Author Archives: Jacky Holmes

Hove Newsletter – October 2019

The next Hove lunch will be on 12th November 2019, 12:30 PM – 2:30 PM, at the Ginger Pig Pub, sponsored by Whitespace & ViiSana - Book here

Book onto upcoming dates here:

Sponsors

blend-logo

Whitespace

&

Viisana logo

ViiSana

 

ViiSana | We’ve rebranded!

Since we started back in 2015, we’ve offered life and health insurance with a difference, and our mission was simple – to encourage our clients to take small steps to a healthier life whilst protecting themselves, their families and their businesses.

We’ve learnt a great deal along the way, winning awards as we have gone – recognising the unique approach we take in the market. Our offering has developed and strengthened, and as a result of this we have decided to refresh our brand and logo’s, so that they truly reflect what our business has to offer.

Why the change?

Our brand lies at the heart of our business and is derived from the Spanish term ‘Vida Sana’ – to lead a healthy life. As we continue to add new products to our proposition, we felt that our brand needed capture our mission – to help our clients take control of their lives, health and wealth.

 

There is no change to our ownership, and we remain a privately-owned family run business.

 

Our vision

Our new logo represents our promise to help clients make life-changing decisions to reduce potentially life-changing risks. We want to present our brand clearly, without ambiguity and for it to demonstrate our offering in a straightforward way. We believe that we have achieved this with a logo and strapline that reflects our maturity as a company and is bold and clear, representing the company that stands behind it.

If you have any questions regarding the changes or indeed feedback, please do let me know.  For more news on this and other exciting developments, please follow us on social media; Facebook, LinkedIn or Twitter or visit our website viisana.com.

Eastbourne Newsletter – October 2019

The next Eastbourne lunch will be on the 22nd of November 2019 12:00 PM – 2:00 PM at the Grand Hotel in Eastbourne, sponsored by Humphrey & Co - Book here

Book onto upcoming dates here:

Sponsor

H&Co_logo_hi-res

Humphrey & Co

 

INHERITANCE TAX INVESTIGATIONS ARE INCREASING

Recent figures provided by HM Revenue & Customs (HMRC) show that in the tax year to 5 April 2019 HMRC increased their investigations into inheritance tax (IHT) paying estates by some 25%. Such investigations are carried out to ensure executors have reported the full extent of the deceased’s estate as well as checking that the correct reliefs and allowances have been claimed.

It is considered that this growth in investigations is at least partly attributable to the complexities of the residence nil-rate band (RNRB). This relief was first introduced in April 2017 and by 6 April 2020 there will be potential for up to £175,000 of RNRB to be claimed, with a possible doubling up of this relief for some couples to £350,000. This is a potential saving of up to £140,000 in IHT on some estates.

As executors have a responsibility to deliver a correct IHT account to HMRC, if an investigation uncovers errors resulting in underpaid IHT then, as well as interest on unpaid IHT being due, there can also be penalties imposed by HMRC on the executors.

Our Trust & Estate Support Services (TESS) team are probate regulated by the Institute of Chartered Accountants in England & Wales with substantial experience on assisting executors with completion of IHT forms and calculating the IHT tax due. They can also advise on the responsibilities of executors as well as guidance to lay executors on how to administer estates.

For further information please contact Amanda Eade or Sue Pocklington on 01323 730631.

 

GOOD LIFE SHOW

 Our Trust & Estate Support Services (TESS) team are taking a stand at the Good Life Show in Eastbourne on Thursday 26th September. The show is open to visitors from 10.30am to 3.30pm, in the new Welcome Building at the Devonshire Quarter.

The lifestyle show covers many areas of interest and brings together a wide range of exhibitors with an appeal to people over the age of 50.

