Finance 2010

HM Revenue and Customs: Not left to chance

By Mark Tenzer, December 13, 2010

According to the annual Tax Action report, UK taxpayers will lose nearly £2 billion this year, due to poor inheritance tax (IHT) planning. Liability to IHT can often be reduced or even eliminated with early planning.

How much?

Everyone in the UK has a tax-free inheritance allowance of £325,000 (2010/11 tax year). This means that if you are single and die with an estate worth less than £325,000 there will be no tax to pay.

More..

Professional Advisers: The client is king

December 13, 2010

Nestled just behind Buckingham Palace, the law firm of Corren Troen is a hive of activity, in stark contrast to the tranquil environ of London's St James's. "We could not have found a more appropriate location for our offices," says Paul Corren, the managing partner. "We are a few minutes' walk from both St James's and Victoria train stations and Catherine Place evokes that wonderful ambience of a high-end residential street. It suits absolutely the clientèle of this firm."

More..

Professional Advisers: A wealth of ideas

By Robert Caplan, December 13, 2010

Retirement and uncertainty. These two words do not sit comfortably together. The harsh reality is that there has never been a more difficult or challenging period in which to retire. First Wealth helps its clients build a comprehensive and individualised financial plan for the run-up to retirement. It aims to maximise clients' opportunities for financial success.

More..

Professional Advisers: Pray as you earn?

By Adam Cohen, December 13, 2010

A stockbroker and rabbi arrive in heaven, where they are met by the angel Gabriel. The broker receives a silk robe and golden staff, the rabbi a nylon robe and wooden stick.

The rabbi says to Gabriel: "I don't want to quibble, but why does the broker seem to get preferential treatment? I served God all my life."

Gabriel answers: "In heaven, we work on performance. While you spoke, your congregants slept. While he worked, his clients prayed."

More..

Offshore Accounts: Turn the tax tide

By Derek Levy and Mark Giddens, December 13, 2010

For a long time offshore bank accounts - and investments generally - were thought to be safe from the prying eyes of HM Revenue & Customs (HMRC). Those who came to this country often kept a nest egg in, say, Switzerland "just in case" (perhaps in the form of a numbered account or a family trust or foundation) while established UK residents were encouraged by the offshore arms of the banks to set up deposits in the Channel Islands. In recent years, however, the tide has decisively turned against the offshore account in all its manifestations.

More..