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Inheritance Tax relief for business property

Business property relief (BPR) is a valuable inheritance tax relief for business owners whether making a lifetime transfer or on death.
Key points
Business property relief is a valuable inheritance tax relief for business ownersBusiness owners may receive relief at either 100% or 50%, dependent on circumstancesBusiness property relief is available after an ownership period of two years
Types of property that qualifies Inheritance tax (IHT) legislation (IHTA 1984) provides relief for certain types of business or business property included in either a lifetime transfer or the deceased’s death estate. Relief is available for business property anywhere in the world.

For deaths and transfers, on or after 6 April 1996, the categories of property which are capable of qualifying as relevant business property are broadly as follows with rate of relief:

Property consisting of a business or interest in a business: 100% reliefControl holdings of unquoted securities in a company: 100% reliefUnquoted…
Recent posts

Apprentice Leah shines

On Thursday 3rd January 2019, Leah attended the Springwood High School’s Presentation Evening as a former Year 13 student. Upon arrival she received her A level certificates having obtained an A, B and B in Business, Economics and Sociology respectively. Due to her grades she was presented with a Norfolk County Scholar award created by the County Council for exceptional performance at A level. Furthermore, she was honoured to be the recipient of a subject award in Business, sponsored by Stephenson Smart Accountancy as well as receiving the Mark Griffiths Award for Endeavour.

Leah has settled in very well with the Company and we wish her well with her CII exams in March.

Director, Michael Crisp has successfully become a Fellow

Director, Michael Crisp has successfully become a Fellow of the Chartered Insurance Institute (CII). Fellowship of the CII is universally regarded as the premier qualification for those working in the insurance industry. By achieving the ACII, you have already demonstrated a high level of commitment, but the Fellowship shows that you have taken this commitment one step further. Acquiring FCII accreditation will further demonstrate your knowledge, experience and
professionalism to the world.

Michael is now talking about a Doctorate, but we feel it is probably best to enjoy the prestigious Fellowship title first!

Christmas Opening Hours

We will be closing the office for the Christmas Holidays on Wednesday 19th December 2018 and reopening on Thursday 3rd January 2019.

From us all at Allen Tomas & Co, a huge thank you for your support in 2018 and we wish you all a Merry Christmas and a Happy New Year.

Understanding Pensions on Death

The options available will depend on a number of factors, and since 6 April 2015 the most important of these is the age at the date of death, either before age 75 or over 75, to determine the amount of tax payable.

Death before age 75 The value of the pension fund at the date of death is payable to the nominated beneficiaries, and this is free of income tax provided they are designated within two years of the member’s death. If the designation is made after two years any income or lump sum paid will be subject to income tax at the beneficiary’s marginal rate.

The beneficiaries can choose how they wish to take the benefits, including a lump sum from the scheme, flexi-access drawdown, an annuity or scheme pension. You should note however that not all schemes will offer all of these options.

It is important to also remember that funds not already crystallised before death will be tested against the member’s remaining lifetime allowance. If the value of the death benefits takes them over …

October Budget Update

Personal Tax-free Allowance & Higher Rate Tax The personal allowance – how much you earn before you need to start paying income tax – will increase by £650 in April 2019, to £12,500.

Higher-rate income tax threshold to rise to £50k
The earnings threshold at which you’d need to pay the higher rate of tax (currently 40%) is going up to £50,000, from £46,351.

Both changes come into effect from 6 April 2019, a year earlier than planned. The Treasury estimates that around 32 million people will benefit as a result.

Lifetime Allowance As announced earlier, the Lifetime Allowance is due to rise by 2.4 per cent to £1,055,000 in 2019 in line with September’s consumer price index (CPI) inflation figure, which is good news for pension savers. The Lifetime Allowance is the maximum you normally can save over the lifetime of your pension pot without paying extra tax.

There were no changes to pensions tax relief rates and allowances, which is good news for those saving into a pension.

ISA (Indiv…

Pension Scam Tactics

Cold-calling is currently by far the most common method used to initiate pension fraud. Other scam tactics include:

Unexpected contact about a pension via phone, post or emailPromises of guaranteed high returns and downplaying the risksOffering unusual or overseas investments that are not regulated by the FCA, such as overseas hotels, forestry and green energy schemesPutting people under pressure to make a quick decision, for example with time-limited offers and sending a courier round with paperwork to signClaiming to be able to unlock money from an individual’s pension (normally only possible from age 55)
We recommend you reject unexpected pension offers – whether made online, on social media, through the post or over the phone. Contact us if this happens and after running through security we will endeavour to help.