The TESS team will be on-hand to offer further information on their services including:

  • Inheritance Tax
  • Probate Applications
  • Estate Administration
  • Trust Administration
  • Wills and Lasting Powers of Attorney

Further details can be found on the Good Life Show website at http://www.goodlife.esf-online.org/index.html

 

Worthing Newsletter – October 2019

The next Worthing lunch will be on 9th October 2019 12:00 PM – 2:00 PM at Liming Mexican bar & Grill sponsored by Bennett Griffin - Book here

Book onto upcoming dates here:

Sponsors:

BG mailchimp logo

Bennett Griffin

Cycling Safety

Whilst training for Ride London this year, I decided to join a whole load of cycling groups on social media. Hurrah! I had found a rare slice of social media that was both encouraging and supportive as well as having a wealth of helpful information. A rare sanctuary hidden away from people shouting at each other about Brexit.

One morning though there was a post referring to an article about a civil Court case that up until then had moved through the Court system with little fuss and no coverage whatsoever. The facts of the case were that on 20th July 2015 the Claimant was crossing a street in London along with other pedestrians as the Defendant was cycling northbound over London Bridge. He cycled through a green light at a busy junction and ahead of him the Claimant along with a number of other pedestrians were crossing the road. There was then a collision between the cyclist and one of those pedestrians who in the eyes of the writer was on her mobile phone and not paying any attention. The decision was a 50-50 judgment, ie the Claimant was entitled to 50% of her claim. Furthermore the cyclist did not have insurance so was facing financial difficulties in order to meet the judgment.

Cries of “outrageous!” went up. ‘How can this be? The world has gone mad!’ ‘Everyone is against cyclists’. ‘Wouldn’t happen if this was a driver!’

Having been in this area of law for quite a few years I have become quite accustomed to the media, shall we say, not providing a particularly good balance in this area. Donning my tin hat I therefore waded in suggesting to others that until the actual facts of the case were made known, it might be worthwhile just suspending any outrage as the reality may be different to how it had been reported. I retreated not long after following a gentleman sending me numerous links to tragic accidents involving cars where the drivers had got away ‘Scott free’. These of course were all criminal cases.

Helpfully though, the barrister representing the Claimant, Aneurin Moloney, very helpfully provided not only his note of the judgment of the case but also a note about the proceedings. This provided further information suggesting the following:
1. The cyclist knew that the point where the pedestrians were crossing was not controlled by a red/green man.
2. On seeing the pedestrians, the cyclist sounded his air horn which cleared a path.
3. Upon so doing, the cyclist continued to accelerate.
4. The Claimant, who was on her mobile phone at the time, then stuttered and retreated towards the central island rather than continuing on to the pavement.
5. The cyclist shouted a warning, tried to swerve but could not avoid the Claimant and there was a collision.

So whose fault should it be? The judge concluded the following:

1. The cyclist owed a duty to other road users to drive with reasonable care and skill. He had anticipated all the pedestrians would continue on to the pavement. The Claimant was established on the road.
2. The cyclist made a judgment call that it was clear to proceed when in fact there were pedestrians in the carriageway. He had some understanding that when pedestrians are established on the road they must be given way.
3. As a result he fell below the standard to be expected. A cyclist must be prepared for the pedestrians to behave in unexpected ways.
4. The Claimant’s conduct was also an important contributory factor. She was on her phone and she turned and went back. If she was crossing the road without looking then she must have equal culpability.
In this respect the Judge is saying that the onus on the cyclist is no different to that of a car driver, in that it is reasonable to expect them to respond to what happens in front of them, even if it is not what they are expecting. In this instance there was a pedestrian in the road crossing, with no idea that a cyclist was travelling towards her at 20mph. He was not entitled to think that when she finally saw him she would just continue onto the pavement like the other pedestrians. Whilst I would love to ensure a clear path every time I go out on my bike, I know that drivers or pedestrians often do daft things. This judgment says that if I see that and I have the opportunity to ensure there is not an accident, then I am under a duty to do so.

What we need to remember here is that just like cyclists, pedestrians are vulnerable road users. In fact relative to cyclists they are even more vulnerable. So in this case, the vulnerability of the pedestrian trumps that of the cyclist due simply to the fact that a cyclist is going to do more damage to the pedestrian than the other way round. It is no different to a cyclist being hit by a ten tonne box of steel. So cyclists should actually take a lot of comfort from a decision like this.

