Since our last edition, the UK has made the momentous decision to exit the EU. Much has been written about this and speculation about the consequences is still rife. For individuals in the private wealth arena, the main concerns will be around property ownership, inheritance, taxation and freedom of movement.
Here at VWV we have also undergone changes in the last 6 months. On 1 February, we established a new VWV Watford office and from this base we can now offer full private client services to clients in Watford and surrounding areas. We are also delighted to let you know that from 5 September, we will be in newly refurbished offices at 45 Clarendon Road, Watford, 5 minutes' walk from Watford Junction station.
In our London office, we have been joined by Senior Associate, Iain Aitken. Iain has a strong background in providing estate planning advice for corporate clients and family businesses. Iain has written an article about the new residence nil rate band which will be fully introduced in 2021. This will give couples who leave property to their children, a potential total tax free allowance of £1 million. The legislation throws up a number of questions and the downsizing regulations are of particular concern.
Angharad Lynn's article looks at some of the tax saving opportunities which are still available. Angharad also considers the use of family investment companies. These structures were seen as offering an alternative to trusts following legislation in 2006 which made trusts less attractive as a means of passing assets on to the next generation free of inheritance tax.
We are also pleased to announce that we have been joined by a matrimonial Partner: Samantha Hickman. Samantha has over 20 years' experience in dealing with family matters acting for clients in the UK and internationally in Dubai, Australia, Singapore and the Sudan. Samantha is highly recommended by peers and clients alike for her handling of financial aspects of matrimonial disputes. Samantha's piece looks at the long running divorce case of Wyatt v Vince and the implications for clients whose financial settlements on divorce may not be fully resolved.
We are also delighted to announce that over the last few months the Private wealth team has won the following awards:
We continue to be recognised in the market place and look forward to another year of growth and achievement, helping clients with clear and commercial advice.