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                                                                                                 ‘Inherently Unfair’
                                            OAKDALE FINANCIAL                                 INSIGHTS INTO                       However,  the  rules  are  not  straightforward
                                               OAKDALE FINANCIAL
                                                                                                 Inheritance Tax is widely viewed as unfair, and even the
                                                                                                                                     make gifts of up to £3,000 in total in any tax year without
                                               SERVICES LTD
                                            SERVICES LTD                                      INHERITANCE TAX                     and  not  everyone  will  gain.  While  the  new
                                                                                                                                     attracting IHT. The £3,000 can be given to one person or it
                                                                                                 chancellor agrees it’s complex: only effective and early
                                                                                                                                  allowance is consistent with the government’s
                                                                                                 planning can minimise its impact on your estate.
                                                                                                                                     can be split between several people. If the exemption is not
                                                                                                                                     used in one tax year, it can be carried forward to the next
                                                                                                 Well overdue, perhaps, was the news that Chancellor Philip
                                                                                                                                     year, potentially enabling a couple to remove £12,000 from
                                                                                                                                  it’s also consistent with the former chancellor’s
                                            Welcome to Oakdale F                              PLANNING                            pledge to take most family homes out of IHT,
                                               Welcome to Oakdale Financial Services Ltd,inancial Services Ltd,
                                                                                                 Hammond had asked the Office of Tax Simplification (OTS)
                                                                                                                                     their joint estate in just one tax year.
                                            wealth management specialists serving the            to review Inheritance Tax (IHT) with a view to simplifying the  fondness for finding complex solutions to simple
                                               wealth management specialists serving the
                                                                                                                                     That  money  could  be  used  to  help  with  the  financial
                                                                                                 regime. In writing to the OTS, he acknowledged that “IHT, and
                                               financial planning needs of individuals, families
                                            financial planning needs of individuals, families   Britain has some of the highest death duties of   problems.  For  example,  the  new  allowance
                                                                                                                                     challenges faced by younger family members; for example,
                                                                                                 the system within which it operates, is particularly complex”.
                                                                                                      1
                                            and businesses. Our philosophy focusses on        any country . Beneficiaries have to pay 40% tax   only  applies  to  a  residence  that  is  passed  to
                                               and businesses. Our philosophy focusses on
                                                                                                                                     topping up a child’s pension or Junior ISA could go a long
                                                                                                 Currently, if your net estate is worth more than the standard
                                                                                                                                     way to providing them with an invaluable head start in life.
                                            maintaining a long-term and trusted relationship   on each extra pound that is inherited above the   children and grandchildren (including adopted,
                                               maintaining a long-term and trusted relationship
                                                                                                 nil-rate band of £325,000, 40p in tax is charged for every
                                                                                                                                     With the end of the tax year looming, this opportunity could
                                               with our clients. Our core services include:
                                                                                                 pound that exceeds the threshold; except that, broadly,
                                                                     •
                            •               with our clients. Our core services include:      nil-rate band of £325,000 (£650,000 for married   foster  and  step  children),  not  to  other  family
                                                    •
                                                                                                                                     be lost unless action is taken soon.
                            •
                Dipesh Shah            Sean Fitzgerald  •            •                        couples or civil partners). Yet the Conservative   members. So those who do not have children
                                                                                                 if you leave your main residence to a lineal descendant,
                                                                                                 £125,000 is added to that nil-rate band (rising to £175,000
                                                                                                                                     Those  with  sufficient  surplus  income  may  also  want  to
                                                                                              government has long promised to reform these   cannot  benefit  from  an  increased  allowance.
                                                    • •
          Investment Planning   •   Protecting you & your Estate   •   Retirement Planning   •   Mortgages  in 2020/21). Unused elements of both allowances are   take account of the ‘normal gifts out of income’ rule – if   •  •          •
             Investment Planning   •   Protecting you & your Estate   •   Retirement Planning   •   Mortgages••
                                                                     • •
                                                                                              so-called  ‘death  duties’.  In  October  2007  the   What is more, unmarried partners cannot pass
                                                                                                 transferrable on death to a surviving spouse or civil partner.
                                                                                                                                     you make regular gifts out of income and in doing so don’t
                                                                                                                                     affect your standard of living, the gifts are exempt from IHT.
                                                                                              then  shadow  chancellor  George  Osborne   nil-rate bands to each other, meaning they can
                                                                                                 The regime has been criticised also for being discriminatory
                                                                                                                                     However, to reduce the possibility of a disagreement with
                          Please find a list of our forthcoming educational seminars.
