Phizackerley v HMRC
Another area of tax planning (estate planning) looks like it is being squeezed.
I will post below details from Simon Shaffer of Moerans, a lawyer friend of mine that specialises in Estate Planning and Inheritance Tax planning with me. It’s clear that it is early days and in reality I would guess that this case although important surely must have some exceptional circumstances for the revenue to take this stance on this particular case.
I’ll post follow ups as and when they occur.
Dear John,
You may have recently seen press reports about the decision in Phizackerley v HMRC. I thought that it may be useful for me to give you some further information on the case and its implications for IHT planning via Nil Rate Band Trust schemes.
The case revolves around the application of section 103 of the Finance Act. This basically says that you cannot make a gift to your spouse during your lifetime and then use the value of that gift to create a debt. Thus if Mr A owns a house and gifts 50% of it to his wife, and she dies first, the value of the gift cannot be deducted from his estate (on his subsequent death) if he borrows the value of the gift back. This only arises in the context of the nil rate band “DEBT” scheme. Up to this time this is an area that the Revenue have not actively pursued, however this may well be changing now, in which case some estates might be caught; but only if the sole breadwinner survives i.e. if MRS or MR dies first and only if the Revenue challenge the deduction on the second death.
In Phiz the family home was purchased jointly but the wife had not worked. The Special Commissioners determined that in effect MR had paid all the money for the property and therefore when they severed the tenancy it was a gift of 50% of the property from him to her, even though she was already a joint owner according to the Land Register. S103 then kicked in when he died having borrowed back the value of the gift thus the debt was non-deductible from his estate for IHT purposes. Unfortunately they did not have any other assets to use in the scheme except the family home.
The profession has a number of questions and also a serious doubt about the validity of the decision and it is hoped that the case will be appealed to the High Court.
Amongst the questions are: When is a wife a non-working spouse? Why is her contribution of running the family home and bring up children not considered to be “working” towards the increase in family assets in this area of law as it is in divorce law?
There are ways of avoiding Section 103 but as always each case needs to be looked at on its own merits and the clients advised accordingly. As with all press reporting the implications of a particular decision can be blown out of proportion. Certainly the case has drawn a line in the sand but I suspect that the line will be moved back in the taxpayers’ favour in the future as the repercussions of the decision are discovered.
Currently nothing needs to be done. When these schemes come to be implemented, i.e. on the first death, we will determine whether to proceed via a charge (rather than debt) or whether we need to vary the Will to provide the survivor with a life interest rather than an absolute interest in the residue which are ways of proceeding which are not caught by section 103. However if, as is more common, the main breadwinner (MR) dies first there is no problem at all.
Nil rate band planning in Wills still offers a highly flexible and tax efficient option for those clients with a joint estate of more that £400,000 and we will certainly still be recommending this type of planning. We will however now take much more note of life time gifts made between spouses and their relative health.
If you need any further information do not hesitate to contact either Geoff or I.
Simon J. Shaffer
MOERANS solicitors
123 Station Road, Edgware, Middlesex, HA8 7JR
There was also an article in the Sunday Times which covers what Simon mentions above.
http://business.timesonline.co.uk/tol/business/money/tax/article1660233.ece
Johnny
Monday, April 23, 2007
Monday, March 12, 2007
Portman Building Society
It was announced last week, that if you were a member of the Portman Building Society on the date that they announced a potential merger with Nationwide Building Society, then you maybe eligible for a windfall.
The likely windfall is expected to be somewhere between £200 & £1,000.
The Portman members will vote on the 23 April as to whether or not to approve the society’s proposed merger.
Johnny
It was announced last week, that if you were a member of the Portman Building Society on the date that they announced a potential merger with Nationwide Building Society, then you maybe eligible for a windfall.
The likely windfall is expected to be somewhere between £200 & £1,000.
The Portman members will vote on the 23 April as to whether or not to approve the society’s proposed merger.
Johnny
The Equitable Life debacle nearing an end?
Don’t bank on it!
Leaked detail from Ann Abraham’s report, which is expected in the summer (hmmm, of 2007), is suggesting that there might possibly be compensation for members of the suffering With Profit’s fund.
The report has previously been delayed twice and it has taken nearly 3 years to compile. Details surfaced last October that vital information was missing from the evidence given to the government.
