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             ‘Inherently Unfair’
 OAKDALE FINANCIAL   INSIGHTS INTO            However,  the  rules  are  not  straightforward
                                                 make gifts of up to £3,000 in total in any tax year without
             Inheritance Tax is widely viewed as unfair, and even the
                                                 attracting IHT. The £3,000 can be given to one person or it
             chancellor agrees it’s complex: only effective and early
 SERVICES LTD  INHERITANCE TAX                and  not  everyone  will  gain.  While  the  new
                                              allowance is consistent with the government’s
                                                 can be split between several people. If the exemption is not
             planning can minimise its impact on your estate.
                                                 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 Financial Services Ltd,  PLANNING  pledge to take most family homes out of IHT,
             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
                                                 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   Britain has some of the highest death duties of   problems.  For  example,  the  new  allowance
             the system within which it operates, is particularly complex”.
                                                 challenges faced by younger family members; for example,
 and businesses. Our philosophy focusses on   any country . Beneficiaries have to pay 40% tax   only  applies  to  a  residence  that  is  passed  to
                                                 topping up a child’s pension or Junior ISA could go a long
             Currently, if your net estate is worth more than the standard
 maintaining a long-term and trusted relationship   on each extra pound that is inherited above the   children and grandchildren (including adopted,
                                                 way to providing them with an invaluable head start in life.
             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:  nil-rate band of £325,000 (£650,000 for married   foster  and  step  children),  not  to  other  family
             pound that exceeds the threshold; except that, broadly,
                                                 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,
                                                 Those  with  sufficient  surplus  income  may  also  want  to
             £125,000 is added to that nil-rate band (rising to £175,000
          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   •  •  •
          so-called  ‘death  duties’.  In  October  2007  the   What is more, unmarried partners cannot pass
                                                 you make regular gifts out of income and in doing so don’t
             transferrable on death to a surviving spouse or civil partner.
          then  shadow  chancellor  George  Osborne   nil-rate bands to each other, meaning they can
                                                 affect your standard of living, the gifts are exempt from IHT.
             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.  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
 2018 EDUC
 2018 EDUC
                                                 it’s worth noting that if you don’t take time to write a valid
 Date  Time 2019 EDUCATIONAL SEMINAR DATES  Speaker  new government’s first Budget in June 2010 did   allowance of £500,000.
             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
             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
 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
 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
 20th February
 Indian Buffet
             convinced themselves that reforming or repealing estate
 Ravi Maniar
                                                 If your children’s share is worth more than the individual
 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
 (includes soft   231 Watford   widely viewed as   Wealth Manager &   the  ‘main  residence  nil-rate  band’,  would   of  withdrawal  is  £1  for  every  £2  over  the  £2
             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
 20th March   Stanmore Golf Club,   Insights into   of Oakdale Financial   residence from IHT.  in 2017/18 will have no residence allowance
 Chancellor agrees it’s
                                                 tax-free threshold of £325,000 to children, with the balance
 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
 HA1 3TU
 8.00 pm –
                                                 of the estate left to a surviving spouse. But there may be
 Dipesh shah
 Inheritance Tax
             In Norway, inheritance and gift taxes were abolished in
                                                 even better options, depending on circumstances, through
 22 May  Seminar talk:  Stanmore, Middlesex,  effective and early   Standing by  unable to take full, or indeed any, advantage of
             January 2014.2
                                                 the use of trusts.
 HA7 2RL
 Wednesday    ‘Inherently   Limited parking   planning can minimise   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
 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
                                                 Take advice
             seem that inertia or ignorance is largely to blame for wealth
 2019  Foresight Group, The   estate.  clients in the important
 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
 Dipesh Shah
             family members. The fact is that with some careful planning,
                                                 it’s important to seek financial advice, so that all your assets
 23 May  4pm - 6pm  Bridge Street, London,   Inheritance Tax   tax Planning. Dipesh   It  began  its  phasing  in  at  £100,000  from   of estate planning.
 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
 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
             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
 Attorney, Gifting, Trust
 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
 Karan Trikha
 24 May  Stanmore, Middlesex,  Relief, Protection   more for their loved   Consumer Prices Index.  value  of  any  tax  relief  depends  on  individual
             Gifts are normally included in the net estate for IHT
                                                 1  Office for Budget Responsibility, Economic and fiscal outlook
             purposes if they were made less than seven years before
 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
                                                 3  Prudential, May 2017
 Saturday   582 Honeypot Lane,   Insights into   to a surviving spouse or civil partner. Given this   Conduct Authority.
             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
 HA7 1JS  Planning  Michael Edwards Wealth Management on 01285 678910 or email
          IHT tax-free limit of £1 million from 2020/21.   1, 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.  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)
 For further details or to reserve a place at one of our   Tel: 020 8150 7565   Mob: 07960 568644
 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
                                       Tel: 020 8150 7565   Mob: 07960 568644  el: 020 8150 7565   Mob: 07960 568644
                                         Email:                                                                                                                                                                    Email:
 Tel: 020 8150 7565    Email:  The Partner Practice represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose  of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website The
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