12 news/legal expert Protect your wealth
Claudia Roberts, partner and chartered tax adviser at Glanvilles LLP, highlights three wealth protection tips for business owners
Making tax-efficient wills
Your accumulated wealth has already been taxed at least once and could suffer a further hit of taxation, on your death, at an onerous rate of 40%. Good news is there are still plenty of opportunities to avoid Inheritance Tax (IHT) – especially for business owners.
Business Property Relief is a hugely valuable IHT exemption, giving 100% relief from IHT on ’qualifying’ business assets. It is vital to check that your business ’qualifies’ and to make tax- efficient wills to maximise (or sometimes even double) the available relief.
Have you ever thought what would happen to your business and finances if you lost mental capacity (ie suffered brain damage/coma) following an accident or illness?
It may come as a surprise that no-one (not even your spouse) could step into your shoes and deal with your business’ or personal financial affairs without the requisite legal permission.
The legal permission can take two forms: • A Lasting Power of Attorney (LPA). A
document whereby you choose (while you are mentally capable) who can deal with your affairs, if you can’t.
• Alternatively, a court order appointing someone for you. This is extremely expensive and takes months to get in place and hence would be a disaster for your business and personal affairs.
Protect your pension benefit from IHT
If you were to die before drawing your pension, your estate would receive a lump sum (of at least the amount held in your pension pot) which could suffer IHT at 40%.
Normally, you can sign a nomination/letter of wishes for the monies to be paid to whoever you choose. If done, the monies pass to the nominated person/s tax free. However if you ’nominate’ your surviving spouse/partner, the monies will become part of their estate and be taxed at 40% when they die.
This can be avoided by directing the pot to be paid to a special trust, your spouse can benefit from the monies as much as you wish but no tax has to be paid when you or your spouse die – instead all of it will pass tax free to your children.
Wind turbine blade specialist moves to Southampton Science Park
Lucketts embarks on major expansion drive
Lucketts Travel Group, the leading coach travel group in southern England, has announced a major expansion of its workforce. The company, recently named the UK Large Coach Operator of the Year, is looking to create another 25 new jobs, which will increase the number of staff it employs by 10%.
Despite current economic conditions Lucketts Travel Group has continued to grow its business, recently winning two new contracts by National Express, the A3 service from Gatwick Airport to London Victoria, and the busy 025 Brighton to London route.
A new technical office has been opened for Blade Dynamics at Southampton Science Park, bringing another vibrant and innovative company to Southampton.
Blade Dynamics was founded in 2007 with the purpose of advancing wind turbine rotors through design, engineering and manufacturing technology. The company designs, develops and builds blades using unique seamless modular technology, which provides significant improvements in quality, performance and transportability. The technology enables the development of blades that meet the needs
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of the modern wind energy business both onshore and offshore, and will significantly reduce the cost of energy from wind.
In 2013, the company was awarded a large contract by the Energy Technology Institute to develop prototypes for the next generation of offshore wind turbine blades for larger, higher performance turbines.
Peter Birkett, CEO of Southampton Science Park, commented: “The company’s presence reinforces the Park’s position as the premier location for innovative technology businesses in the Solent area.“
The Group has purchased 13 new vehicles, six coaches based at the Fareham company headquarters, from where an additional 17 drivers operate the Gatwick route. Another seven, used on the Brighton service, are based at the Worthing Coaches’ depot in Lancing.
“We’re delighted National Express has chosen us to operate these important routes on its behalf,“ commented Ian Luckett, director, Lucketts Travel. “Having worked closely with it for four years it is clear both companies share the same determination to provide the highest levels of service, punctuality and safety for passengers.“
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MAY 2013
Tax experts at Glanvilles can help you to avoid paying unnecessary IHT; to get an LPA in place to protect your business and loved ones; and to set up a pension protection trust for you.
Details: Claudia Roberts 01983-527878
c.roberts@
glanvilles.co.uk www.glanvilles.co.uk
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