Tax Planning
The main threats to wealth preservation are the vagaries, complexities and interaction of the taxation and legal systems, both in the UK and overseas.
According to the latest Inland Revenue data, 3.3 million people in the UK now pay income tax at the top rate. In addition, when basic rates of tax have not increased, the share of GDP taken by the State has grown as the result of new tax charges and the more aggressive attitude of the Inland Revenue.
It is therefore essential that those with private wealth and higher income levels, which may include an interest in or control of a business enterprise, have an effective wealth preservation strategy. Fiducia is able to advise, implement and keep such a strategy under review by working as one with all our specialist professional partners.
Estate Planning
Inheritance Tax is the fastest growing tax of all with revenues for 2005/06 expected to be £2.9 billion, double that of 1995/96. It is also a tax on taxed income, equivalent to a marginal rate of 64%. It is clearly a tax that can seriously damage your wealth. Estate planning is therefore a key strategy in preventing what is wealth erosion.
In addition, more people now own, or plan to own property overseas and yet more people are planning to live abroad when they retire. The implications of offshore property and residence are just one further scenario where Fiducia can arrange highly effective specialist advice.
The Business Exit Strategy
For business owners and entrepreneurs this is likely to be one of the biggest single events throughout their entire working lives, whether it is by floatation, a trade sale or transfer to the next generation. It is a time of risk and opportunity. Above all, it is a time when the need for the most attentive and thorough planning cannot be overstated.
Fiducia, together with our professional and expert partners, is able to provide comprehensive advice on all aspects of wealth management and wealth preservation which clients are likely to need throughout their business and personal lives.
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