It is also suggested that the Treasury, the FSA and the FOS have all been criticised in this investigation and the report will highlight this.
The report is due early summer and whether or not this will pave the way for members to become eligible for compensation isn’t yet clear, but in my opinion, it’s still a very long way from being resolved, if at all.
Johnny
Don’t bank on it!
Leaked detail from Ann Abraham’s report, which is expected in the summer (hmmm, of 2007), is suggesting that there might possibly be compensation for members of the suffering With Profit’s fund.
The report has previously been delayed twice and it has taken nearly 3 years to compile. Details surfaced last October that vital information was missing from the evidence given to the government.
It is also suggested that the Treasury, the FSA and the FOS have all been criticised in this investigation and the report will highlight this.
The report is due early summer and whether or not this will pave the way for members to become eligible for compensation isn’t yet clear, but in my opinion, it’s still a very long way from being resolved, if at all.
Johnny
Thursday, March 08, 2007
Rates Unchanged
It’s what we predicted and pretty much everybody else out there!
However, we still believe that there will be a further rise this year.
According to the Office of National Statistics, inflation has fallen from an eleven year high of 3.00% to 2.70% and although that is positive news, it’s still way over the 2.00% target!
Nationwide suggest that house prices are waning, however, house prices are still growing at 10.2% apparently.
Outlook moving forward? Well, it would be worthwhile having a read of Paul Stevens thoughts from the last quarter to give some indication toward the markets, as he thought that there might be a slow down this year.
http://www.1stportasset.com/pdf/quarterly_review_december_2006.pdf
It’s what we predicted and pretty much everybody else out there!
However, we still believe that there will be a further rise this year.
According to the Office of National Statistics, inflation has fallen from an eleven year high of 3.00% to 2.70% and although that is positive news, it’s still way over the 2.00% target!
Nationwide suggest that house prices are waning, however, house prices are still growing at 10.2% apparently.
Outlook moving forward? Well, it would be worthwhile having a read of Paul Stevens thoughts from the last quarter to give some indication toward the markets, as he thought that there might be a slow down this year.
http://www.1stportasset.com/pdf/quarterly_review_december_2006.pdf
Johnny
Monday, February 19, 2007
Getting Started
The younger you are the better, well at least in terms of joining a pension scheme and in particular your employer’s scheme.
Have a look at the link and talk to your employer’s financial advisers. They are there to help guide youngsters into an important (maybe not the most exciting part of your first job!) part of their working career.
http://business.timesonline.co.uk/tol/business/money/pensions/article1315680.ece
Johnny
The younger you are the better, well at least in terms of joining a pension scheme and in particular your employer’s scheme.
Have a look at the link and talk to your employer’s financial advisers. They are there to help guide youngsters into an important (maybe not the most exciting part of your first job!) part of their working career.
http://business.timesonline.co.uk/tol/business/money/pensions/article1315680.ece
Johnny
Buy to Let
Read a couple of useful and interesting pieces in the press over the weekend and in particular from the Sunday Times.
I’ve added the link, and if this is an area where you invest or are thinking of diversifying into, then it’s worth having a read.
There are some useful aspects on disposal that are put in a simplistic and clear way.
Anyhow, have a read and see what you think.
Read a couple of useful and interesting pieces in the press over the weekend and in particular from the Sunday Times.
I’ve added the link, and if this is an area where you invest or are thinking of diversifying into, then it’s worth having a read.
There are some useful aspects on disposal that are put in a simplistic and clear way.
Anyhow, have a read and see what you think.
http://business.timesonline.co.uk/tol/business/money/investment/article1400147.ece
Johnny
Monday, January 29, 2007
Stating the obvious?
31st of January, means ‘tax deadline’.
For those completing their own self assessment form this is the last day that the forms and payment can be with Her Majesty’s Revenue & Customs (HMRC).
There is the strike that has been in the press, but I wouldn’t use that as an angle to get a couple of extra days in, as it could cost you a penalty of £100 and the interest on any tax due.
HMRC will also fine you if the detail is inaccurate, £100.
If you can’t find the paperwork for interest payments over the year, or how much you have paid into pensions, a useful place is to do it on line with the provider. Register with them and you can then access the information quickly. You could call the bank or pension company and you may get the info, it’s 11th hour and they are busy/busting at the seams on the last few days, but always worth a try.