It does however throw up arguments of insurance. The cyclist in this case was not insured. Whether or not the crowdfunding page set up in his name covers all his costs remains to be seen, but clearly this is not a position many would like to find themselves in. My personal view is that I am totally against mandatory legal insurance for cyclists. We should be doing everything in our power to make it easier to cycle not harder. Getting people out of their cars and on to 2 wheels is good for their physical and mental health, and allows more room on the roads of those who have no option but to drive. We need more protected cycle lanes and a change in attitude about who is responsible for the safety of cyclists. That being said, I am insured and that will remain the case. I will also wear a helmet, although that’s a blog for another day. Maybe I should wear it whilst writing it. Now there’s a thought.

 

Brighton Newsletter – October 2019

The next lunch is on the 10th of December at the Grand Hotel in Brighton, 12:30 PM – 2:30 PM, sponsored by Harvey John - Book here

Book onto upcoming dates here:

Sponsors:

HJ-Logo

Harvey John

Harvey John take part in the Brighton Legal Walk 2019

On the 10th of September 2019, we had the honour of taking part in the Brighton Legal Walk, a sponsored 10km around Brighton and Hove which raises money for agencies including Citizens Advice Brighton & Hove, Brighton Housing Trust, Possability People, and Money Advice Plus. All the agencies assisted provide much needed services in the community and positively affect peoples’ lives every day.

Brighton Legal Walk - Harvey John 2019

At the heart of the London Legal Support Trust (LLST), who organise these events, is the belief that “access to justice should be equally available to everyone, regardless of their financial situation”. This is tempered by the understanding that “in practice it is not the case”.

 

According to the Ministry of Justice, there were 870 not-for-profit legal aid providers in the period 2012/13.

Just 95 remained in 2013/14.

There are only 47 in 2019/20.

This plummet originally came from an estimated £100 million removed from these providers due to funding cuts across legal aid in part due to the LASPO reforms enacted in 2013, local government, and other funding changes. The MoJ reported that in the 2013/14 period, “the most common sources of funding for legal advice were local government and charitable sources”. When this level of funding was removed, many were simply unable to continue on.

With the cuts continuing to affect one of the most common funding sources for these providers, it’s of paramount importance that people come together to help them to continue with their work. According to the director of the Law Centres Network, Julie Bishop, “several more law centres [are] in a “precarious” state and likely to close soon”.

As part of seven Legal Support Trusts across England and Wales, the LLST aims to support legal advice agencies and law centres through grants, allowing access to justice, assistance, and advice. There are currently more than 12 Legal Walks which take place annually around the country, with the London Legal Walk being the largest of them all. Each of these looks to help provide access to justice and legal advice in their community, regardless of financial situation.

This year the Brighton Legal Walk broke all previous records, raising over £5,600 so far. With almost double the number of walkers this year to last, 140 people made up 26 teams who came together with the goal of raising much needed funds to support the work of these agencies.

The fundraising pages for the Legal Walk remain open for the next 3 months so we can keep adding to the total which will go towards providing legal advice and assistance to the most vulnerable individuals and families in our community.

Brighton Legal Walk group 2019

 

https://www.londonlegalsupporttrust.org.uk/our-events/walks-in-the-south-east-2019/brighton-legal-walk-2019/

https://www.londonlegalsupporttrust.org.uk/about-us/increased-need/

https://www.theguardian.com/law/2019/jul/15/legal-advice-centres-in-england-and-wales-halved-since-2013-14

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/485636/not-for-profit-la-providers-survey.pdf

https://www.equalityhumanrights.com/sites/default/files/the-impact-of-laspo-on-routes-to-justice-september-2018.pdf

 

 

Worthing – September 2019

The next Worthing lunch will be on 10th October 2019 12:00 PM – 2:00 PM at Liming Mexican bar & Grill sponsored by Bennett Griffin - Book here

There will be a guest speaker from Turning Tides at this lunch speaking about their charity event in September called Go the Distance!

