In this issue:
Certification for "Sophisticated Investors"?
High Net Worth individuals can now self-certify as ‘sophisticated investors’, facilitating participation as Business Angels or making investments in small companies by easing compliance paperwork. The downside is the loss of some investor protection. The self-certification is based on assets, income or relevant experience.
A case involving a home-made will emphasises the importance of making sure that procedures are carried out properly. In this case it took a hearing in the Court of Appeal to confirm that a witness’s signature validated a will. To avoid problems it is advisable to make sure that your will is drafted and executed professionally.
A survey by Sheffield Hallam University shows soaring numbers of people (one in seven working women and one in ten working men) are working as unpaid carers for friends or relatives. This highlights the wisdom of planning one’s affairs so as to minimise the financial impact on your family in case ill-health or infirmity strike.
One of the most valuable reliefs available for company owners for Inheritance Tax (IHT) is Business Property Relief (BPR), which applies to transfers of shares in family companies and other business assets.
One common pitfall which can affect BPR occurs when replacement property is bought out of the sale proceeds of the original property which qualified for BPR. When the property is replaced, but the whole of the proceeds from the original property (net of expenses) are not reinvested in the replacement property, the relief is completely lost.
There is no substitute for exercising care when structuring transfers of assets, and taking advice well in advance. The laws governing inheritance tax on business assets are complex and there are interactions with other taxes particularly Capital Gains Tax to consider.
Leases – In Brief - Unsatisfactory Housing - New Regime Implemented
Leases – In Brief - July 2005
Leases – Briefing Note - Repair Covenants in Commercial Leases
T: +44 20 7353 2732
F: +44 20 7353 2733
Email Us
Contact solicitors

Sitemap
Technology | Commercial | Corporate law firm | London UK
Solicitors & Lawyers | Copyright | Gillhams 2005 - 2008