                       Please find a list of our forthcoming educational seminars.            announced that, if a Conservative government   only have one £325,000 nilrate band, and one
                                                                                                 against those who do not own their own home, those who
                              2018 EDUCATIONAL SEMINAR DATES                                                                         HMRC, it is wise to seek professional help from a financial
                                                                                                 do not have children, and those who are not married or in
                              2018 EDUCATIONAL SEMINAR DATES                                  came to power, it would raise the Inheritance   £175,000 residence nil-rate band by 2020/21.
                                                                                                                                     adviser or accountant.
                                                                                                 a civil partnership.
                                                                                              (IHT)  threshold  to  £1  million.  However,  the   This  gives  those  individuals  a  maximum  total
               Date        2018 EDUCATIONAL SEMINAR DATES   Topic       Speaker                  Even if there is potential to simplify IHT exemptions, it’s   While lifetime gifts can significantly reduce an IHT liability,   2018 EDUCATIONAL SEMINAR DATES
                                           Venue
                            Time
                              2018 EDUC
                              2018 EDUC
                              2018 EDUCATIONAL SEMINAR DATESATIONAL SEMINAR DATESATIONAL SEMINAR DATES
                                                                                                                                     it’s worth noting that if you don’t take time to write a valid
                                                            Topic
               Date         Time 2019 EDUCATIONAL SEMINAR DATES         Speaker               new government’s first Budget in June 2010 did   allowance of £500,000.
                                           Venue
                                                                                                 probably too much to hope that the tax will be scrapped. After
                                                                                              not  contain  any  such  proposal  and,  over  the   Will, your estate will be handled according to the laws of
                                                                                                 all, a cash-strapped Exchequer seems increasingly reliant on
                                                                                                                                     intestacy. If you die intestate, you will have no control over
             DateDateDate  TimeTT Timeimeime  Venue  Venueenueenue  Topic TopicTT Topicopicopic  Speaker  five-year  parliamentary  term,  the  tax  was  left   Furthermore,  the  allowance  is  progressively   Date  Time  Venue  Topic     Speaker
                                                                         Speaker
                                        VenueVV
                                                                      SpeakerSpeakerSpeaker
                Date
                Dates
                           Time
                                                                                                 taxing people’s estates posthumously. In 2022/23, the UK’s
                                                                                                                                     how your estate is distributed, and rather than everything
                                                                                                 Exchequer is expected to raise £6.38 billion from IHT.1
                                                                                              largely  unchanged.  Consequently,  the  former   withdrawn once an estate tops £2 million (after
                                                                                                                                     passing to a spouse or civil partner, a proportion could be
                                      Mumbai
                                       Devonshire House,
              Wednesday   7.00 pm -    Devonshire House,  ‘Inherently Unfair’?  Dipesh Shah   chancellor announced that, from April 2017, a   deducting any liabilities, but before reliefs and
                                                                                                                                     transferred to descendants, triggering a potential IHT liability.
                                                                                                 That said, several governments around the world have
                                                       Insights into
                                                          Insights into
                                      Junction
                         Indian Buffet
           Wednesday   7pm - 9.30pm  582 Honeypot Lane,   Inheritance Tax   DipPFS, CeMAP MSc   new dedicated tax-free allowance, then called   exemptions  such  as  Business  Relief). The  rate
              Wednesday
             20th February
                                       582 Honeypot Lane,
                                                                                                 convinced themselves that reforming or repealing estate
                                                         Inheritance Tax  Ravi Maniar
                                                                        Ravi Maniar
                         7pm - 9.30pm
                                                                                                                                     If your children’s share is worth more than the individual
                2019
                                     Restaurant,
                                      Stanmore, Middlesex,
               16 May
            16 May         Dinner  Stanmore, Middlesex,  Inheritance Tax is   BA (Hons)          taxes is vital to their political survival. If Donald Trump’s   IHT threshold, they could be liable to pay 40% tax on
                                                           Planning
                         (includes soft   231 Watford   Planning  Wealth Manager &            the  ‘main  residence  nil-rate  band’,  would   of  withdrawal  is  £1  for  every  £2  over  the  £2
                                           HA7 1JS widely viewed as
                                                                                                 ambition is realised, the United States will join a growing
                                        HA7 1JS
                                                                                                                                     anything they inherit over that amount.  This could be
                                                                                                 list of nations where taxing people’s estates is being phased
              Wednesday    drinks)  Road, Harrow,   unfair, and even the   Company Director   be  introduced  to  specifically  help  protect  a   million limit. Thus an estate worth £2.2 million
                                                                                                                                     avoided by writing a Will that leaves assets worth up to the