Book onto upcoming dates here:

Sponsor:

BG mailchimp logo

Bennett Griffin

Pensions on Divorce

A pension is often the largest capital asset after the equity in the family home within a marriage or civil partnership. Pensions can be complex and confusing at the best of times. It is therefore important to give pensions proper consideration when negotiating the financial settlement, with the assistance of a divorce lawyer and aided by an experienced financial adviser or Actuary if you and your lawyer determine this necessary and advisable.

There are three main options for dealing with a pension on divorce. These are offsetting, an attachment order (formerly referred to as an earmarking order) and pension sharing.

Offsetting means setting the value of the pension against another asset, for example, the house. For example, you might secure a larger share of the family home in return for your former spouse retaining his/her pension. This may seem a simple solution but there are risks. It is important to appreciate that it is not an easy exercise to compare the value of a pension which is a future income stream and say money in the bank which is readily available to you.

An attachment Order is where a percentage of the member’s pension is set aside for the former spouse to claim on retirement. The former spouse has no control over when the payment is received as it is very much dependent upon when the pension member elects to draw his/her pension which he/she, for whatever reason, may elect to defer. For example the pension member may elect to defer drawing his/her pension at age 65 years until, say aged 70 years meaning that the former spouse has to wait a further five years before receiving the benefit of the attachment Order. Further the benefit of the attachment order to the former spouse will be lost if he/she (the former spouse) remarries or if the pension member dies.

Pension sharing is probably the most preferred option. It allows for a percentage of the member’s pension to be transferred to a pension scheme in the other spouse’s name. As the pension assets are split immediately, it means that each party can decide what to do with their share independently.

In April 2015 a far greater degree of flexibility was introduced to the accessibility of pension assets. It means in the divorce context that it may be possible to cater more specifically for the needs of the parties. However, there are also risks and limitations, thus reinforcing the need for securing expert advice.

Only a Court can make a pension sharing order or pension attachment order. Further, the Order can only be implemented when a decree absolute of divorce or dissolution has been made. Even if you decide to pursue the option of offsetting it is advisable to incorporate the terms in a sealed Order of the court to ensure certainty and also enforceability should something go wrong.

Jackie Gifford, Chartered Legal Executive (jg@bennett-griffin.co.uk) and Jackie Mensah, Collaborative Lawyer and Associate Solicitor (jnm@bennett-griffin.co.uk) are specialist family lawyers and understand the complexities surrounding pensions and divorce and can work in partnership with other financial specialists, if required, to make sure that you get a fair settlement.

Eastbourne – September 2019

The next Eastbourne lunch will be on 20th September 2019 12:00 PM – 2:00 PM at the Grand Hotel in Eastbourne, sponsored by Humphrey & Co - Book here

Book onto upcoming dates here:

Sponsor:

H&Co_logo_hi-res

Humphrey & Co

INHERITANCE TAX INVESTIGATIONS ARE INCREASING

Recent figures provided by HM Revenue & Customs (HMRC) show that in the tax year to 5 April 2019 HMRC increased their investigations into inheritance tax (IHT) paying estates by some 25%. Such investigations are carried out to ensure executors have reported the full extent of the deceased’s estate as well as checking that the correct reliefs and allowances have been claimed.

It is considered that this growth in investigations is at least partly attributable to the complexities of the residence nil-rate band (RNRB). This relief was first introduced in April 2017 and by 6 April 2020 there will be potential for up to £175,000 of RNRB to be claimed, with a possible doubling up of this relief for some couples to £350,000. This is a potential saving of up to £140,000 in IHT on some estates.

As executors have a responsibility to deliver a correct IHT account to HMRC, if an investigation uncovers errors resulting in underpaid IHT then, as well as interest on unpaid IHT being due, there can also be penalties imposed by HMRC on the executors.

