McLean’s Financial Services

Tax rates and bands for the tax year 2008/09
Tax rate
Tax band
Basic rate: 20 per cent
£0-£34,800
Higher rate: 40 per cent
Over £34,800
From 2008/09, there is a 10 per cent starting rate for savings income only, with a limit of £2,320. If an individual’s taxable non-savings income is above this limit, then the 10 per cent starting rate [...]

Make sure your heirs are not left facing an unexpected tax bill
Many UK households could be at risk of paying inheritance tax (IHT), the tax which is charged at 40 per cent on the value of your estate over the nil-rate band threshold – currently £312,000 for an individual and £624,000 for a married couple, [...]

It’s not only the super-rich that are subject to inheritance tax
Benjamin Franklin once said that “nothing is certain but death and taxes,” and thanks to inheritance tax (IHT), they’re not only certain they’re intrinsically linked.

Setting financial targets is the key
Your ability to enjoy a long and fulfilling retirement will depend largely upon how well you accumulate assets throughout your working life and what you do with them once you have retired.
We can work with you to develop a strategy and help you build up the funds you’ll need to [...]

Keeping hold of your property
The fear of having to sell our homes to pay nursing-home fees, when we would rather pass them on to our family members is a common scenario facing many of us today.
One possible solution that could enable you to avoid having to sell your home is the setting up of a [...]

Is your life cover written in an appropriate trust?
Check that all your life insurance policies that will pay out on your death are “written in an appropriate trust.”This will ensure that their value passes straight to your family (or other beneficiaries), avoids your will and therefore is not liable for IHT.
This is a relatively simple [...]

Your most frequently asked questions
Q: As a trustee do I have to pay capital gains tax?
A: As a general rule the liability to tax on gains arising to a trust falls on the trustee. There are however certain exceptions which are detailed on HM Revenue & Customs (HMR&C) help sheet HS294.
Q: As a beneficiary do [...]

Helping smaller trading companies brings investor relief
The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies.