Families

Mills Keep offer a perspective down the generations. We provide pragmatic and coherent advice combined with the highest level of personal service. Your family future is in experienced hands. Our wealth planning includes everything from tax and trusts through to pensions and wills. The security and opportunity your wealth brings can be protected for generations.

Useful Links and Resources

GOV.UK Inheritance Tax – overview – Inheritance Tax is paid if a person estate is worth more than £325,000 when they die.
GOV.UK Planning Your Retirement – overview.
GOV.UK State Pension Calculator Calculate when you’l reach State Pension age or Pension Credit qualifying age.
STEP – Video on the importance of a Will, from STEP, Mills Keep are members of STEP, Society of Trust and Estate Practitioners.

This is just a start for you; please contact us for more specific help: visit our contact page for details.

CASE STUDY – IHT AND ESTATE FAMILY PLANNING

Synopsis

Mills Keep helped a client family to save tax and make it easier to manage property and land in their estate. We did this by setting up a family company after first consolidating all land interests into one holding structure.

Background

Significant land had been owned for many years with large Capital Gains Tax (CGT), exposure. In principle, there would have been very large CGT and Stamp Duty Land Tax (SDLT), liabilities to pay if all the land was simply transferred to a company.

Solution

A transfer of all land into a tax efficient and easily managed structure devised by Mills Keep and compliant with HMRC guidelines; CGT and SDLT liabilities would be avoided under this recommendation.

Benefits

  1. Easing the administration of the land as a whole, as in future there would be one landlord, namely the company;
  2. Easing the ongoing tax burden with one rate of tax, being Corporation Tax at 20%; and
  3. Making it easier to pass the benefit of the land down the generations in the form of shares. Inheritance Tax would be payable at some point, but this arrangement made postponing that liability for some time feasible.