View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  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.’
  
Read more by Freddy Barker

Content from our partners
Why investors should consider investing in nature
HSBC Global Private Banking: Revisiting your wealth plan as uncertainty abounds
Proposed non-dom changes put HNW global mobility in the spotlight

Don’t miss out on the best of Spear’s articles – sign up to the Spear’s weekly newsletter

[related_companies]

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network