Town & Country Financial Planning Ltd

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31/01/2025

Town & Country Financial Planning has again received an ‘Achievement of Excellence’ award for providing effective estate planning to its clients.

Martin Falshaw, co-founder of T&CFP says “The award demonstrates our continued commitment to providing effective inheritance tax and estate planning for our clients. We are rightly proud of the recognition as the award was made by industry experts who are well placed to understand the quality and value of our work”.

Martin goes on to say “We saw a definite up-tick in inheritance tax planning enquiries prior to last year's General Election as people became increasingly concerned about how much of their family’s wealth the state was going to pocket. The Autumn Budget has only fuelled these fears”.

“Although it’s been the farmers who have been attracting all the headlines, proposed changes to how pensions, AIM shares and Business Property Relief are treated for inheritance tax purposes is compelling families to revisit their planning”.

“With the basic ‘Nil Rate Band’ allowance not having increased since 2009, and the Chancellor’s announcement that it will remain frozen until 2030, families who do not consider themselves wealthy can be caught out by this wealth tax. And we’re not talking ‘small beer’ here. Even though most of our clients would describe themselves as having ‘modest means’, projected six figure Inheritance Tax bills are not uncommon if no action is taken”.

24/01/2023

The CGT race is on
The Capital Gains Tax (CGT) allowance is due to reduce from the current level of £12,300 to £6,000 from April 2023. So, if you want to make use of the higher existing CGT allowance you will need to take action pretty soon!

If you have a General Investment Account (typically held on a platform), directly held shares or other holdings that would be subject to CGT when sold, it may be beneficial to sell these assets and place them in more tax efficient investments such as ISAs or pensions.

Being able to do this will be subject to whether you have any ISA or pension allowances available so you would need to get in touch with us or your existing accountant to discuss your individual circumstances. You can then get personal advice and a recommendation on what is the best action for you.

If you are a client this may have already been discussed with you by one of our advisers but if you think you could benefit from this allowance before the April reduction then check with us to make sure you don’t miss out.

15/10/2022

T&CFP are proud to support the Birdlip Primary School PTA Pumpkin Trail this weekend (15th & 16th October 2022). Here is our pumpkin with its creator. 🎃 🎃 🎃

29/07/2022

HMRC IHT Haul
Whilst only a proportion of people in the UK pay Inheritance Tax (IHT) when they die, HMRC continue to see year-on-year rises in IHT receipts, the latest being a rise of £0.1 billion from April to May 2022, when compared to this time last year. Over the course of the last decade, IHT income has doubled from around £3 billion per year to approximately £6 billion per year.

The increases in IHT are likely to do with the continuous rise in property prices over the years, as people’s homes usually make up the largest portion of their estate. However, it can also be attributed to the fact that the Nil Rate Band (NRB) has not been increased from £325,000 per person since 2009! If it had risen generally in line with property prices, then it would be at least £100,000 higher.

IHT bills will likely continue to rise, even with the introduction of the Residence Nil Rate Band (RNRB) as both allowances have now been frozen until 2026.

There are a lot of legitimate ways that you can reduce or eliminate your IHT bill, and this is something we help our clients with every day.

29/06/2022

TRUST REGISTRATION DEADLINE APPROACHES
New rules on trusts are due to come in force from September this year. They centre around trust registration and could risk putting amateur, unadvised trustees, at risk should they not act.

HMRC’s online Trust Registration Service has been active since 2017 but has now had its remit extended to require even those without a tax liability to also register unless explicitly exempt. Affected trustees will need to register by September, or within 90 days of the trust’s formation.

The obligation, created as an attempt to tackle money laundering, creates a liability for all trustees to ensure their trust remains up to date. The change will impact hundreds of thousands of trusts and yet HMRC have received criticism for failure to clearly communicate the change and its impact. Stacey Love, a tax expert at Canada Life commented:

“The Revenue is not great at communication … A lot of these trusts are not going to be run by professional trustees. It’s mums and dads and grandparents. They are often just Mr and Mrs Normal, they’re not expecting to be aware of what are quite technical changes.”

The wide use of trusts and the complex exclusion rules on registration make the changes particularly of risk to amateur, unadvised trustees. Although HMRC have said they will not punish those who do not register in time, they will penalise deliberate or ongoing failure to do so. As yet, HMRC have not provided specific details on potential penalties.

Address

3 New Street
Painswick
GL66XH

Telephone

+441452812222

Website

http://www.tandc.org.uk/

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