                                                                                                 out or abandoned. Sweden abolished the practice in
                                       Stanmore Golf Club,
              20th March            Stanmore Golf Club,   Insights into   of Oakdale Financial   residence from IHT.              in 2017/18 will have no residence allowance
                                     Middlesex,
                                                Chancellor agrees it’s
                                                                                                                                     tax-free threshold of £325,000 to children, with the balance
                                                          Insights into
               Tuesday
                                       29 Gordon Avenue,
            Tuesday   7pm - 9.30pm  29 Gordon Avenue,  complex, but only   Services Ltd          2004, while Hong Kong and Russia did the same in 2006.  at all. There will be many people who will be
                                                                                                                                     of the estate left to a surviving spouse. But there may be
                2019
                          8.00 pm –
                                      HA1 3TU
                                                                       Dipesh shah
                                                      Inheritance Tax
                         7pm - 9.30pm
                                                         Inheritance Tax  Dipesh shah
                                                                                                 In Norway, inheritance and gift taxes were abolished in
            22 May       Seminar talk:  Stanmore, Middlesex,  effective and early             Standing by                         unable to take full, or indeed any, advantage of
                                                                                                                                     even better options, depending on circumstances, through
               22 May
                                      Stanmore, Middlesex,
                                                                                                 January 2014.2
                                                        Planning
                                                           Planning
                                                                                                                                     the use of trusts.
                                       HA7 2RL
                                          HA7 2RL planning can minimise
              Wednesday    ‘Inherently   Limited parking         Dipesh has a wealth of       The new allowance is totally separate from the   the additional allowance. For these individuals,
                                                                                                 IHT is often referred to as a ‘voluntary tax’, and it does
                                                                                                                                     Take advice
              24th April   Unfair’?  available onsite  it’s impact on your   experience advising his   existing nil-rate band, as it will only apply on   lifetime  gifting,  trusts,  charitable  giving  and
                                                                                                 seem that inertia or ignorance is largely to blame for wealth
                                       Foresight Group, The
                                                                 clients in the important
                2019               Foresight Group, The   estate.  Insights into
                                                       Insights into
                                                                                                                                     IHT often falls on the ill-prepared and unadvised. That’s why
                                                                                                 ending up in the hands of the taxman rather than surviving
           Wednesday      9.00pm –   Shard, 32 London            subject of inheritance       transfers of a residence to direct descendants.   other allowances will remain vital components
                                        Shard, 32 London
              Wednesday
                                                         Inheritance Tax  Dipesh Shah
                          4pm - 6pm
                                                                       Dipesh Shah
                                                                                                 family members. The fact is that with some careful planning,
                                                                                                                                     it’s important to seek financial advice, so that all your assets
                                      Bridge Street, London,
            23 May     4pm - 6pm   Bridge Street, London,   Inheritance Tax   tax Planning. Dipesh   It  began  its  phasing  in  at  £100,000  from   of estate planning.
               23 May
                        Q & A Session
                                                This seminar talk will
                                                                                                                                     are properly protected. Shockingly, fewer than a fifth of over-
                                                                                                 those with estates currently worth more than the nil-rate
                                                        Planning
                                                           Planning
                                       SE1 9SG   include a look at:   enjoys helping his      April 2017, increasing in £25,000 increments   55s have taken action to reduce their potential IHT bill.3
                                           SE1 9SG
                                                                                                 band can legitimately reduce their IHT liability, or possibly
                                                                                                 pay nothing at all.
                                                Wills, Lasting Power of   clients minimise the   annually  to  £175,000  in  2020/21.  From  then   The  levels  and  bases  of  taxation,  and  reliefs
                                                                                                                                     The levels and bases of taxation, and reliefs from taxation,
                                    Devonshire House,            impact of this tax on        on, it will increase each year in line with the   from  taxation,  can  change  at  any  time.  The
                                       Devonshire House,
                                                Attorney, Gifting, Trust
                                                        Intergenerational
               Thursday
                                       582 Honeypot Lane,  Intergenerational
           Thursday   7pm - 9.30pm  582 Honeypot Lane,  Planning*, Business   their estate, leaving   In your gift                   can change at any time and are dependent on individual
                         7pm - 9.30pm
                                                                    Karan Trikha
                                                                       Karan Trikha
                                                                                                                                     circumstances.