ISA’s don’t go on the forms, I say this as sometimes there can be confusion as individuals take an income/withdrawal from their ISA’s and may think that this has to go on the self assessment form, don’t worry, it doesn’t.
Overpay the revenue? Some say that if you are unsure of the amount of tax, then pay a little more than you think. You can then reclaim the monies from them by requesting a repayment, or if you are feeling liberal you can always designate a charity of your choice for any monies due back.
If in doubt, give your local tax inspector a call.
Johnny
31st of January, means ‘tax deadline’.
For those completing their own self assessment form this is the last day that the forms and payment can be with Her Majesty’s Revenue & Customs (HMRC).
There is the strike that has been in the press, but I wouldn’t use that as an angle to get a couple of extra days in, as it could cost you a penalty of £100 and the interest on any tax due.
HMRC will also fine you if the detail is inaccurate, £100.
If you can’t find the paperwork for interest payments over the year, or how much you have paid into pensions, a useful place is to do it on line with the provider. Register with them and you can then access the information quickly. You could call the bank or pension company and you may get the info, it’s 11th hour and they are busy/busting at the seams on the last few days, but always worth a try.
ISA’s don’t go on the forms, I say this as sometimes there can be confusion as individuals take an income/withdrawal from their ISA’s and may think that this has to go on the self assessment form, don’t worry, it doesn’t.
Overpay the revenue? Some say that if you are unsure of the amount of tax, then pay a little more than you think. You can then reclaim the monies from them by requesting a repayment, or if you are feeling liberal you can always designate a charity of your choice for any monies due back.
If in doubt, give your local tax inspector a call.
Johnny
Tuesday, January 09, 2007
Happy, healthy & prosperous 2007!
Well, I hope you all enjoyed the holiday period and for me, it feels like a long long time ago that we were out on our Christmas do and enjoying the festivities.
Anyway, New Year, new start and all that. So, what should you be looking to do in the run up to the end of the tax year? Below, I have put a few ideas and suggestions that maybe worth considering.
The tax year end is 5th April and in reality, much of the tax planning needs to get under way now. The 5th falls on a Thursday, so for desperate last minute ISA & Pension contributions, we’d like them the week before, but in reality to guarantee we get them in for 2006/07, then Wednesday 4th has to be the last day!
ISAs - £7,000 maxi ISA. Anyone with £7K kicking around (spare) should consider one! Please take advice before you put any money away. There are thousands of different ISAs with risk ratings at every point on the scale. It is obviously vital that you know what you may be getting yourself into.
Pensions – SIPP’s, personal pensions, Stakeholders, whichever model suits your circumstances, they are all still pensions and with the increased possibilities for lump sum contributions post A-Day (06/04/06), pension planning must be near the top of priorities for investors with some spare capital. 40% tax relief (for higher rate tax payers) makes the investment into pensions still a very attractive form of saving for retirement.
Inheritance Tax (IHT) Planning – If you have a potential problem, don’t forget to use your annual gift allowances to reduce your taxable estate wherever this makes financial sense. Don’t forget that you can also use the £3,000 allowance for last year too. It’s basic, but for grandparents looking to move monies on to their grandchildren, it’s sensible. And, with the facility to pay £3,600 into a youngster’s pension each year, they can be combined as part of sensible tax planning. A net contribution of £2,808 gives a grossed up figure of £3,600.
It could also be an opportune time to revisit Wills and estate planning. This may mean the transfer of ownership of properties from joint ownership to tenants in common, using up the Nil Rate Band and many other aspects. Talk to us - if you don’t have a solicitor, we can refer you to an expert that will be able to assist with your queries.
There are also some bespoke tax solutions that we have for investors wishing to pass monies to grandchildren, and, with Accumulation & Maintenance Trusts changing so drastically post budget, we may now have a solution for this that is available to our clients. We have counsel’s opinion and should our clients or introducers wish to view this, please contact me and I can forward this on.
