The UK tax system is designed to promote savings and investment and so at this time of year, and as part of our ongoing series of posts about end of year tax planning, it is worth remembering the various and most tax efficient savings vehicles available to you.

Inheritance tax planning is normally considered on a long term basis – both in the context of lifetime giving and the arrangements to be made in your Will, but as we approach the end of the tax year, now is an ideal time to review your plans and financial arrangements.

As the second blog in our end of year tax planning series, in this post, we take a look at the different rates of capital gains tax (CGT), how to take full advantage of your and your partner’s allowance and other CGT implications you need to consider before the end of the tax year. 

As the end of the tax year approaches, it is worth taking the time to ensure you have taken advantage of all the reliefs and exemptions available to your circumstances and made the most of any tax planning opportunities.

With careful planning and administration, it is possible for both individuals and companies to achieve the dual objectives of helping a chosen charity and saving tax.  There are various ways this can be done and what is the most effective, will depend on your particular circumstances.

And even HMRC will give you their blessing at this time!

Christmas is rightly regarded as a time of giving and comes with an incentive from the taxman to give free of inheritance tax.  With three themes, here are some ideas for lifetime giving at Christmas.

In an interesting recent development, Agricultural Property Relief (“APR”) for Inheritance Tax (“IHT”) was officially extended to include vineyards and wineries.  Given the success of the English wine industry, it will be no surprise that the tax code has caught up with the real world.

Your exit strategy may provide for sale within the next 5 or 25 years, a sale may be imminent, or you may want to pass your business on to your children. But whatever stage you’re at, are you confident that your exit strategy will pass muster?

But what’s the long term effect of losing those early year contributions?

In your 20s and 30s, retirement age seems a long way off. A house purchase, holidays in the sun and maybe even school fees all take priority over family finances and personal pension planning can easily get pushed to the bottom of the pile.