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Gibson Kerr

Personal, Family Law & Property

Edinburgh 0131 202 7516
Glasgow 0141 404 0436

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Financial & Tax Planning

Avoiding Hidden Surprises

probate solicitors Scotland

Concerned about the effect of tax on your personal law situation? We can assist you.

Guiding you through UK tax law

At Gibson Kerr, we hope to look after you throughout your life – so we aim to know enough about your situation to provide advice on tax and help you plan effectively. There are various personal taxes which might affect you and your estate, or the estate of a loved one – Capital Gains Tax, Income Tax and Inheritance Tax.

What is income tax?

Income tax is tax which arises on most of the income you earn. There are different rates of income tax depending on the amount of income that you earn in a tax year. Most people in the UK also have a personal allowance for income tax, which is the amount of income you can earn in one tax year before any income tax is paid.

Income tax issues might arise as part of the administration of a deceased person’s estate. For instance, the deceased person might have been self-employed and it might be necessary to complete a tax return up to the date of death.

Additionally, a tax return might have to be completed, and tax paid, on any income earned by the estate during the administration period and the executor has a duty to advise beneficiaries of an estate of the amount of income earned and tax paid on their share of the estate. We can advise you on these aspects of income tax and assist with the preparation of the relevant tax returns for executry estates.

We also have good connections with accountants who can assist you if you require any accountancy services for your personal or business affairs.

What is Capital Gains Tax?

Capital Gains Tax (CGT) is the tax which becomes payable when you sell, gift, exchange or transfer an asset. The tax is payable on the gain you make, not the amount you receive in exchange for the item. Tax is paid at two rates depending on your circumstances and the type of asset.

Some assets are exempt from CGT such as personal effects under a certain threshold, your car and normally your home. There is an annual allowance for CGT known as the “annual exempt amount” and you only pay CGT on any gains above the annual exempt amount.

CGT might be an issue during the administration of a deceased person’s estate. For instance, if an executor chooses to sell a property which is part of the estate and sells it for a gain, there might be CGT payable on the sale.

There are ways to minimise the amount of tax payable in such circumstances and our personal law solicitors can advise you on this.

CGT might also arise in the course of a separation and, again, our solicitors can provide you with information and advice to help you minimise the effect of this.

What is inheritance tax?

Discover more about inheritance tax.

For information and advice about any of these issues, or if you wish to undertake some personal tax planning, please call our personal law solicitors today.

What our clients say

Fantastic work, and thanks a ton. You’ve been incredibly patient and calm – your handling of the whole process is much appreciated.

Mr S, Company Director, Edinburgh
Lindsay Maclean

Lindsay Maclean

Partner: Head of Personal Law, Accredited Solicitor for the Elderly

Get in touch with me when you need reliable legal advice on any aspect of Wills & Estate planning, including powers of attorney, will writing, financial planning and executries.

lindsay.maclean@gibsonkerr.co.uk

Edinburgh 0131 202 7516

Glasgow 0141 404 0436

or request a callback

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Edinburgh 0131 202 7516
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Edinburgh 0131 202 7516
Glasgow 0141 404 0436

Make an enquiry

We will call you back

Locations

Edinburgh

Family Law, Personal Law
&
Property Law

6 Randolph Crescent
Edinburgh
EH3 7TH

t: 0131 202 7516
f: 0131 557 5215

dx: 551100 Edinburgh 7

e: edinburgh@gibsonkerr.co.uk

Open: 8:30-17:00, Monday - Friday

Glasgow

Personal Law & Family Law

1 West Regent Street
Glasgow
G2 1RW

t: 0141 404 0436

e: glasgow@gibsonkerr.co.uk

Open: 8:30-17:00, Monday - Friday

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