10 news/legal expert Give wealth protection priority


Sonia Green, partner solicitor and member of the Society of Trust and Estate Practitioners 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 relief by giving up to 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 the available relief.


Have you thought what would happen to your business and finances if you lost mental capacity following an accident or illness?


It may come as a surprise that no- one (not even your spouse) could


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step into your shoes and deal with your business or personal financial affairs without the requisite legal permission.


This 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.


An LPA also assists in the event of physical incapacity.


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 chose. 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 a special trust and: • Your spouse can benefit from the monies as much as you wish


• No tax has to be paid when you or your spouse die.


In all three cases taking expert advice is essential as there are many tax and other traps for the unwary.


Green is a partner solicitor at Glanvilles LLP with over 10 years’


Firms join forces to help victims of poor advice


Two of the south’s leading professional firms have launched a joint initiative to help businesses and individuals who have been stung by tax avoidance schemes.


Accountants from Taylorcocks and lawyers from Moore Blatch are working to help those who were wrongly advised to take part in these schemes and who subsequently lost money.


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West Wing, Cams Hall, Fareham, Hampshire PO16 8AB Tel. (01329) 282841


Langstone Gate, Solent Road, Havant, Hampshire PO9 1TR Tel. (023) 9249 2300


The Courtyard, St. Cross Business Park, Newport IW PO30 5BF Tel. (01983) 527878


www.glanvilles.co.uk www.businessmag.co.uk


Fortis House, Westridge Business Park, Ryde IW PO33 1QT Tel. (01983) 566980


The initiative comes after changes in the law which have seen a number of tax avoidance schemes closed down and increased activity from HMRC to clamp down on tax avoidance schemes.


“This has meant a significant rise in the number of professional negligence claims against those financial advisers and accountants who advised their clients to enter these schemes,’’ said Mark Osgood from Moore Blatch.


The law firm has one of the largest dedicated professional negligence teams in the country


and is currently handling a range of tax avoidance cases with losses ranging from £20,000 to £500,000.


“Taylorcocks is working to help people correct their tax position and reduce the losses where possible while we are focusing on establishing liability, evaluating loss and taking legal action where appropriate,’’ said Osgood.


Taylorcocks is an Accountancy Age Top 100 firm with the tax team headed by Paul Taylor who is a specialist in complex tax issues.


He said: “The kind of schemes involved include those where investors thought they were investing in a tax-efficient scheme to save tax and produce a return on their investment but sadly they have lost out on both benefits.“


While unravelling investments of this kind can be complicated, Osgood said that those affected do not have to accept the losses.


THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – OCTOBER 2013


Sonia Green


experience in providing wealth protection advice for business owners. She is also a member of the Society of Trust and Estate Practitioners and member of Solicitors for the Elderly.


Details: Sonia Green 01329-282841 sonia.green@glanvilles.co.uk www.glanvilles.co.uk


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