Yes, we know that the only two certainties in life are death and taxes – but not all taxes have to be certain.
- Will you be subject to increasing level of income tax?
- Ever thought about how to save more Capital Gains Tax on your investments in future?
- Will you be subject to inheritance tax?
- How much will you have to pay?
- Are any of your assets protected from taxation?
- Have you got the most tax efficient investment products?
- Are they really all that tax efficient?
- How can you avoid capital gains tax?
- What tax benefits are available for children?
- Is it ever too late for tax planning?
They say “the tax tail should never wag the investment dog“, but tax should never be ignored. Tax rules have become ever more complex and even in some cases retrospective. This makes planning extremely difficult.
If your existing adviser delegates the investment management of your portfolio to a third party, to a ‘Discretionary Manager’, not only will you pay much higher costs, your adviser should be charging you much less as they’ll be doing little day to day. Moreover, your Discretionary Manager is almost certainly not managing your portfolio bespoke to your own circumstances which means you will probably be at risk of higher tax and Capital Gains Tax as they repeatedly buy and sell assets without checking your actual tax position.
Just as importantly, if your adviser is charging you for their ongoing service and advice and then simply delegating their responsibility to another manager, what, exactly, are they actually doing for their fee?
Whilst most firms just look back, we also anticipate future changes and advise you accordingly. Just take a look at some of our past newsletters and you will see that we have warned of the risk of many tax and legislative changes a long time before they have even been announced. We sold clients’ holdings in property before the credit crisis. We helped our clients exit European funds in July 2011 before the panic started to spread to Italy and other Eurozone economies.
Highly personalised investment and tax advice such as this is likely to save you much more money in the years ahead.
We seek to answer the questions you may not know you should be asking.