“No man in the country is under the smallest obligation, moral or other, so to arrange his legal relations to his business or property as to enable the Inland Revenue to put the largest possible shovel in his stores. The Inland Revenue is not slow, and quite rightly, to take every advantage which is open to it under the Taxing Statutes for the purposes of depleting the taxpayer’s pocket. And the taxpayer is in like manner entitled to be astute to prevent, so far as he honestly can, the depletion of his means by the Inland Revenue”
Lord Clyde (1929)
The above quote from a famous tax case is now over 80 years old and is still highly relevant today (particularly where it mentions the Inland Revenue being quick to deplete the taxpayers pocket!).
In modern English, what he was trying to say was that, providing you operate within the law, you are free to plan and structure your affairs with a view to getting the best possible tax result for you / your family / your business.
With UK tax rates as high as they have been for a long time, planning your tax affairs effectively is more important now than ever before.
The partners of Mattocks Grindley have a wealth of experience helping many businesses and individuals structure their affairs in the most tax-efficient manner.
Structuring your tax-affairs effectively requires care and a good understanding of all the relevant taxation and commercial factors. All of the different taxes interact with each other from time to time and it is vital that your advisor can identify and explain simply, the advantages and disadvantages of any possible tax planning ideas.
Our approach to tax-planning is based on developing a good understanding of our client’s circumstances and their short, medium and long-term objectives. We then identify possible opportunities that suit their situation and future plans. This approach is underpinned by technical knowledge and experience of advising on tax planning over many years.
Please click on the links below if you would like more information on any particular areas or, alternatively, call Dave if you want to talk anything over.