Business Inheritance Tax and Estate Planning seminar this week
Saturday 21st May 2016 @ 10:58 by Adam Higgins
Business

Davis Blank Furniss solicitors and Lomas & Company accountancy firm are holding a seminar about Inheritance Tax and Estate Planning this week.

The free seminar is on Thursday, May 26, at the Lomas & Company office on Market Street in Glossop between 10am-12:30pm, with refreshments and a complimentary lunch included.

Paul Lomas, the director of Lomas & Company, will firstly speak about Potentially Exempt Transfers, Agricultural Property Relief and Business Property Relief as well as Gifts with Reservation.

In an interview with the Tameside Reporter, Paul explained the key common myths and recent changes surrounding inheritance tax.

He said: “The main common myth is that it doesn’t affect people because they are unfamiliar with the declaration process – purely because it’s something that mainly hits in death estates whereas it does affect transactions that roll through their working life which need to be documented.

“I think the most important recent change is associated with private residence – the extension of allowances in relation to a death situation where the value of the property as a specific sum effectively gives an increase in the nil-rate band for inheritance tax purposes.

“It’s certainly something the average person in the street has become aware of and, to some degree, concerned about that the property they will probably live in until the end of their life is going to be a captive asset to the inheritance tax regime.”

Laura Johnson, a solicitor in the Private Client team at Davis Blank Furniss, will discuss how business owners can prepare wills that are tax efficient and protect business assets with the use of case studies.

She said: “The seminar is aimed at anyone who wants to come along and listen to what we have to say about Inheritance Tax planning generally and ways they can mitigate inheritance tax liability.

“My specific presentation will be based on business owners who are thinking about ways they can pass on their business assets and how they can tailor their wills to effectively pass on the shares in their business and maximise all the inheritance tax reliefs and exemptions available.

“I will be demonstrating how these reliefs and exemptions work by looking at a scenario, for example, where we have a married couple who have three young children and one of the spouses owns a business.

“I will be looking at if they had wills that were very straightforward leaving everything outright to each other what the inheritance tax implications would be.”

If you want to find out more, you can book a place on the seminar by filling out a brief form via the Lomas & Company or Davis Blank Furniss websites.

Alternatively, you can contact Lomas & Company on 01457 860285, e-mail [email protected] or call the Davis Blank Furniss Glossop office on 01457 860606.

 

By Adam Higgins