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Clients may be subject to capital gains tax when they dispose of certain assets. It is therefore vital for advisers when dealing with those assets to fully understand when capital gains may arise and how they will be taxed. The use of reliefs, exemptions and allowances can be a valuable planning tool which may allow clients to defer gains or minimise the tax they will pay on them.
Inheritance tax can have an impact upon what can be given away during someone’s lifetime. But with the right planning the effect of IHT can be minimised. It is therefore essential for advisers when considering wealth transfer to understand the taxation of lifetime gifts.
A client's income tax status will affect most financial decisions throughout their lifetime - from choosing the most appropriate savings vehicle, funding for their pension or how to take their income in retirement. Understanding how income is taxed is an essential component of any financial planning.
You can find answers to a wide range of popular policy, product and servicing questions in our help and support section.