Specialist tax planning – Speak to Michael Coulson-Tabb. There are various planning and tax saving ideas that Michael has available and it would be worth consulting with him for tax planning. Give him an e-mail m.coulson-tabb@morgans.co.uk or call 0207 491 5060. You could also have a look at this weblink :- http://www.morgans.co.uk/financial_solutions.html
Mortgages – they may not be tax sensitive, but it’s crucial that you / we are proactive in ensuring that you get the best rates out there. Jane Robertson can and will help take some of the pain away of the re-mortgage, buy-to-let, overseas mortgage and your home reviews. Speak to her. J.Robertson@morgans.co.uk
Other ideas? – The New Year is a good time, or at least it feels like a good time to get the ‘financial’ house in order. Have a look at the life cover, is it enough? Is the mortgage covered? Review the existing pensions, existing investment portfolios, are they balanced correctly? Overweight or underweight in certain sectors?
Consider a financial review and enjoy 2007.
Best regards,
Johnny
Well, I hope you all enjoyed the holiday period and for me, it feels like a long long time ago that we were out on our Christmas do and enjoying the festivities.
Anyway, New Year, new start and all that. So, what should you be looking to do in the run up to the end of the tax year? Below, I have put a few ideas and suggestions that maybe worth considering.
The tax year end is 5th April and in reality, much of the tax planning needs to get under way now. The 5th falls on a Thursday, so for desperate last minute ISA & Pension contributions, we’d like them the week before, but in reality to guarantee we get them in for 2006/07, then Wednesday 4th has to be the last day!
ISAs - £7,000 maxi ISA. Anyone with £7K kicking around (spare) should consider one! Please take advice before you put any money away. There are thousands of different ISAs with risk ratings at every point on the scale. It is obviously vital that you know what you may be getting yourself into.
Pensions – SIPP’s, personal pensions, Stakeholders, whichever model suits your circumstances, they are all still pensions and with the increased possibilities for lump sum contributions post A-Day (06/04/06), pension planning must be near the top of priorities for investors with some spare capital. 40% tax relief (for higher rate tax payers) makes the investment into pensions still a very attractive form of saving for retirement.
Inheritance Tax (IHT) Planning – If you have a potential problem, don’t forget to use your annual gift allowances to reduce your taxable estate wherever this makes financial sense. Don’t forget that you can also use the £3,000 allowance for last year too. It’s basic, but for grandparents looking to move monies on to their grandchildren, it’s sensible. And, with the facility to pay £3,600 into a youngster’s pension each year, they can be combined as part of sensible tax planning. A net contribution of £2,808 gives a grossed up figure of £3,600.
It could also be an opportune time to revisit Wills and estate planning. This may mean the transfer of ownership of properties from joint ownership to tenants in common, using up the Nil Rate Band and many other aspects. Talk to us - if you don’t have a solicitor, we can refer you to an expert that will be able to assist with your queries.
There are also some bespoke tax solutions that we have for investors wishing to pass monies to grandchildren, and, with Accumulation & Maintenance Trusts changing so drastically post budget, we may now have a solution for this that is available to our clients. We have counsel’s opinion and should our clients or introducers wish to view this, please contact me and I can forward this on.
Specialist tax planning – Speak to Michael Coulson-Tabb. There are various planning and tax saving ideas that Michael has available and it would be worth consulting with him for tax planning. Give him an e-mail m.coulson-tabb@morgans.co.uk or call 0207 491 5060. You could also have a look at this weblink :- http://www.morgans.co.uk/financial_solutions.html
Mortgages – they may not be tax sensitive, but it’s crucial that you / we are proactive in ensuring that you get the best rates out there. Jane Robertson can and will help take some of the pain away of the re-mortgage, buy-to-let, overseas mortgage and your home reviews. Speak to her. J.Robertson@morgans.co.uk
Other ideas? – The New Year is a good time, or at least it feels like a good time to get the ‘financial’ house in order. Have a look at the life cover, is it enough? Is the mortgage covered? Review the existing pensions, existing investment portfolios, are they balanced correctly? Overweight or underweight in certain sectors?
Consider a financial review and enjoy 2007.
Best regards,
Johnny
Tuesday, December 19, 2006
Got a fixed rate?
There is much speculation at the moment about interest rates and inflation.
Inflation is now at a 10 year high and it is much worse than many of the experts were predicting. The economy is good (so we are told) and wage demands are running high, with high demands expected in the spring.
Who else has noticed the intensity of sales pre Christmas? I’ve never had so many e-mails with discount vouchers and its cost me a fortune! But, does this mean that they’ll get more in before Christmas, or will the punter wait till the sales? Walking out and about in town I can tell you that there are loads of people out there, lets hope there’s enough of them spending money.