                                                                                                 Gifts are normally included in the net estate for IHT
            24 May                 Stanmore, Middlesex,  Relief, Protection   more for their loved   Consumer Prices Index.       value  of  any  tax  relief  depends  on  individual
                                      Stanmore, Middlesex,
                                                        Mortgages
               24 May
                                                           Mortgages
                                                                                                                                     1  Office for Budget Responsibility, Economic and fiscal outlook
                                                                                                 purposes if they were made less than seven years before
                                           HA7 1JS
                                        HA7 1JS  for Inheritance Tax   ones after they have   Like  the  existing  nil-rate  band,  any  unused   circumstances.
                                                                                                                                        – March 2018
                                                                                                 death.  However,  these  gifts  are  ignored  if  they  total  less
                                                                                                                                     2  EY, Worldwide Estate and Inheritance Tax Guide 2017
                                                                                                 than £3,000 in any one tax year. This means that you can
                                    Devonshire House,   Planning.   passed away.              fraction of the new allowance may be transferred   Trusts  are  not  regulated  by  the  Financial
                                       Devonshire House,
                                                                                                                                     3  Prudential, May 2017
                                                          Insights into
            Saturday                582 Honeypot Lane,   Insights into                        to a surviving spouse or civil partner. Given this   Conduct Authority.
                                       582 Honeypot Lane,
               Saturday
                         10am - 12pm
                                                         Inheritance Tax  Ravi Maniar
                                                                                                 To receive a complimentary guide covering wealth management, retirement planning or Inheritance Tax planning, contact
            26 May    10am - 12pm  Stanmore, Middlesex,   Inheritance Tax   Ravi Maniar       option, a couple could potentially have a total
               26 May
                                      Stanmore, Middlesex,
                                                           Planning
                                        HA7 1JS         Planning                                 Michael Edwards Wealth Management on 01285 678910 or email michael.edwards@sjp.co.uk.
                                           HA7 1JS
                                                                                              IHT tax-free limit of £1 million from 2020/21.   1 www.taxfoundation.org, March 2015
                Your home may be repossessed if you do not keep up repayments on your mortgage.
                                                                                                                              Mr Dipesh Shah DipPFS, MSc, BA (Hons)
             The home on which the mortgage is secured may be repossessed if repayments are not maintained.hich the mortgage is secured may be repossessed if repayments are not maintained.
          The home on w                                                                                                       Mr Dipesh Shah DipPFS, MSc, BA (Hons)
            *Will writing and Powers of Attorney involve the referral to a service that is separate and distinct to those offered by St. James’s Place and
            along with Trusts are not regulated by the Financial Conduct Authority
                                                                                                                           Tel: 020 8150 7565   Mob: 07960 568644                                                                                                                                    Mr Dipesh Shah DipPFS, MSc, BA (Hons)
                                                                                                                           Mr Dipesh ShahMr Dipesh ShahMr Dipesh Shah
                                                                                                                              Mr Dipesh Shah DipPFS, MSc, BA (Hons)DipPFS, MSc, BA (Hons)DipPFS, MSc, BA (Hons)DipPFS, MSc, BA (Hons)
                                                                                                                               Email: dipesh.shah@sjpp.co.uk
                            For further details or to reserve a place at one of our
                         For further details or to reserve a place at one of our                                           Tel: 020 8150 7565   Mob: 07960 568644
                                                                                                                               Email: dipesh.shah@sjpp.co.uk
                               educational seminars, please contact us at:
                            educational seminars, please contact us at:                                                  Tel: 020 8150 7565   Mob: 07960 568644                                                                                                                                    Tel: 020 8150 7565   Mob: 07960 568644
                                                                                                                            Tel: 020 8150 7565   Mob: 07960 568644  el: 020 8150 7565   Mob: 07960 568644  el: 020 8150 7565   Mob: 07960 568644
                                                                                                                           T T
                                                                                                                               Email:
                                                                                                                                Email: dipesh.shah@sjpp.co.ukdipesh.shah@sjpp.co.ukdipesh.shah@sjpp.co.ukdipesh.shah@sjpp.co.uk
                                                                                                                             Email:                                                                                                                                                                    Email: dipesh.shah@sjpp.co.uk
                                                                                                                               Email:
                        Tel: 020 8150 7565    Email: info@oakdalefinancialservices.co.uk
                    Tel: 020 8150 7565    Email: info@oakdalefinancialservices.co.uk
                                  www.oakdalefinancialservices.co.uk
                               www.oakdalefinancialservices.co.uk
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                 WE LOOK FORWARD TO MEETING YOU AT ONE OF OUR SEMINARS.
              WE LOOK FORWARD TO MEETING YOU AT ONE OF OUR SEMINARS.                            of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products. The
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