A very warm welcome to our first newsletter of 2012. Read the article, here.
If the past few months are anything to go by, we are in for a very busy year. In this issue I felt that we needed to cover the following most important and current matters:
A brief look at HS2 and its impact
- Pre year end financial MOT – how to plan in advance to make savings
- CAP Reform – how to keep businesses developing
- SFP Entitlements and Milk Quota – how to make the most from the loss of value
- Tenancies – how to save large sums of inheritance tax
With the government trying desperately to kick-start the economy it will be interesting to see how the planned HS2 rail link and other developments, such as the 'Ecotown' at Bicester, impact on the national and local economy.
We are still seeing a number of sites in the region being granted residential planning consent. We are continually undertaking capital gains tax planning work to hopefully secure the magical 10% rate of tax. Quite often on this type of developments we are looking at potential tax savings of £1/2m to £3/4m – very rewarding and interesting work but the critical thing is to involve us at an early stage. We are one of only a few firms in the country who have been through a tax investigation with HM Revenue and Customs featuring Entrepreneurs Relief (the 10% rate) – we won! This, along with a significant amount of work in this area, has given us invaluable experience on how best to plan. Due to this increase in planning activity, combined with our expertise in this area, we are noting a rise in the number of referrals made to us, notably from land agents, who have clients with potential development gains.
May I take this opportunity to thank all clients and contacts of Ellacotts for your continued support and on behalf of our Agri team may we wish you all a healthy and wealthy 2012!
John Thame
Partner
