaching retirement, or when receiving an inheritance.

How we can help with your tax planning

We consider the best ways to minimise your Inheritance and Income Tax and Capital Gains Tax obligations and make use of all available reliefs and exemptions. The advice you receive will take into consideration your personal circumstances, from the nature of your estate to the age and circumstances of your intended beneficiaries.  
To find out more, do contact us.

Non-dom tax planning

Under current rules, special tax opportunities are available where a client is legally domiciled outside the UK. 
We advise on domiciled status and explore options available to protect capital, as well as exploring the savings that can be made through using trust-based structures.  
We expect to see significant changes to the non-dom regime, the scope of which will depend on who wins at the next General Election. We are keeping a close eye on developments in this area. (Written March 2024)

The Tax Planning Process

From beginning to end, our specialist advisers will guide you along the planning process so that you benefit from our expertise and knowledge throughout your lifetime.
By assisting with your capital gains, income and inheritance tax planning, we provide reassurance that as much of your estate as possible will reach your beneficiaries by reducing the impact of these taxes. It can be easy to think of tax advice as being academic and impersonal, but we move beyond this, offering advice which is very much tailored to your own particular circumstances and your wishes.

When we recommend a particular action or structure for your capital gains and inheritance tax planning, it is because we believe that it works for you and your personal circumstances, not just from a legal or tax angle, but because it is practical, proportionate and sensible.
We also provide assistance with personal tax compliance.
 For further information and to determine how we can help, please contact us

Here to guide you through effective tax planning

Read our tax planning case studies for more on how we can help

We have worked with a number of private client lawyers in different firms over the years; you are the best by far.

Client, 2020

Inheritance Tax FAQs

  • When is inheritance tax (IHT) payable?

    Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died. If a deceased's estate is worth less than £325,000 or everything above the threshold is left to the deceased's spouse, civil partner or a charity, there will be no inheritance tax to pay. If the deceased's home is left to their children (including adopted, fostered or stepchildren) or grandchildren, the threshold increases to £500,000. If the deceased was married or in a civil partnership and their estate was worth less than their partner's threshold, any unused threshold can be added to that partner’s threshold when they die. This means their threshold can be as much as £1 million.

  • How much IHT will be payable?

    The standard Inheritance Tax rate is 40%. It will only be charged on the part of the deceased's estate which is above the threshold (currently £325,000). There are many ways you can structure your estate to minimise the amount of inheritance tax that needs to be paid when you die and we are able to advise you on this.

  • What can I do to reduce the IHT payable on my death?

    There are several ways to reduce inheritance tax payable and these should be considered carefully. Examples include:
    ● Leaving money to your spouse or civil partner and taking advantage of the 100% spousal exemption● Passing your home onto your direct descendants and taking advantage of the Residential Nil Rate Band of £325,000 (2023/4 tax year)● Making gifts to family members and friends. The gifts will be included in your estate but only for the seven years before death. Up to £3,000 a year can be      gifted without having to pay inheritance tax (2023/4 tax year)● Leaving money to charity. If at least 10% of your entire estate is left to charity, the overall inheritance tax rate is reduced from 40% to 36% 2023/4 tax year)
    There are other, more sophisticated ways of minimising a potential inheritance tax bill, such as setting up trusts or regular gifts out of income. We can advise you on the options in light of your particular circumstances.

  • How is the value of a deceased's estate calculated?

    Broadly speaking, it is calculated as the total value of assets held by the deceased. Assets may include things such as bank account balances and possessions. Consideration needs to be given as to whether these assets were held jointly with another person. Next, a calculation needs to be made of any cash gifts over £3,000, gifted in the seven years before death. The total assets and total gifts are then added together to arrive at the gross estate value. To then arrive at the total value of the estate, any debts must be subtracted from the gross estate value. There any many exemptions and computation rules related to estates, so contact us if you would like assistance with calculating the value of an estate.

  • Who is responsible for paying IHT?

    The personal representative of the estate of the deceased (either the executor or administrator) is responsible for paying inheritance tax to HMRC.

Capital Gains Tax FAQs

  • What is a Capital Gains Tax (CGT) allowance?

