Monthly Archives: June 2019

Collyer Bristow graduate art award returns for 2019

Exceptional, the Collyer Bristow graduate art award, is a competition for graduates from London Art Schools/ Universities, open to those who graduated between 2016-19 from BA/MA/MFA/Post Grad Diploma courses. Artists are invited to apply for the opportunity to be part …

Posted in News | Tagged , , , , , , | Leave a comment

Sotheby’s bought by French billionaire for $3.7bn

Sotheby’s recent troubles are well documented. From fending off the aggressive overtures of various hedge funds, to streamlining its business in an increasingly chaotic market, it has not always been able to focus on the business of selling art. Having found its White Knight in Patrick Drahi, and with the art auction market picking up, hopefully the business can move forward free of the increased regulatory burden and cost all listed companies face, and focus on delivering a good return for its sole shareholder free from outside interference. The 61% premium paid to shareholders will look like good business if Sotheby’s can build on its recent high profile sales.Written by Ragavan Arunachalan, a Senior associate in our Corporate team. 

Posted in Shorter Reads | Leave a comment

£15bn lost behind the sofa

This research should serve as a good reminder to everyone that it is important that your family and professional advisors know what funds you have in what accounts. Should the unthinkable happen tomorrow, would your executors know what monies they must account for, and possibly pay tax on?Lack of certainty can have a number of impacts. For one thing, executors are under a duty to account to HMRC for tax due to the date of death and during the administration period. However, should further funds come to light at a later date this will drag out the administration process. In addition, small sums held in bank accounts can be applied towards the estate’s inheritance tax; banks will often release small sums without requiring a grant of probate which, in a catch-22 scenario, the Probate Registry will not release until inheritance tax has been paid.These undiscovered sums are also monies that should be passed to the relevant beneficiaries under the deceased’s Will, or according to the intestacy rules if the deceased died without a Will. If those funds are substantial, they may represent a valuable benefit to that recipient rather than languishing in an account.Clients should make the lives of their executors and professional advisors as straightforward as possible and provide them with a schedule of their assets, including details such as the names of third party account holders and any relevant account numbers. As and when these details change it can be very useful to provide an updated schedule, for example at an annual estate planning meeting.

Posted in Shorter Reads | Leave a comment

An Age of Apathy: the new report from Collyer Bristow

Collyer Bristow today publishes the report, ‘An Age of Apathy: Changing the conversation around wills’ which reveals that 68% of adults under the age of 50 with an income of £50k or more in the UK do not have a …

Posted in News | Leave a comment

Johnson proposes £3,000 tax cut for higher earners

Johnson’s announcement of his proposed tax cut is certainly grabbing the headlines but it is worth pausing to reflect on the ways it might impact professional advisors and their clients.Journalists quick out of the gates this morning have estimated that raising the threshold at which 40% income tax is paid from £50,000 to £80,000 will save an individual earning £80,000 per year around £3,000. Indeed, for pensioners the cut could be even more beneficial, with estimated savings of up to £6,000 due to the fact that pensioners will not be liable for the increase in National Insurance which is feted to accompany the cut to help pay for it.With more take-home pay in their pockets, tax payers may feel less inclined to take advantage of tax mitigation opportunities such as Gift Aid or maximising their pension contributions.One can be confident that Mr Johnson and his team have rigorously focus-grouped the proposed plan, but it is worth noting that the tax cut is not being achieved by lowering the income tax rates, which Mr Johnson’s rival for the Conservative leadership Dominc Raab suggested only last month, but instead raising the threshold at which higher rate income tax is paid.

Posted in Shorter Reads | Leave a comment

Lewis Chessman: Ivory rare discovery

An extremely valuable medieval chess piece, one of the five missing Lewis Chessmen, has recently been discovered in drawer by a family in Edinburgh.  The 900 year-old Lewis Chessmen hoard was discovered on the Isle of Lewis in 1831 and …

Posted in Longer Reads | Tagged , , | Leave a comment

Tier 1 visa applications

Posted in Case Study | Leave a comment

Tier 2 visa applications

Posted in Case Study | Leave a comment

Sponsor licence applications

Posted in Case Study | Leave a comment

Tax efficient charitable donations

Posted in Case Study | Leave a comment