Our Trust & Estate Support Services (TESS) team are probate regulated by the Institute of Chartered Accountants in England & Wales with substantial experience on assisting executors with completion of IHT forms and calculating the IHT tax due. They can also advise on the responsibilities of executors as well as guidance to lay executors on how to administer estates.

For further information please contact Amanda Eade or Sue Pocklington on 01323 730631.

 

GOOD LIFE SHOW

 Our Trust & Estate Support Services (TESS) team are taking a stand at the Good Life Show in Eastbourne on Thursday 26th September. The show is open to visitors from 10.30am to 3.30pm, in the new Welcome Building at the Devonshire Quarter.

The lifestyle show covers many areas of interest and brings together a wide range of exhibitors with an appeal to people over the age of 50.

The TESS team will be on-hand to offer further information on their services including:

  • Inheritance Tax
  • Probate Applications
  • Estate Administration
  • Trust Administration
  • Wills and Lasting Powers of Attorney

Further details can be found on the Good Life Show website at http://www.goodlife.esf-online.org/index.html

 

Hove Newsletter – September 2019

The next Hove lunch will be on 10th September 2019, 12:30 PM – 2:30 PM, at the Ginger Pig Pub, sponsored by Whitespace & ViiSana - Book here

Book onto upcoming dates here:

Sponsors:

Viisana logo

ViiSana

&

blend-logo

Whitespace

Who is Whitespace and what do you do?

Whitespace is a Brighton-based creative agency specialising in design, web and marketing. We founded the business after having worked together in various guises for the last 12 years so we have a really solid and collaborative working relationship. Each of us leads one of our three focus areas.

Some clients come to us for just one of our services, others are keen to use

all three. We are really focused on our areas of expertise – we don’t try to be all things to all men, instead we do what we do well and are supported by an exceptionally strong network of collaborators and friends in the industry.

How did the three of you come together?

We worked together as heads of department in the same company before forming Whitespace.

Steve and James also previously worked for years on web and app projects, while Milly was James’ client

collaborating on various successful designs and marketing projects.

“We recognised we could build something together that we could be proud of and haven’t looked back”

All of us share the same core values, creative approach and love of good design. We each have our individual specialisms and strengths. We recognised we could build something together that we could be proud of and haven’t looked back!

What makes Whitespace special?

Our clients tell us that they love the fact that Whitespace is owner-managed and that we’re personally involved with each and every project and client, from concept to delivery.

We have a personal, down-to-earth approach which seems to resonate well with our clients.

And, of course, good, thoughtful design underpins everything we do. We pride ourselves on listening carefully and truly understanding a brief before even thinking about putting pen to paper to start the design process.

What type of businesses do you help?

We work for such a wide range of business, large and small. Some of the organisations we have helped this year include the Green Party and Brighton University, both of whom we have ongoing relationships with. We work with charities such as Grace Eyre, a number of publishers including William Reed, OX Mag – and Sussex Business Times!  We’re currently working on a brand new website for Mayo Wynne Baxter.

It’s a diverse mix and we don’t operate on a sector-specific basis. To us the brief is more important than the sector. And chemistry with the client is really important to us too.

Give us an overview of one of your favourite projects

There are so many! One piece of work we’ve really enjoyed working on this year has been supporting the Green Party’s recruitment drive to gain new members. We developed a web page, predominately for mobile users, which incorporates a radial dial giving users the freedom to pledge whatever amount they feel appropriate for their membership (rather than being constrained to certain brackets).

The Green Party’s main website includes fairly static web pages, so we were keen incorporate video, lots of colour and dramatic images to drive up engagement levels. We also included elements such as testimonials from real people talking about what the party meant to them, to capture the essence of the party.

The web page produced a much higher percentage of people pledging more money. We’re so pleased that the average donation was significantly increased – and the client was too! This campaign is a classic example that shows how clever, considered design can drive hard return on investment for clients.

Talk us through your own branding. What’s behind the name Whitespace?

