ATFM

One of the key Brexit casualties is the Pensions Bill, the Department for Work and Pensions was hoping to introduce this year. The Pensions Bill was meant to introduce a number of changes, however they can still push ahead with many of their regulatory changes despite Brexit: November 2019 sees the introduction of new ‘wake-up’ packs. From then providers will send a one-page summary together with a page of retirement risk warnings to clients at age 50, with more detailed packs, alongside the one-pager, following every five years thereafter until the pension pot is fully crystallised. The thorny subject of defined benefit transfers continues to attract attention from regulators and politicians. A joint FCA/TPR template to encourage schemes to provide transfer information on a consistent basis is due imminently. While this is helpful, it won’t be compulsory so it is likely good schemes will adopt it while laggards are much less likely to do so. Any improvement will be incremental, bu...

We are extremely excited to announce the opening of our new office at 2 Oak Street, Fakenham, from the 31st October 2019. Ben Allen, Managing Director quotes "Our Head Office will remain in Dersingham, however we felt it was now the time to grow the Business and expand to this part of Norfolk. We would like to assure all our clients that our priorities such as high standards of professional service, maintaining our CII Chartered status and providing the most useful technology such as our online portals remain paramount to any growth. We look forward to welcoming new clients to the firm and working closely with local professional connections in Fakenham." As this article is being written, the internal office has been painted, carpets have been laid and now we are just awaiting delivery of furniture, completion of the signage and the painting of the outside of the building. We would love you to attend the opening on the 31st October and as such we will be there to welcome...

Allen Tomas & Co Financial Management and Agrifac UK, held its first joint Charity Golf Day raising £3,050 (£1,000 for the Stroke Unit at The Queen Elizabeth Hospital and £2,050 for Cancer Research UK). Teams of golfers enjoyed a Texas Scramble format at Heacham Manor Golf Club on Friday 13th September 2019. Event organisers Ben Allen, Michael Crisp, Andrew Carse and Matt Carse decided to raise money for these charities as they have a personal connection to them and know the funds will be used well. The event was won by FENMAN SPESH, Captained by Nick Barker of NB Construction (UK) Ltd playing some fantastic golf. The Red Devils Captained by Jonathan Shippey came second with Michael Crisp’s team of Allen Tomas & Co II finishing third. We won’t name last place!! Well done Fred Case of team Branodunum, who won both the Longest Drives on Holes 4 and 11, and Nearest the Pin on Hole 7. Fred’s team member and Captain, Thomas Oleson, winning Nearest the Pin on Hole 15. We wo...

If, on first death, everything is left to the surviving spouse/civil partner, does the survivor now have a lifetime gift threshold of £650,000? Unfortunately, the answer is no, as any available transferable nil rate band (TNRB) can only be used against the IHT arising on the death of the surviving spouse - it cannot be used by the surviving spouse/civil partner for lifetime gifting. There is also a lot of confusion around transferring the residence nil rate band (RNRB), which was introduced in April 2017. The RNRB is transferable between spouses/civil partners on death, much like the standard nil rate band (NRB). It is the unused percentage of the RNRB from the estate of the first to die which can be claimed on the second death. If the first death occurred before April 2017, on the survivor’s death there will be a 100% RNRB available irrespective of whether the first death owned residential property. However, if the first death’s estate was greater than £2m, then the RNRB would be ...

Leah Bartlett joined Allen Tomas & Co in 2018 under the Skills Edge Financial Services Administrator Advanced Apprenticeship scheme. She has made a fantastic start to 2019, she was presented on the 3rd of January with a Norfolk County Scholar award created by the County Council for exceptional performance at A levels and in the same evening was the recipient of the Mark Griffiths award for Endeavour and a subject award in Business sponsored by Stephenson Smart Accountancy. Leah, has been working extremely hard to pass her first Chartered Insurance Institute exam (R01) Financial Services, Regulation and Ethics, which she did in March 2019. To top things off, Leah won the Skills Edge Ap prenticeship Awards 'Recognition of Outstanding Achievement and Contributions to the Organisation'. Skills Edge commented "We are absolutely delighted to announce that Leah has won this award. Leah’s dedication to the apprenticeship and to Allen Tomas & Co Financial Management Ltd ...

Consumer Price Index (CPI) The annual inflation rate in the United Kingdom fell to 1.8 percent in January 2019 from 2.1 percent in the previous month and below market expectations of 1.9 percent. It was the lowest inflation rate since January 2017, mostly due to a slowdown in cost of electricity, gas and other fuels. Inflation Rate in the United Kingdom averaged 2.58 percent from 1989 until 2019, reaching an all time high of 8.50 percent in April of 1991 and a record low of -0.10 percent in April of 2015 Inflation Rate in the United Kingdom is expected to be 1.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, they estimate Inflation Rate in the United Kingdom to stand at 2.00 in 12 months time. In the long-term, the United Kingdom Inflation Rate is projected to trend around 2.00 percent in 2020, according to our econometric models. What is the Consumer Price Index (CPI) The CPI is a measure of co...

What are Trusts for Trusts are set up for a number of reasons, including: to control and protect family assets when someone’s too young to handle their affairs when someone cannot handle their affairs because they’re incapacitated to pass on assets while you’re still alive to pass on assets when you die (a ‘will trust’) under the rules of inheritance if someone dies without a will (in England and Wales) The main types of trust are: bare trusts interest in possession trusts discretionary trusts accumulation trusts mixed trusts settlor-interested trusts non-resident trusts What is an Investment Policy Statement A requirement of The Trustee Act 2000 is that an Investment Policy Statement should be prepared for all trusts. This should have had a major impact on all those involved with the drafting or advisory work on trusts, particularly Trustees . Although the Trustee Act states that the investment policy statement should be prepared by the Trustees, in prac...