So what’s happened to the governments 2 point zero target? Nothing! It’s been running above the target 7 months now and Retail Prices Index (RPI) has been long seen as a measure to target higher wage rises. If you don’t receive inflation or above, in real terms you’re moving backwards! It might be unfair to say nothing has happened, but although good for the saver, rising interest rates suggest something is amiss and maybe worth some thought?
It’s our job to insure clients monies keep ahead of inflation, its target number one for us.
What should you do?
1, Speak to Jane Robertson who heads up our mortgage desk if you are concerned about the type of mortgage you’ve got. Apathy often sees clients stuck in a rut and paying over the odds on a Standard Variable Rate (SVR), maybe it’s time to get on a fixed rate?
2, Investments? Don’t just leave the monies sat in a bank account (often at way below inflation). Leave enough to ensure the direct debit monies can and will be met, then have your savings pot or emergency fund, the other monies should be working harder and smarter. We have other options, we have ideas for lower risk monies and our accountants and solicitors are finding that more and more that clients need to protect their wealth.
3, It’s a good time of year to have a review. A little shake up every now and then can do wonders for the mind. Maybe it’s all tickety boo and no need for change, maybe a little tweak here or there, but at least have a look at it.
4, Don’t just do nothing!
Whoever your adviser is, pester him or her a little and see what’s going on.
Johnny
There is much speculation at the moment about interest rates and inflation.
Inflation is now at a 10 year high and it is much worse than many of the experts were predicting. The economy is good (so we are told) and wage demands are running high, with high demands expected in the spring.
Who else has noticed the intensity of sales pre Christmas? I’ve never had so many e-mails with discount vouchers and its cost me a fortune! But, does this mean that they’ll get more in before Christmas, or will the punter wait till the sales? Walking out and about in town I can tell you that there are loads of people out there, lets hope there’s enough of them spending money.
So what’s happened to the governments 2 point zero target? Nothing! It’s been running above the target 7 months now and Retail Prices Index (RPI) has been long seen as a measure to target higher wage rises. If you don’t receive inflation or above, in real terms you’re moving backwards! It might be unfair to say nothing has happened, but although good for the saver, rising interest rates suggest something is amiss and maybe worth some thought?
It’s our job to insure clients monies keep ahead of inflation, its target number one for us.
What should you do?
1, Speak to Jane Robertson who heads up our mortgage desk if you are concerned about the type of mortgage you’ve got. Apathy often sees clients stuck in a rut and paying over the odds on a Standard Variable Rate (SVR), maybe it’s time to get on a fixed rate?
2, Investments? Don’t just leave the monies sat in a bank account (often at way below inflation). Leave enough to ensure the direct debit monies can and will be met, then have your savings pot or emergency fund, the other monies should be working harder and smarter. We have other options, we have ideas for lower risk monies and our accountants and solicitors are finding that more and more that clients need to protect their wealth.
3, It’s a good time of year to have a review. A little shake up every now and then can do wonders for the mind. Maybe it’s all tickety boo and no need for change, maybe a little tweak here or there, but at least have a look at it.
4, Don’t just do nothing!
Whoever your adviser is, pester him or her a little and see what’s going on.
Johnny
Tuesday, November 28, 2006
Benefits of Mutuality?
The Nationwide has announced that they are ending their policy of offering the same rates for every customer.
This is regrettable because they were seen as different and in my opinion their stance with regard to this was perceived as one of the benefits of mutuality. That said, offering different rates depending on the status of the buyer does tend to favour first time buyers, which in difficult times for many of them, can be argued to be a good thing for them at least.
Nationwide often criticised other lenders, particularly in a high profile advertising campaign based on the benefits of mutuality being demonstrated in one rate for all borrowers, and to reverse this stance looks to be a bit hypocritical.
I’ve added a link to read about what was said in the Times; if you are stuck on a standard variable rate or simply want to address your borrowing, discuss rates, look at buy-to-lets or to find out what’s out there, then give Jane a call or e-mail her.
http://business.timesonline.co.uk/article/0,,9063-2474919,00.html
Jane Robertson
020 7 491 5060
j.Robertson@morgans.co.uk
Johnny
The Nationwide has announced that they are ending their policy of offering the same rates for every customer.
