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  1. Wealth
January 14, 2013

The Finance Bill 2013: What Should You Do?

By Spear's

HNWs need to act fast if they’re to mitigate the property clauses in the Finance Bill, so Freddy Barker went to ask leading mortgage broker Hugh Wade-Jones for advice

HNWs need to act fast if they’re to mitigate the property clauses in the Finance Bill, so I went to ask leading mortgage broker Hugh Wade-Jones, of Enness Private Clients, what advice he had.

‘Until April 2013,’ he began, ‘properties can still be transferred to a new structure without CGT applying. Afterwards, however, changes in ownership are likely to trigger new liabilities and the annual charge will start biting. Thus, there is a small window of opportunity when action can be taken at minimal cost.’

‘For the majority,’ he continued, ‘changing ownership is more attractive than doing nothing. 
Hugh Wade-Jones

‘HNWs’ first option is to place the property under their personal name, the down side of which is IHT exposure. For the younger generation this isn’t of huge consideration but for those less certain of their mortality some combination of mortgage and/or life cover is a necessity.

‘The second option is to change the property ownership into trust. There is a 10 yearly IHT charge made against the equity to consider, so again a large portion of debt is an easy way to mitigate this.’
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