In this episode of Listen Without Prejudice, Nicholas Barlow, Head of the Private Client Team at Bishop & Sewell, is joined by Ben Williamson, Senior Associate, to shed light on one of the lesser-known — but highly effective — inheritance tax exemptions: normal expenditure out of income.

Nicholas and Ben break down how this exemption works, why it’s often overlooked, and how it can be a powerful way to pass wealth to your loved ones without falling foul of inheritance tax. They explore key criteria, practical examples, and common pitfalls — such as why the exemption only applies to surplus income (not capital) and the importance of keeping clear records to protect your executors later on.

The conversation also touches on strategic uses of this exemption, like funding life insurance policies or trusts to prepare for future tax liabilities, and why professional advice and solid documentation are critical for making this approach bulletproof.

If you’re keen to understand how to make regular gifts out of your surplus income, avoid the 40% tax hit on growing estates, or learn how these rules could be used to support your family in a tax-efficient way, this episode is for you.

Chapter Markers:

(02:08) What counts as income? From salaries to pensions and investments

(02:42) How this exemption avoids the 7-year inheritance tax rule

(03:36) Proving intention: Why records and documentation matter

(04:21) Common traps: Giving assets vs. giving surplus cash

(05:20) The role of executors and reporting after death

(06:15) Putting surplus income to work: Trusts and life insurance

(07:59) Getting the right advice and policy structures

Useful Links:

Connect with Nicholas Barlow on LinkedIn

Reach out to Ben Williamson on LinkedIn

Visit the Bishop & Sewell Website

In this episode of Listen Without Prejudice, Nicholas Barlow, Head of the Private Client Team at Bishop & Sewell, sits down with Ben Williamson, Senior Associate, to unravel the complexities of family trusts.

Together, they explore how trusts can be a powerful tool for safeguarding family wealth, protecting vulnerable beneficiaries, and achieving long-term estate planning goals. From second homes in Devon to blocks of shares laden with gains, they discuss practical examples of when trusts make sense — and just as importantly, when they might not.

Ben and Nicholas demystify how trusts operate in the UK, including the realities of inheritance tax, capital gains tax, and the much-discussed “seven-year rule.” They also explain why a carefully drafted settlement deed is just the start and how private letters of wishes can capture the true intent behind the trust — guiding trustees for generations to come.

If you’re considering how best to preserve assets for future generations, mitigate hefty tax hits, or simply want to understand how trusts differ from more straightforward gifting, this episode provides clear, expert insight.

Chapter Markers:

(02:13) Trusts as a tool for asset protection (young & vulnerable beneficiaries)

(05:10) Reserving a benefit: when trusts work (or don’t) for tax

(07:02) The “seven-year rule” and nil-rate band implications

(10:08) Capital gains tax: holdover relief and long-term planning

(13:36) Updating land registry titles and changing trustees

(14:48) Letters of wishes: the private document that guides trustees

(16:14) How to wind up a trust and tax on 10-year anniversaries

(18:14) Summary: why trusts might be right for families with significant assets

Useful Links:

Connect with Nicholas Barlow on LinkedIn

Reach out to Ben Williamson on LinkedIn

Visit the Bishop & Sewell Website

In this insightful episode of Listen Without Prejudice, Senior Partner Mark Chick is joined by Nicholas Barlow, Head of the Private Client Team at Bishop & Sewell, to explore what it truly means to be an executor of a will — a role that is often misunderstood and frequently underestimated.

They unpack the legal obligations, financial liabilities, and personal dynamics involved in administering an estate, offering practical advice for those considering naming — or being named — as an executor. From the risks of "intermeddling" to the benefits of appointing professionals, this episode offers vital guidance for anyone drafting a will or navigating the probate process.

You’ll hear real-world examples, including cases where an executor’s misstep had severe financial consequences, and get clarity on how to protect yourself, your estate, and your beneficiaries.

Chapter Markers:

(01:09) What Is an Executor, and Why Does It Matter?

(03:15) The Responsibilities and Liabilities of Executors

(05:39) Protecting Yourself as an Executor: Searches and Notices

(07:40) The Role of Professionals in Managing Complex Estates

(09:28) Lifelong Commitments: Why the Role May Last Years

(11:07) Trustees and Beneficiaries: A Continued Duty of Care

Useful Links:

Connect with Nicholas Barlow on LinkedIn

Reach out to Mark Chick on LinkedIn

Visit the Bishop & Sewell Website

When it comes to buying the freehold of a building, one of the biggest hurdles is figuring out how to fund it and getting all the leaseholders on the same page. If you’re feeling a little overwhelmed, don’t worry—this episode’s here to simplify things.

