Private Wealth Podcast Saffery

A family office is a formal arrangement that involves a high-net-worth family being supported with a range of services, including legal, tax, accounting and concierge support. Whether or not you need a family office depends entirely on your financial, investment, and personal needs.

In this episode, Leonora and Mike are joined by Alexandra Britton-Davis, a fellow partner at Saffery.

As well as outlining how they’d interact with a family office as external advisers, they answer key questions, including:
·         What is a family office and what services do they provide?
·         Do you need a family office?
·         What are the advantages of having one?
·         How do you set one up?

In this episode, we cover the tax implications and practical considerations involved when purchasing large properties and landed estates.
Leonora and Mike are joined by Elizabeth Hartless, a fellow partner at Saffery.
As well as outlining top tax tips with respect to property renovations, other key areas discussed include:
Funding and structuring,Stamp Duty Land Tax (SDLT),VAT considerations,The impact on your inheritance tax (IHT) position,Employment taxes if taking on any employees, and Non-disclosure agreements.This episode equips you with the insights needed to make informed decisions about your property/estate purchase.
Please note: this was recorded prior to the Spring Budget on 06 March 2024. The team briefly touch on Multiple Dwellings Relief (MDR), however, the Chancellor announced that this will be abolished on 1 June 2024. Please bear this in mind when listening to the episode.
Additionally, we discuss SDLT (which is applicable in England and Northern Ireland), however for those in Scotland or Wales separate devolved equivalents are applicable and would need to be considered.

In this episode we examine the tax and practical aspects to consider when thinking about retirement.

We discuss the importance of having a plan in place to ensure you are prepared and are able to achieve your personal objectives. Leonora and Mike specifically delve into areas including:
Pensions,Cash and other assets (more information on gifting cash and property is available),Removing liquidity from a business,Business property relief (BPR), andInheritance tax (IHT).

In this episode, Leonora Stevens and Mike Hodges approach the sensitive topic of death and tax planning, sharing their top tips to give you peace of mind and to help make the planning process as seamless as possible.

In particular, Leonora and Mike discuss:
The importance of having an up-to-date will in place,Inheritance tax (IHT) and estate planning,The complications of leaving behind a legacy to charity, andOther practical points to consider.You can also find further information in our article on IHT and estate planning.

In this episode Leonora Stevens and Mike Hodges revisit Family Investment Companies (FICs) and are delighted to be joined by Guy Broadfield, a Senior Associate at Burges Salmon who has a focus on tax and trusts.

We first examined FICs back in 2021 (that episode can be listened to here), but with markets and sectors moving at such rapid pace we delve into this area again, this time discussing:
Are FICs still as widely used as they were previously? What problems can arise when using this type of structure?Common questions we are seeing clients ask in relation to FICs.We also provide further information on FICs within our article. 

In this podcast, we examine how grandparents can help to fund school fees and note the relevant tax implications. In particular, we explore inheritance tax and what qualifies as a potentially exempt transfer (PET), while also looking at the use of trusts and main things to  consider. We additionally highlight some general top tips.