Answers to your fi nancial questions
because the retailer margins tend to be smaller. ‘Some people prefer to buy new but margins on new furniture for example, can be as high as 150%. For some, antiques are a great way to save some extra income; another house or car brings more responsibility.’ And maintenance costs. Antiques are simply to be enjoyed in your principal residence,
give or take insurance
premiums. But you should also choose what
you like, as antiques are not short-term investments. ‘Decide whether you want to start a collection,’ says Medcalf, ‘in which case less is often more – only buy one or two pieces a year. If you go to a good dealer you can get a lot of advice. People tend to get carried away at auction houses and prices only go up there but with a dealer the price is fi xed or can be negotiated
down.’
It’s also worth knowing that you can part exchange antiques if you are buying further items from the
same
de a l e r and
that already restored
work (and money). If
newspapers
what you’re buying has been and
shouldn’t require further are hyping
an area or commodity that is particularly worth investing in –
MSP VISITS ATHOLL ESTATE A programme of visits by MSPs to the Atholl Estate has begun, with Murdo Fraser being shown how managers use the limited assets of the extensive rural landholding to generate income and create jobs, which in turn helps to support a fragile rural economy.
indicating that the market is currently strong – there is only one way this can go. But it may signal a good time to sell. For example, a survey by Mintel claims that as many as 14.5m British adults own ‘precious metal’ jewellery that they never wear, not to mention what you may have long since forgotten about in the attic. There are all sorts of reasons for
considering selling the family silver. To
understand the popularity of
fi nding out what your possessions are worth, you need look no further than the TV Guide. The Antiques Roadshow has been running since it was launched in 1979 and there have been numerous spin-offs such as Flog it, Dickinson’s Real Deal and Cash in the Attic. Cousins of mine featured in Cash in the Attic in December 2008, raiding their attic to sell what they could to fund their eldest daughter’s trip to Japan. But Medcalf recommends using a
sale room if you decide to sell. ‘You have to have an open mind because for example with jewellery in particular, its value is subject to fashion trends.’ But there is always the chance of a nice surprise. Medcalf recently sold a diamond ring that he thought would fetch up to £3,000 but went for closer to £5,000. There’s obviously
no simple
approach to trading in alternative investments, not least because they cover such an array of areas; from carbon credits to antiques, racehorses to rare earth metals. But with a little research and a friendly adviser, you can be sure to enjoy yourself.
HEAD FOR EDINBURGH BANK Private bank Brown Shipley has appointed Private Client Director, Charles Fotheringham, to head its Edinburgh offi ce. He takes over from Graham Auld, who retired at the end of August but who retains an ambassadorial role with the bank. Fotheringham joined Brown Shipley in December 2011 from Gillespie Macandrew LLP following Brown Shipley’s acquisition of the fi rm’s investment and management division. He has also worked with Merrill Lynch and set up his own fund management company.
Ask the experts We answer your fi nancial queries
Q: I AM CONCERNED THAT I MAY LEAVE MY FAMILY WITH A SIGNIFICANT INHERITANCE TAX (IHT) BILL. ARE
THERE SIMPLE THINGS I COULD BE DOING TO REDUCE THIS WITHOUT HAVING TO PAY SUBSTANTIAL FEES TO ADVISERS?
A: IHT is often regarded as a tax of choice – with careful planning the potential liability on your benefi ciaries can be substantially reduced and possibly even mitigated completely. There is plenty that can be done to plan in advance, including ensuring that you have a valid will and making full use of any reliefs and exemptions available. Many of the annual exemptions
are relatively small in comparison to an individual’s exposure to IHT. The annual exemption (£3,000 of gifts per year), small gifts (£250 per annum to as many individuals as you like), and gifts in consideration of marriage/civil partnership (between £1,000 and £5,000) will barely dent the pocket money of those who are exposed to a signifi cant IHT liability. However, the exemption for regular gifts
(or payments that are part of your normal expenditure) is an extremely valuable relief and can have a very signifi cant impact on your IHT planning. Any regular gifts you make out of your after-tax income can be exempt from IHT. These gifts will only qualify if you have enough income left after making them to maintain your normal lifestyle. There is no limit on these gifts and as a result a signifi cant amount of wealth can be gifted out of your estate each year. Provided these gifts are structured correctly, they are not included within your estate on death, even if you pass away shortly after making the gift.
Angela Mitchell, Tax Director RSM Tenon Tel: 0131 221 8857
angela.mitchell@rsmtenon.co.uk www.rsmtenon.com
YOURSF
TO HAVE YOUR QUESTIONS ANSWERED EMAIL THEM TO EDITOR@SCOTTISHFIELD.
CO.UK
WWW.SCOTTISHFIELD.CO.UK 141
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