Mark Chick, Senior Partner at Bishop & Sewell, and Chris Macartney, Head of the Landlord and Tenant Department, share their knowledge to make the process feel much more manageable.

They walk you through the essential steps of funding a collective freehold purchase, covering everything from participation agreements to overriding leases.

If you’re wondering how to deal with non-participant flats or secure external investments, Mark and Chris also dive into how to protect funders’ interests and ensure fairness across the board.

Plus, you’ll learn how to bring all leaseholders together, structure a term sheet, and set up clear terms that help avoid confusion or disputes later on.

The golden rule? Keep it simple, stay organised, and set clear expectations from the get-go.

Whether you’re navigating your first freehold acquisition or just looking to refine your approach, this episode is packed with practical insights.

Tune in to learn how to avoid common pitfalls and create a solid plan for success.

Chapter Markers:

(01:09) Navigating collective freehold acquisition

(02:24) Handling non-participation and cost allocation

(04:26) Addressing the complexities of funding non-participating flats in a collective freehold purchase

(08:10) Discussing overriding leases and their role in acquiring a freehold

(10:41) Organising and structuring collective enfranchisement

Useful Links:

Mark Chick LinkedIn

Chris Macartney LinkedIn

Share of freehold ownership often leads to confusion, so if you’ve been scratching your head over it, you’re definitely not alone.

It’s a topic that comes up frequently between homeowners and prospective buyers, with many unsure of what it really means and how it affects ownership.

In this episode of Listen Without Prejudice, Charlie Davidson, Senior Associate in the Property Department, and Mark Chick, Senior Partner and Leasehold Expert at Bishop & Sewell, are here to break it down for you.

They dive into how a share of freehold works in real life, highlighting both the potential risks and rewards that come with it and uncovering the common pitfalls that people often fall into.

They also discuss the legal and practical aspects of owning a share of freehold, addressing key concerns like how decisions are made for repairs, how to manage the property, how to handle issues as they come up, and much more.

If you’re curious about property ownership and wondering how a share of freehold compares to leasehold or freehold, this episode is for you. 

Tune in for expert advice and real-life examples that will clarify the topic and help you make better-informed decisions in your property journey.

Chapter Markers:

(01:13) Understanding share of freehold and how it works

(03:18) Exploring how the share of freehold works, collective ownership

(04:14) Challenges and complications in managing share of freehold

(09:50) Navigating shared freeholder ownership and management

(14:21) Discussing the advantages and risks of share of freehold ownership

(16:33) Understanding the complexity of lease extensions

Useful Links:

Charlie Davidson LinkedIn

Mark Chick LinkedIn

In this episode of Listen Without Prejudice, corporate partners Andrew Kavanagh and David Little take us through the ins and outs of selling a business — from initial planning to post-sale pitfalls. Whether you're a seasoned entrepreneur or considering an exit for the first time, this conversation is packed with practical insights, cautionary tales, and essential legal know-how.

Andrew and David break down the sale process into four key phases: preparing the business for sale, negotiating heads of terms, navigating due diligence, and finalising the legal documentation. They also explore the emotional and strategic implications of exiting a business and why early planning — both legally and psychologically — is key to a smooth transition.

From choosing the right broker and securing funding to understanding earn-outs and minimising warranty risk, this episode offers a masterclass in getting the best out of your business sale.

Chapter Markers:

(01:39) Getting Started: Early Legal and Tax Advice

(03:18) Preparing the Business and the Mindset Shift

(05:34) Heads of Terms: Structure and Confidentiality

(08:15) Due Diligence: Risks, Documentation and Disclosure

(10:40) Legal Documentation: SPAs, Warranties and Indemnities

(12:08) Earn-Outs: Staying Involved and Hitting KPIs

(13:54) Post-Sale Life: Controlling Your Destiny

(15:26) Why Timing Matters When Calling Your Lawyer

Useful Links:

Connect with Andrew Kavanagh on LinkedIn

Reach out to David Little on LinkedIn

Visit the Bishop & Sewell Website

In this episode of Listen Without Prejudice, corporate partners Andrew Kavanagh and David Little guide first-time business buyers through the key legal and financial considerations when purchasing a company.

With practical insights drawn from real-world experience, they explore the fundamental differences between share and asset purchases, the importance of early financial due diligence, and the structuring of deals to mitigate risk.

Whether you're navigating deal terms like earn-outs and exclusivity or wondering how to handle seller involvement post-completion, this episode provides a comprehensive overview for anyone stepping into the world of business acquisition.

