Cortex Wealth - Financial Advisers based in Yorskshire

Tax, Trust & Estate Planning

Tax Planning

It's important to make sure you aren't paying more tax than you need to. Taxation can be very complicated and the rules, reliefs and allowances often change. This is where we can advise you.

Our UK tax year runs from 6 April through to 5 April. During this time everyone is required to pay an appropriate level of income tax on their earned income, which helps to pay for things like healthcare and education. As well as income tax, you can also be liable for capital gains tax on profits you make from any chargeable assets you have sold, or for tax on gifts you have made during your lifetime.

Trust Planning

Trust Planning helps you to manage assets for the future, so that you can plan ahead and know that taxation is being mitigated.

Since trusts usually avoid probate, your beneficiaries may access these assets quicker than they might access assets that are transferred using a will.

Estate Planning

As a consequence of increasing property prices more people than before have found themselves being caught liable to Inheritance Tax. If your estate is over the inheritance tax allowance when you die, it will also be subject to a tax, known as inheritance tax.

Pension scheme members can also reduce their family's liability to inheritance tax on the value of the member's death benefits by arranging spousal bypass trusts.

Ultimately, financial planning will focus on what happens to the estate when you are no longer around, we can help by talking to you about the importance of making a will and the basics of inheritance tax. Should you then wish to find out more about estate planning and inheritance tax we can arrange an initial discussion.

On Bereavement

Investments which form part of a deceased's estate are re-valued at the date of death, so if they are sold there will be no capital gains tax to pay on any profits.

An additional service which most professional advisers are able to provide is cashflow forecasting. This uses specialist technology to calculate the period of time over which a given investment portfolio might be expected to meet identified needs for income and or capital.

Capital Gains Tax

Individuals are entitled to an annual exemption. If you think that your investments have made substantial gains and you have not yet made use of your annual allowance, you should consider taking financial advice as you may be able to utilise your annual allowance, or reinvest in an ISA (subject to the ISA limits).
Find out More »


Income Tax is a tax you pay on your income. You don't have to pay tax on all types of income. You pay tax on things like: money you earn from employment, most pensions, interest on savings etc.. You don't pay tax on things like: income from tax-exempt accounts, like Individual Savings Accounts (ISAs) and working tax credits, though the dividends paid into an ISA account carry a 10% income tax credit which cannot be reclaimed.
See our Tax Tables »

Inheritance Tax

The Inheritance Tax threshold remains unchanged for 2023/24 at £325,000, as does the family home allowance at £175,000. This means individuals (with direct dependants) will be offered a family home allowance so they can pass their home on to their children or grandchildren tax-free after their death.

Certain lifetime gifts can be made without giving rise to an inheritance tax charge. You can give away £3,000 worth of gifts each tax year (6 April to 5 April) and it is worth considering making a gift of this amount if you are in a position to do so.

Find out More »

Trust Arrangements

Trusts can be a useful means of preserving wealth, by allowing assets to be passed down through the generations in a secure and tax efficient manner. There may be tax advantages in setting aside assets in a trust.

The Financial Conduct Authority does not regulate Inheritance Tax Advice where there is no investment element.

The Financial Conduct Authority does not regulate Will Writing or taxation and trust advice.

Tax advice which contains no investment element is not regulated by the Financial Conduct Authority.

Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from taxation, are subject to change.