We chose on the name Whitespace as it perfectly reflects our clear, simple way of thinking, our creative approach and love of good design.

The term whitespace is a significant one in the design industry.  It is at the heart of good design and helps strike a balance between positive and negative spaces and is key to aesthetic composition.

The three accent colours represent our three core areas of expertise: design, web and marketing.

“We pride ourselves on listening carefully and truly understanding a brief before even thinking about putting pen to paper to start the design process”

Talk us through some key industry trends

The concept of ‘Responsive Logos’ has been around for a little while now but is certainly gaining momentum. In a modern world, where screens come in all shapes and sizes, logos that can adapt and make best use of the available space really stand out.

Your logo no longer has to be a one size fits all solution – it can move, evolve scale and engage with the device and even your location like never before.

Getting it right can elevate your brand and has huge potential benefits from a creative and marketing perspective.

 

 

28 Foundry Street

Brighton

BN1 4AT

hello@whitespace.studio

www.whitespace.studio

01273 258000

 

 

Brighton Newsletter – September 2019

The next lunch is on the 1st of October at the Grand Hotel in Brighton, 12:30 PM – 2:30 PM, sponsored by Harvey John - Book here

Book onto upcoming dates here:

Sponsor:

HJ-Logo

Harvey John

The key to building a strong client to recruiter relationship

On the 6th of June, we sponsored the first ever Brighton Ladies Lunch held at The Grand Brighton. Before jumping into lunch, treats, and networking, I spoke with the group about Harvey John and what we believe sets us apart.

Brighton Ladies Lunch Club

Something I’ve noticed over the years here at HJ, is that the law firms we work with the best are the ones that let us in. The ones that can truly see the value that we add, leading to us becoming trusted business partners. We’re generally quite used to receiving a job spec and then starting the recruitment search right off the bat, but historically, it’s not as easy to sell the dream or the firm to prospective candidates that way. What’s always been important to us is understanding the culture of the law firm, where the new team member might fit in, what the firm could offer them in terms of progression and development, and even what they could gain from their fellow colleagues. That’s not something you’ll always see in an initial job spec for a solicitor or associate. By us developing that relationship with not only the HR team, but the partners and solicitors the candidates would be working with each day, we’ll know how to sell that dream.

Following the Ladies Lunch, I attended a recruitment event in London with one of our key legal clients. They had all attendees in for an initial meeting in which the Head of Resourcing said that they very much regard all of us as “strategic partners”. Following the meeting we had a more informal meet and greet. We were able to meet associates, solicitors, and partners which helped us find out more about the culture, work-life balance, quality of work, what’s different about working there, and what their ‘USPs’ were. This is paramount in us portraying the firm from one fee-earner to another. We want candidates to come to this firm because they know what they’ll be offered aside from just their duties and responsibilities, salary, hours, and annual holiday stats most recruitment agencies would focus on.

The main point I think about often is how we can help further than the expected recruitment service. When we get to know our clients, when we’re let in, our main goal is to add value, help with growing pains, find that elusive talent, grow the team, grow the business, add to the firm’s turnover and then some! Aside from immediate needs, sharing future growth plans means we can do that work for you ahead of time so we’re prepared when the time is right for growth. We’ll be with you, on one another’s radar, knowing what you’re looking for.

So just remember, when you let us in, we’ll be able to sell the candidates the dream that will get them in the door, even if they didn’t realise they wanted that door to begin with.

 

Hayley Rose is an Associate Director in the Legal Division at Harvey John.

On the 6th of June, we sponsored the first ever Brighton Ladies Lunch held at The Grand Brighton. Before jumping into lunch, treats, and networking, I spoke with the group about Harvey John and what we believe sets us apart.

