Private Wealth Podcast

Selling a business is a major decision that requires careful planning, as it could involve significant financial implications for the seller.

In this episode, Leonora and Mike are joined by Jenny Serridge, a director in our corporate finance team, and Adam Kay, a partner in our transactions tax department. If you're thinking about selling your business, the team provide insights on the entire sale process from both the corporate perspective and the personal tax side, including:

• The importance of pre-sale planning and understanding your valuation at an early stage in the transaction timeline,
• How we can help navigate the complexities of available tax reliefs, such as Business Asset Disposal Relief (BADR) or Investors' Relief, and 
• Practical points to keep in mind – including why fancy dress is never off the table, even when it comes to finalising a deal.

 Please note: this episode was recorded prior to the October Budget, which is due to be announced on 30 October. Please bear this in mind when listening to the episode after this date.

The summer months mark peak wedding season, yet amid the festivities, there are important tax considerations to keep in mind.

In this episode, Leonora Stevens and Mike Hodges delve into the key tax points associated with weddings and civil partnerships, including:

•Gifting rules and how they apply to wedding gifts,
•The tax implications for individuals getting married, and
•The various tax benefits of tying the knot.

Could incorporating your residential property portfolio save you thousands in taxes? Join us for an eye-opening discussion as Leonora Stephens from Bristol and Mike Hodges from Manchester delve into the ins and outs of property incorporation. We tackle why high tax rates on rental profits and capital gains often push property owners toward this strategy and uncover the nuanced benefits like lower corporation tax rates and flexible income distribution. Listen as we break down essential reliefs, such as CGT relief on incorporation, and outline the critical criteria your portfolio must meet to qualify as a business.

But it's not all about taxes. We underscore the necessity of genuine commercial intentions when considering incorporation, highlighting how it can simplify inheritance planning and offer other strategic advantages. We don’t shy away from the complexities either, discussing the potential trade-offs and the meticulous tax modeling required to make this decision worthwhile. With recent CGT rate reductions in mind, we provide timely, practical advice for property business owners. Each scenario is unique, and we encourage you to reach out for personalized guidance to navigate these complex waters. Tune in for a comprehensive guide that could reshape your property investment strategy.

Join us as we uncover the issues families are facing when looking to the future and ensuring the legacy of their family estate. With insights from Leonora Stevens, Mike Hodges, and special guest Peter Harker, we'll move beyond the typical tax talk and delve into the practicalities of succession planning. Discover strategies to manage farmland, residential properties, and natural capital projects effectively while preparing heirs to take the reins. This episode is essential listening for anyone looking to preserve family cohesion and ensure the long-term viability of their assets.

Explore how modern estates can thrive in today's ever-evolving landscape, inspired by the diverse ventures seen on "Clarkson's Farm." We discuss the vast opportunities for land diversification, from commercial and residential properties to renewable energy projects. With over 80% of estate owners viewing renewables as key to future diversification, the potential for sustainable management and new funding streams is immense. Learn the importance of professional advice, regular reviews, and clear communication in succession planning, and get our top ten tips for effective planning. Tune in to become well-versed in the intricacies of wealth management and tax advice, ensuring a prosperous future for generations to come.

You can also read our full report on succession planning.

A family office is a formal arrangement that involves a high-net-worth family being supported with a range of services, including legal, tax, accounting and concierge support. Whether or not you need a family office depends entirely on your financial, investment, and personal needs.

In this episode, Leonora and Mike are joined by Alexandra Britton-Davis, a fellow partner at Saffery.

As well as outlining how they’d interact with a family office as external advisers, they answer key questions, including:

·         What is a family office and what services do they provide?

·         Do you need a family office?

·         What are the advantages of having one?

·         How do you set one up?

In this episode, we cover the tax implications and practical considerations involved when purchasing large properties and landed estates.

Leonora and Mike are joined by Elizabeth Hartless, a fellow partner at Saffery.

As well as outlining top tax tips with respect to property renovations, other key areas discussed include:

• Funding and structuring,
• Stamp Duty Land Tax (SDLT),
• VAT considerations,
• The impact on your inheritance tax (IHT) position,
• Employment taxes if taking on any employees, and 
• Non-disclosure agreements.

This episode equips you with the insights needed to make informed decisions about your property/estate purchase.

Please note: this was recorded prior to the Spring Budget on 06 March 2024. The team briefly touch on Multiple Dwellings Relief (MDR), however, the Chancellor announced that this will be abolished on 1 June 2024. Please bear this in mind when listening to the episode.

Additionally, we discuss SDLT (which is applicable in England and Northern Ireland), however for those in Scotland or Wales separate devolved equivalents are applicable and would need to be considered.

In this episode we examine the tax and practical aspects to consider when thinking about retirement.

We discuss the importance of having a plan in place to ensure you are prepared and are able to achieve your personal objectives. Leonora and Mike specifically delve into areas including:

• Pensions,
• Cash and other assets (more information on gifting cash and property is available),
• Removing liquidity from a business,
• Business property relief (BPR), and
• Inheritance tax (IHT).

In this episode, Leonora Stevens and Mike Hodges approach the sensitive topic of death and tax planning, sharing their top tips to give you peace of mind and to help make the planning process as seamless as possible.

In particular, Leonora and Mike discuss:

• The importance of having an up-to-date will in place,
• Inheritance tax (IHT) and estate planning,
• The complications of leaving behind a legacy to charity, and
• Other practical points to consider.

You can also find further information in our article on IHT and estate planning.

In this episode Leonora Stevens and Mike Hodges revisit Family Investment Companies (FICs) and are delighted to be joined by Guy Broadfield, a Senior Associate at Burges Salmon who has a focus on tax and trusts.

We first examined FICs back in 2021 (that episode can be listened to here), but with markets and sectors moving at such rapid pace we delve into this area again, this time discussing:

• Are FICs still as widely used as they were previously? 
• What problems can arise when using this type of structure?
• Common questions we are seeing clients ask in relation to FICs.

We also provide further information on FICs within our article. 

In this podcast, we examine how grandparents can help to fund school fees and note the relevant tax implications. In particular, we explore inheritance tax and what qualifies as a potentially exempt transfer (PET), while also looking at the use of trusts and main things to  consider. We additionally highlight some general top tips.