    CGT is payable on the sale or gift of chargeable assets realising a gain in excess of the annual tax free allowance, which is £6,000 (tax year 2023/24).

  • When do you have to pay CGT ?

    CGT is payable on the sale or gift of investments such as shares which are not in an ISA, nor are business assets, investment property nor your main home (if it has been let, used for business, it is very large, or has not always been you main home). CGT is also payable on some personal possessions valued at £6,000, or more. If you have been investing in crypto assets you also need to check if CGT is payable. You may have to pay CGT if your assets are overseas, so advice should be sought.

  • What items do not attract CGT?

    You do not pay CGT on the disposal of your car, or your main home (subject to certain conditions). Furthermore, CGT is not payable on gains arising from investments held in ISAs, UK government gilts, premium bonds and betting, lottery or pools winnings. CGT is not usually payable on gifts to your spouse, or civil partner or to a charity. Again, professional advice should be sought.

  • How can I reduce my CGT bill?

    There are many ways to reduce to your CGT liability. These include using your annual allowance, using capital losses tax effectively, giving to charity, using an ISA, transferring assets to your spouse/civil partner to use their personal allowances, or reinvesting gains inside an ISA wrapper. If you are looking to sell a property, then advice should be taken to ensure that the relevant tax reliefs are claimed, such as for the period of occupation or for capital improvements. Investments under the EIS/SEIS can also shelter CGT. CGT can be complicated so professional advice should be taken.

  • What is a hold over relief?

    Hold over relief is available in certain circumstances so that a capital gain does not arise at the time of certain transfers. Advice needs to be sought as to the type of transfers that qualify, but it can apply to business assets and unlisted company shares, and transfers into trust. There is no CGT at the time of transfer and the transferee will instead pay CGT when the asset is ultimately sold as the original date of acquisition and cost of that asset will be used for calculating the gain at that time.

Income Tax FAQs

  • What is a "personal allowance"?

    A personal allowance represents the amount of income that you can earn tax free each tax year. The standard personal allowance is £12,570 (tax year 2023/4).

  • Who needs to complete a self assessment tax return?

    There are many reasons why you may need to complete a self assessment tax return, for example it is necessary for individuals with a self employed income source of more than £1,000, those with a rental income of more than £1,000, or an annual total taxable income of at least £100,000, have sources of gross investment income in excess of the dividend allowance of £2,000, or other gross investment income over the savings allowance. Individuals earning over £50,000 should also check their position if they or their partner receives child benefit. It also covers individuals who have a capital gain in excess of the annual exempt amount. If you are unsure whether your circumstances mean you need to complete a self assessment tax return, there is a checker on the HMRC website.

  • When do I submit my self assessment tax return?

    Your tax return needs to be submitted by 31 October in each year if in a paper format, or by 31 January if completed online. An automatic penalty of £100 is issued for any tax return submitted after these deadlines, with further penalties being applied if the tax return is still outstanding after three months.

  • How do I pay my self assessment tax?

    Several payment options are available, including bank transfer, debit card or by cheque. If you owe less than £3,000 and you pay tax through PAYE as an employee you may be able to get a tax deduction in your code number as long as your tax return has been submitted on paper by 31 October and by 30 December online. Payment methods can be checked here.

  • How do I minimise my income tax?

    You should ensure you are claiming all the available personal allowances to which you are entitled. Married couples and civil partners who are both basic rate taxpayers can take advantage of the “Marriage Allowance” and transfer 10% of their income tax personal allowance to the other. If you are self employed, or have a rental property you should check that you are claiming the correct deductions for running costs and ensure you keep good records to present to HMRC in the event of an enquiry. If you pay tax at the higher rate, you should ensure you are claiming tax relief for pension contributions and for payments made under gift aid, this can be important if one of the couple have adjusted net income over £50,000 and results in a high income child benefit charge. There are also tax breaks available for investments made under the Enterprise Investment Scheme (EIS), Seed Enterprise investment Scheme (SEIS) or Venture Capital Trust.  

Contact The Burnside Partnership

For more information on our services or how we can help, please get in touch.