Brighton Ladies Lunch Club

Something I’ve noticed over the years here at HJ, is that the law firms we work with the best are the ones that let us in. The ones that can truly see the value that we add, leading to us becoming trusted business partners. We’re generally quite used to receiving a job spec and then starting the recruitment search right off the bat, but historically, it’s not as easy to sell the dream or the firm to prospective candidates that way. What’s always been important to us is understanding the culture of the law firm, where the new team member might fit in, what the firm could offer them in terms of progression and development, and even what they could gain from their fellow colleagues. That’s not something you’ll always see in an initial job spec for a solicitor or associate. By us developing that relationship with not only the HR team, but the partners and solicitors the candidates would be working with each day, we’ll know how to sell that dream.

Following the Ladies Lunch, I attended a recruitment event in London with one of our key legal clients. They had all attendees in for an initial meeting in which the Head of Resourcing said that they very much regard all of us as “strategic partners”. Following the meeting we had a more informal meet and greet. We were able to meet associates, solicitors, and partners which helped us find out more about the culture, work-life balance, quality of work, what’s different about working there, and what their ‘USPs’ were. This is paramount in us portraying the firm from one fee-earner to another. We want candidates to come to this firm because they know what they’ll be offered aside from just their duties and responsibilities, salary, hours, and annual holiday stats most recruitment agencies would focus on. 

The main point I think about often is how we can help further than the expected recruitment service. When we get to know our clients, when we’re let in, our main goal is to add value, help with growing pains, find that elusive talent, grow the team, grow the business, add to the firm’s turnover and then some! Aside from immediate needs, sharing future growth plans means we can do that work for you ahead of time so we’re prepared when the time is right for growth. We’ll be with you, on one another’s radar, knowing what you’re looking for.

So just remember, when you let us in, we’ll be able to sell the candidates the dream that will get them in the door, even if they didn’t realise they wanted that door to begin with.

Hayley Rose is an Associate Director in the Legal Division at Harvey John.

 

Eastbourne Newsletter – August 2019

The next Eastbourne lunch will be on 20th September 2019 12:00 PM – 2:00 PM at the Grand Hotel in Eastbourne, sponsored by Humphrey & Co - Book here

Book onto upcoming dates here:

Sponsor:

H&Co_logo_hi-res

Humphrey & Co

INHERITANCE TAX INVESTIGATIONS ARE INCREASING

Recent figures provided by HM Revenue & Customs (HMRC) show that in the tax year to 5 April 2019 HMRC increased their investigations into inheritance tax (IHT) paying estates by some 25%. Such investigations are carried out to ensure executors have reported the full extent of the deceased’s estate as well as checking that the correct reliefs and allowances have been claimed.

It is considered that this growth in investigations is at least partly attributable to the complexities of the residence nil-rate band (RNRB). This relief was first introduced in April 2017 and by 6 April 2020 there will be potential for up to £175,000 of RNRB to be claimed, with a possible doubling up of this relief for some couples to £350,000. This is a potential saving of up to £140,000 in IHT on some estates.

As executors have a responsibility to deliver a correct IHT account to HMRC, if an investigation uncovers errors resulting in underpaid IHT then, as well as interest on unpaid IHT being due, there can also be penalties imposed by HMRC on the executors.

Our Trust & Estate Support Services (TESS) team are probate regulated by the Institute of Chartered Accountants in England & Wales with substantial experience on assisting executors with completion of IHT forms and calculating the IHT tax due. They can also advise on the responsibilities of executors as well as guidance to lay executors on how to administer estates.

For further information please contact Amanda Eade or Sue Pocklington on 01323 730631.

 

GOOD LIFE SHOW

 Our Trust & Estate Support Services (TESS) team are taking a stand at the Good Life Show in Eastbourne on Thursday 26th September. The show is open to visitors from 10.30am to 3.30pm, in the new Welcome Building at the Devonshire Quarter.

The lifestyle show covers many areas of interest and brings together a wide range of exhibitors with an appeal to people over the age of 50.