Perfect for aspiring entrepreneurs, private investors, or business owners looking to grow through acquisition, this episode breaks down complex legal concepts into clear, actionable advice.

Chapter Markers:

(02:00) Share vs. Asset Purchases: What’s the Difference?

(04:00) Funding a Purchase: Financing Options & Pitfalls

(06:00) Due Diligence: The Financial First Step

(08:00) Legal Due Diligence & Structuring the Deal

(10:00) Working with the Seller Post-Completion

(11:00) Employees, TUPE, and Non-Competes

(12:30) Completion Accounts & Retaining Value

Useful Links:

Connect with Andrew Kavanagh on LinkedIn

Reach out to David Little on LinkedIn

Visit the Bishop & Sewell Website

In this episode of Listen Without Prejudice, Thom Wilkinson, Head of Residential Property Team at Bishop & Sewell, is joined by Karen Bright, Head of Litigation, for a comprehensive discussion on the hidden pitfalls of property transactions.

From holding deposits and disclosure obligations to service charge caps and incomplete transactions, Thom and Karen explore real-world issues buyers and sellers face in today’s property market. Whether you're navigating a leasehold agreement, facing unexpected completion delays, or wondering about your responsibilities as a seller, this episode is packed with crucial legal insights to guide you through complex scenarios.

You’ll also hear about recent case law that’s impacting transactions, including the now-infamous London moth infestation ruling, and how landlords are being scrutinised under new government reforms affecting service charges.

If you're a property owner, buyer, seller, or legal professional, this episode offers indispensable guidance on protecting your interests and avoiding costly mistakes.

Chapter Markers:

(02:04) Holding Deposits: What Are the Risks?

(04:06) Disclosure Duties and Neighbour Disputes

(06:01) Case Law: Moth Infestation & Non-Disclosure

(08:21) What Happens When Completion Fails?

(11:37) Service Charges: What Can Landlords Really Charge?

(15:33) What If Services Aren’t Delivered? Tenant Remedies

Useful Links:

Connect with Thom Wilkinson on LinkedIn

Reach out to Karen Bright on LinkedIn

Visit the Bishop & Sewell Website

In this episode of Listen Without Prejudice, Senior Partner Mark Chick is joined by Nicholas Barlow, Head of the Private Client Team at Bishop & Sewell, to explore the often misunderstood world of Enduring Powers of Attorney (EPA).

Nicholas explains the key differences between EPAs and the more modern Lasting Powers of Attorney (LPA), the potential challenges of managing these documents, and why it might be time to review or replace your EPA.

From practical advice on when to register an EPA to insights on capacity and the responsibilities of attorneys, this episode offers essential guidance for anyone navigating the complexities of long-term planning — whether for themselves or a loved one.

If you’re wondering about the risks of using an outdated EPA, the critical moments when an EPA must be registered, or why an LPA might offer a more robust solution, you’ll find the answers here.

Chapter Markers:

(02:00) Key Differences Between EPAs and LPAs

(04:00) The Complexity of Assessing Capacity

(06:30) Real-World Challenges of Using EPAs

(08:00) When to Review or Replace Your EPA

(09:00) Final Thoughts and Practical Advice

Useful Links:

Connect with Nicholas Barlow on LinkedIn

Reach out to Mark Chick on LinkedIn

Visit the Bishop & Sewell Website

In this episode of Listen Without Prejudice, Senior Partner Mark Chick is joined by Nicholas Barlow from Bishop & Sewell’s Private Client team to discuss everything you need to know about Powers of Attorney.

Nicholas explains the different types of Powers of Attorney, when and why you should consider setting them up, and how they can safeguard your financial and personal welfare decisions in the future. 

From practical tips on family discussions to insights into business LPAs and avoiding common pitfalls, this episode offers essential advice for anyone thinking about future planning — whether for themselves, a loved one, or in a business context.

If you’re wondering about the difference between financial and health & welfare powers, when a Power of Attorney is activated, or how attorneys are restricted in making decisions, you’ll find the answers here.

Chapter Markers:

(01:24) What is a Power of Attorney?

(05:16) Financial vs. Health & Welfare Powers of Attorney

(10:30) Living wills vs. Powers of Attorney

(11:41) Registering a Power of Attorney

(13:20) Powers of Attorney for business owners

(15:19) Can attorneys be paid?

Useful Links:

Connect with Nicholas Barlow on LinkedIn

Reach out to Mark Chick on LinkedIn

Visit the Bishop & Sewell Website