This is regrettable because they were seen as different and in my opinion their stance with regard to this was perceived as one of the benefits of mutuality. That said, offering different rates depending on the status of the buyer does tend to favour first time buyers, which in difficult times for many of them, can be argued to be a good thing for them at least.
Nationwide often criticised other lenders, particularly in a high profile advertising campaign based on the benefits of mutuality being demonstrated in one rate for all borrowers, and to reverse this stance looks to be a bit hypocritical.
I’ve added a link to read about what was said in the Times; if you are stuck on a standard variable rate or simply want to address your borrowing, discuss rates, look at buy-to-lets or to find out what’s out there, then give Jane a call or e-mail her.
http://business.timesonline.co.uk/article/0,,9063-2474919,00.html
Jane Robertson
020 7 491 5060
j.Robertson@morgans.co.uk
Johnny
Monday, November 13, 2006
Target Two Point Zero
You may or may not be aware that the government has a target for inflation, which is 2.0%.
There is also a contest for sixth-formers and the first rounds start shortly. It’s a joint effort run by the Times and the Bank of England.
Have a look.
http://business.timesonline.co.uk/article/0,,8209-2450968,00.html
Does actually give some helpful understanding of why interest rates fluctuate, how the economy is driven and the impact of interest rate changes.
You may or may not be aware that the government has a target for inflation, which is 2.0%.
There is also a contest for sixth-formers and the first rounds start shortly. It’s a joint effort run by the Times and the Bank of England.
Have a look.
http://business.timesonline.co.uk/article/0,,8209-2450968,00.html
Does actually give some helpful understanding of why interest rates fluctuate, how the economy is driven and the impact of interest rate changes.
Johnny
Thursday, November 09, 2006
Bank of England Rate Rise?
Well, they keep saying that interest rates are going up, but this time it seems inevitable.
Inflation needs to be kept under control, yet manufacturing needs healthy progress. And, this means there is an argument for both sides.
Mortgages, credit cards, overdrafts, business loans (all debt that isn’t fixed in other words) could all move upward after today’s monthly monetary meeting, which will be announced at midday.
Yet, we need manufacturing to continue to progress and expanding the working force helps the economy to grow at a healthy pace, without this it can weaken our position internationally.
We’ll know later which way the MPC will call it.
Johnny
Well, they keep saying that interest rates are going up, but this time it seems inevitable.
Inflation needs to be kept under control, yet manufacturing needs healthy progress. And, this means there is an argument for both sides.
Mortgages, credit cards, overdrafts, business loans (all debt that isn’t fixed in other words) could all move upward after today’s monthly monetary meeting, which will be announced at midday.
Yet, we need manufacturing to continue to progress and expanding the working force helps the economy to grow at a healthy pace, without this it can weaken our position internationally.
We’ll know later which way the MPC will call it.
Johnny
Tuesday, October 17, 2006
Equitable Life update
Since the near collapse of the Equitable Life in 2001 there have been unanswered questions, in particular, did the Government fail her policy holders?
The Parliamentary Ombudsman is to write to the Government this week and Ann Abraham is expected to report by the end of the year. Should I be cynical and suggest that there maybe further delay?
Anyhow, yesterday, there was a delegation of MEP’s looking into whether or not the Equitable policy holders were failed and did the UK Government sufficiently implemented European directives on financial regulation.
If you still hold monies within the Equitable, especially With Profit monies, I do advise that these are reviewed and ensure that they are at least monitored. The penalties to exit (Market Value Adjuster) have fallen and if it’s been a while since a review, then maybe it’s time for a check up?
Johnny
Since the near collapse of the Equitable Life in 2001 there have been unanswered questions, in particular, did the Government fail her policy holders?
The Parliamentary Ombudsman is to write to the Government this week and Ann Abraham is expected to report by the end of the year. Should I be cynical and suggest that there maybe further delay?
Anyhow, yesterday, there was a delegation of MEP’s looking into whether or not the Equitable policy holders were failed and did the UK Government sufficiently implemented European directives on financial regulation.
If you still hold monies within the Equitable, especially With Profit monies, I do advise that these are reviewed and ensure that they are at least monitored. The penalties to exit (Market Value Adjuster) have fallen and if it’s been a while since a review, then maybe it’s time for a check up?
Johnny
Monday, October 16, 2006
National Identity Fraud Prevention Week 16-22nd October
I touched on this subject last week and here is a bit more information. I know of a few clients and friends that have suffered this, even our own staff!