The TESS team will be on-hand to offer further information on their services including:                 

  • Inheritance Tax
  • Probate Applications
  • Estate Administration
  • Trust Administration
  • Wills and Lasting Powers of Attorney

Further details can be found on the Good Life Show website at http://www.goodlife.esf-online.org/index.html

 

Worthing Newsletter – August 2019

The next Worthing lunch will be on 14th August 2019 12:00 PM – 2:00 PM at Casa Ciro sponsored by Bennett Griffin - Book here

There will be a guest speaker from Turning Tides at this lunch speaking about their charity event in September called Go the Distance!

Book onto upcoming dates here:

Sponsor:

BG mailchimp logo

Bennett Griffin

100 Not Out! | SIGNIFICANT STATISTICS – Part 1 of 10: Planning for Later Life

With each Blog in this series our Team and I will:

1. Highlight a hopefully interesting and significant STATISTIC
2. Provide a little COMMENT from our professional and personal experiences as later life specialist Solicitors
3. Suggest an ACTION that is achievable and beneficial
4. Identify a RESOURCE that we hope is useful
5. Answer a FREQUENTLY ASKED QUESTION on the particular topic

Our aim is to raise topics in an interesting, succinct, but informative way, in areas where “we often don’t know what we don’t know” but would benefit from knowing. Hopefully, after we engage with the series we will be better informed and empowered to take action and have a clearer plan and resources in place for a fulfilled, fun and less anxious later life.

100 Not Out

With the success of the English and Welsh cricket team winning the World Cup on Sunday it was interesting that no batsman reached the iconic “100 Not Out” on the day. However, Do you think you’ll reach “100 Not Out!”?

Only couple of months or so ago, I had a significant Friday that made me ask the question and do some investigating.

1. I had the funeral of a client who had been in her 102nd year
2. I was liaising with her long-time friend who is in her 105th year
3. I had my Solicitor visit with a Client I am Deputy for who was 100 that very day

So, do you know how many people in England and Wales are “100 Not Out”?

STATISTIC #1 – According to the Office for National Statistics (ONS), in 2017 there were 14,430 centurions! That number has nearly doubled in only 15 years when there were only 7,800 in 2002.

So, how is that figure going to develop in the coming years and could you be someone who celebrates the big “100 Not Out” in the future?

Well in 2017 there were 565,340 people aged between 90 and 99.
By 2060 there will be over 1,000,000 of us in England and Wales over 100!

COMMENT
This statistic has some obvious and significant implications:
 There will be much greater strain on the NHS
 There will be greater demand for care services and care housing
 There will be continued pressure to continue to work for longer

In our experience as Later Life Legal specialists we see:
 Too often clients react to a crisis of health rather than proactively planning with an up to date Will, appropriately drafted Powers of Attorney, Statements of Wishes and “This is Me” statements
 That the earlier you consider and plan for later life the more options there generally are for care funding, providing for the family, mitigating tax, minimising family disputes
 The benefits from documenting preferences can be vitally important and empowering to ensure person centred care in later life

ACTION
1. Speak with your nearest loved ones to start to discuss and then document your personal wishes and preferences for later life care, finances and fun!
2. Review your key legal documents with a specialist later life lawyer who has relevant experience of acting as Attorney, Deputy, selecting and finding later life care and empowering individuals

RESOURCE
1. Contact Ian Macara for our simple and clear Guides to recording your preferences for both Care Decisions and Financial Decisions since our clients have told us that they are often a helpful start to meaningful conversations
2. When considering a Later Life Legal Advisor look for accreditations for expertise and quality such as Solicitors for the Elderly (SFE), Society of Trusts and Estate Practitioners (STEP) “Intergenerational Planning”, Dementia Friend Champions, Action on Elder Abuse members, Court of Protection Panel Deputies (only 71 in England and Wales) – We have them all!

FAQ – In the coming blogs, I’ll be exploring some other significant statistics with the intention being that they help us plan to make informed decisions and take positive action to plan for later life. If you have any particular questions that you would like my specialist team of lawyers to answer then please do email or direct message me and we’ll do what we can to incorporate them into the series.

NEXT TIME – How many people have a Power of Attorney, at what age are they typically made and why are they so important?

Bennett Griffin