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IHT Revenue Falls

The number of people paying inheritance tax (IHT) has fallen for the first time since 2009.  The tax generated £5.2b in 2019/20, down from £5.4b in 2018/19.  One possible reason for the reduction is the introduction of the residential nil rate band which allows families to pass on up to £1m of their estate tax free.

IHT remains a complex area, one which we believe with sensible planning can be significantly reduced.

Andy Butcher spoke to The Telegraph on the latest figures from HMRC.  The article can be accessed here.

 

If you would like to discuss your IHT position and options to reduce your liability, please do not hesitate to contact us.

Please note that you are required to register with the Telegraph for free in order to read the full article.  We are not affiliated with The Telegraph and the views and information expressed on their website are their own

THE ROAD TO RECOVERY

We maintain our belief in the ‘American Dream’ as described by James Truslow Adams, that “life should be better and richer and fuller for everyone, with opportunity for each according to
ability or achievement,” regardless of social class or circumstances of birth. We not only acknowledge but embrace that we have work to do as a society, and hope that this year will serve as an inflection point as we advance toward a stronger and more united world.

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Citywire Virtual 10k Charity Run

As an office, each year we look forward with a mix of excitement and apprehension to the Citywire 10k Charity run.  Countless hours of training are required (so we’re told), so needless to say the threat of cancellation amid the Coronavirus pandemic was most unwelcome.  Thankfully, to ensure the charities did not lose out, Citywire pulled out all the stops and took the run virtual!

Unfortunately, a virtual run still means we had to run.   Ed, Andy and Stuart competed in the virtual 10k race, running round various streets in North London and Essex, while Latrena, having recently given birth to her daughter Mabel, competed in the 5k race around the roads of Beckenham.  We all finished safely, and while we didn’t threaten the winners, we all beat our personal targets.   As a team, we are delighted to have raised just over £2,000 for two great charities, St Francis Hospice and Neuroblastoma UK.  Overall, Citywire raised over £25,000 through the race, which during these tough times is fantastic news for the two charities.

If you would like to donate to these great causes, the fundraising remains open here.

 

 

 

Still climbing the wall of worry

At any other time, a three percent bounce during May in the pan- European (including the U.K.) equity markets and the driest fifth month of the year in large swathes of the country since 1929, would represent an ideal entry into the summer months. However – despite recent lockdown liberalisations – these are far from normal times.

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The end of the beginning

Over three hundred and fifty years ago, back in 1665, Isaac Newton socially distanced himself from the horrors of the then rampant bubonic plague and – away from his burgeoning academic career at Trinity College in Cambridge – enjoyed a ‘year of wonders’ at his childhood home. During this period he formulated a theory of universal gravitation, explored optics and discovered differential and integral calculus.

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A Journey through the Unknown

The COVID-19 outbreak has led to unprecedented volatility and tremendous declines in wealth, but we have faith that once the pandemic is defeated, the wild swings in the financial markets will abate and prosperity will return. But what cannot be so easily recovered is the loss of a job, the loss of a business, or, worst of all, the loss of a loved one. While it is our duty to provide timely market insights, please know that now, more than ever, the health and safety of you and your families is at the forefront of our minds.

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Inheritance Tax Planning in Action

Inheritance Tax is often described as a voluntary tax as there are many ways we can mitigate its impact.   One instrument that is available to all, but often overlooked, is the Deed of Variation.  Ed Froggatt discussed this option with his client, Peter, who went ahead and amended his fathers will in order to potentially save his estate up to £400,000 of inheritance tax on his death.

The Telegraph ran a feature on the advice, which can be accessed here.

If you would like to discuss your IHT position and options to reduce your liability, please do not hesitate to contact us.

Please note that you are required to register with the Telegraph for free in order to read the full article.  We are not affiliated with The Telegraph and the views and information expressed on their website are their own.

Rising Star!

We’re delighted to announce that Latrena Petkova has been named one of the Rising Stars of 2020 by Investment Week.

In association with HSBC Global Asset Management, Investment Week looked at all aspects of diversity throughout the next generation of talent in the wealth management industry.  As an integral part of our team, we hugely appreciate Latrena’s talent and hard work, and its great to see this being recognised by a well-known industry publication.

Investment week noted “The nominations received for Investment Week’s Rising Stars series were vast and contrasted. Yet our exclusive list is able to demonstrate how many investment firms are enabling young, diverse talent to succeed.”

In the feature, Latrena says “In an industry that lacks diversity in all aspects, as a part-business owner at 33, I feel my story goes some way to show women and the BAME community that you can make your mark in the investment industry, as long as you do not allow yourself to be pigeonholed or underestimated.  I continually make efforts to push beyond the usual parameters and break through the received ‘ceiling’ in my role.  Importantly I do not believe this has been to the detriment of my home life.”

I am sure you will join us in congratulating Latrena, both on this achievement and on the recent birth of her second child, Mabel.

Read the full article here.

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