A Great Day

from Felpham In Focus July/August 2023

by InFocus

MARY HITE’S ANNUAL ART EXHIBITION AT ARUNDEL

Inheritance Tax

You can’t have your cake and eat it!

When a person dies, in general terms Inheritance Tax is payable on the value of the assets comprised in their estate at the date of their death, together with the value of assets given away by them in the previous 7 years, if together the aggregate value is more than the available nil rate band (current maximum being £325,000 per person).

A lot of people conclude that to avoid paying Inheritance Tax all they have to do is gift the whole or even half of their house, bungalow or flat, to their son/daughter, live for 7 years and then that’s it, the value of their asset will be less than the nil rate band. Not so!

If you continue to live in your property after making the gift then this simple avoidance tactic is caught by the Gift with Reservation of Benefit Rules.

Property caught by these Rules is treated by HMRC as if it still forms part of the donor’s estate on their death, irrespective of the number of years that have passed since the date of the gift. It can give rise to the worst of circumstances in that Inheritance Tax still has to be paid on the value of the asset, but the beneficiaries lose any Capital Gains Tax advantages, such as the Tax Free Uplift on death.

If you are worried about Inheritance Tax and want to talk through your options, please feel free to make a mutually convenient appointment for us to meet.

Don’t forget I can also help you with:

• Wills and Trusts

• Inheritance Tax

• Care Fees Planning

• General & Lasting Powers of Attorney

• Probate

• Administration of Estates

Helen Gagan Solicitor … listening to her clients

Felpham Chambers, 60 Felpham Road, Felpham, Bognor Regis, West Sussex, PO22 7NZ

Office telephone number: 01243 867330 Mobile: 07584 991081

Email: helen@helengagansolicitor.co.uk www.helengagansolicitor.co.uk

HYDRO POOL, SPA & CELEBRATION VENUE

Our Hydro Pool has a warm temp erature, with pressure and movement of water controlled according to who is using the pool. It provides a theraputic whole-body treatment, moving and exercising in the water - essentially physiotherapy in a pool.

Prices: (1 Hr Swim) - Book 5 sessions & enjoy the 6th free

Solo : £20

Couples : £30

Children : £15

Family (2+2) : £50

Private lunch with Spa : £45ppnbring your own wine

Private Hire (max 8 people)call for details

For daytime only hire, Spa or overnight stays, c all Donna on 01 2 4 3 82793 6 or visit : ww w.thecoasthousebandb.co.uk

St Mary’s Tea and Chat

Run in partnership with our neighbours, Gateway Lodge

2nd Thursday of the Month 13th July 2023)

St Mary’s Centre Felpham 2pm - 4pm

Come along and enjoy an afternoon tea, chat and activities.

Come and hear Christine Holyoake talk about SCAMS and how to spot the robbers!

A scam is a dishonest or fraudulent scheme that attempts to take money or something of value from people. Scammers are thieves!

Summer Raffle!!

Private Hire Available

• Private lunch with Spa

• Private chef available

• Private & exclusive use

• Wellness treatments

• Special occasions, groups, meetings & celebrations

16 Vicarage Lane, Felpham

To contact FELPHAM IN FOCUS please email: office@infocusmagazines.co.uk

Welcome to Arundel Clocks

01243 585059 gary@arundelclocks.com

I have been restoring, repairing, servicing and selling clocks for the last 25 years. Arundel Clocks is based in the heart of Elmer Sands, West Sussex serving surrounding areas

We are happy to undertake any work from a service to a major strip down and re‐build or restoration.

I always give a guaranteed price (with no hidden costs) and an estimated time for completion of the work undertaken, all repairs are backed up with a back to base twelve month guarantee.

10% Discount for OAPs

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