John Amos

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Taxation Planning

Capital Gains

The role of Valuers in taxation is paramount.

Not only are accurate valuations needed for tax planning and assessment, but  John Amos & Co have a wealth of experience to give a practical and understandable guide to tax planning.
 
Clearly the advice of an Accountant and Solicitor is essential to ensure any planning is accurate, but often an informal overview together with provisional values in advance can prove extremely useful.
 
The interpretation of Inheritance Tax issues are changing and with the importance of Capital Gains Tax implications, few people can be confident that this planning is perfect.

Inheritance Tax

With the Inheritance Tax nil rate band currently being just over £300,000, more and more people are becoming liable for Inheritance Tax on assets that do not qualify for relief.

 
A number of test cases have been challenged by the Tax Office over the last few years on rural assets.  Clients with farmhouses in particular, that seemed to have good quality tax planning from only a few years ago, may well find it no longer appropriate.
 
John Amos & Co are in a position to offer an initial over-view to assess a current tax situation and highlight any potential pitfalls or planning management that may be required.
 
People often forget that whilst Capital Gains Tax clearly deals with the disposal and any profits on assets for sale, it can also be triggered by gifts which are made as part of Inheritance Tax Planning. Therefore, careful consideration should be made before any tax planning is undertaken.
 
With historic values being required in addition to current values, it is essential that proper valuations are prepared before any useful tax planning can be undertaken.
 

People often forget that whilst Capital Gains Tax clearly deals with the disposal and any profits on assets for sale, it can also be triggered by gifts which are made as part of Inheritance Tax Planning. Therefore, careful consideration should be made before any tax planning is undertaken.

With historic values being required in addition to current values, it is essential that proper valuations are prepared before any useful tax planning can be undertaken.

Team Work

 

John Amos & Co are insistent, before carrying out any major Capital Tax Planning, on working with qualified Accountants and Solicitors. They are quite happy to work with a client’s own Solicitor and Accountant or to assist in the selection of an appropriately qualified and capable Accountant and Solicitor.

 

The Valuer 

The role of the Valuer in tax planning is essential. The figures that are submitted to Capital Tax Officers need to be accurate and justifiable and if inappropriate figures are submitted and not supported by a fully qualified Valuer to the “Red Book” standard, then aspirations may very well not be met. Any figures for tax planning should not be relied upon unless these have been properly produced by a qualified Chartered Surveyor and/or Agricultural Valuer.