It can happen to anyone, but some simple measures can reduce the chances of it being you. I have attached link below and although much of it is basic stuff, I think it is worth making sure that we are keeping up to date with the latest forms of attacks we might come across.
Prevention is obviously better than cure, but if you have been attacked then you will need repair your credit rating. This can be a difficult task and professionals even suggest consulting with a solicitor if needs be, which will cost!
Have read, be vigilant and this week, have a think why it’s National Identity Fraud Prevention Week!
http://www.stop-idfraud.co.uk/
http://news.bbc.co.uk/1/hi/business/6047174.stm
Johnny
I touched on this subject last week and here is a bit more information. I know of a few clients and friends that have suffered this, even our own staff!
It can happen to anyone, but some simple measures can reduce the chances of it being you. I have attached link below and although much of it is basic stuff, I think it is worth making sure that we are keeping up to date with the latest forms of attacks we might come across.
Prevention is obviously better than cure, but if you have been attacked then you will need repair your credit rating. This can be a difficult task and professionals even suggest consulting with a solicitor if needs be, which will cost!
Have read, be vigilant and this week, have a think why it’s National Identity Fraud Prevention Week!
http://www.stop-idfraud.co.uk/
http://news.bbc.co.uk/1/hi/business/6047174.stm
Johnny
Dilko Wizard
Martin Dilke-Wing, Director at Morgans, finished 18th in the ‘Times National Crossword Solving Championship’ last week. Out of 172 finalists who were required to solve 3 puzzles in one of 2 qualifying sessions, he qualified 8th out of 83 from the second session (all correct in approximately 30 minutes) to get to the Grand Final of 24 where sadly he made one mistake on one of the 3 puzzles to finish 18th out of 24. His average time per puzzle was 13 minutes. This is still a personal best for Martin and this also means that he gets an automatic exemption from pre qualifying into next year’s finals.
Good stuff Martin!
Martin Dilke-Wing, Director at Morgans, finished 18th in the ‘Times National Crossword Solving Championship’ last week. Out of 172 finalists who were required to solve 3 puzzles in one of 2 qualifying sessions, he qualified 8th out of 83 from the second session (all correct in approximately 30 minutes) to get to the Grand Final of 24 where sadly he made one mistake on one of the 3 puzzles to finish 18th out of 24. His average time per puzzle was 13 minutes. This is still a personal best for Martin and this also means that he gets an automatic exemption from pre qualifying into next year’s finals.
Good stuff Martin!
Jonny
Monday, October 09, 2006
Nike Run London 2006
5 of our guys did the run and here are the times for each of them;
Alun Webster (Big Al) - 46 mins 18
Lloyd French- 46 mins 56
Matthew Leaver - 47 mins 30
Quan Liu- 1 hr 3 mins
Candice Fields - 1 hr 12 mins
They all did well and you can see each of them finish on the Run London website, if you click on ‘watch your finish’ you might just catch a glimpse of them coming in.
https://www.runlondon.com/
Plenty of training and pre-run banter was about prior to yesterday and I’m sure there was probably a little bit of niggle/competition between the lads with Big Al (obviously running for North of the River (that’s the not so dangerous side!)) getting in ahead of his gym/running partners.
Well done guys, great effort!
No I didn’t forget, I’m sure you’ll agree that the advertising for this was fantastic….of course it was, our clients Wieden & Kennedy did it! www.WKLondon.com
Johnny
How to make the best conkers
Ok, so this is really financially related….
You can’t send your kids off to school without giving them the best chance. We help with the schools fees planning, university funding, residency ideas for uni, such as buy-to-lets and in general try and help with ideas.
Anyhow, school is also about having a bit of ‘street cred’ and if little Timmy can smash his way through to a double figure conker that Dad has prepared, then that’ll surely bring you a smile.
Here are two of my methods, but don’t blame me if they bust on the first swing!
Preparations :
Gather plenty of conkers, bigger in this case is often better. Get something out of the garden that has water in it (as opposed to using the tap!) and see if the conkers sink or float. Discard all the sinkers as they will have either fractures or internal damage. Then with the others, put them in a warmish, dry place for next year!
Ok, so you didn’t do that last year and need to crack on with this year…
Method One: soak in vinegar for 15 minutes, then bake on high for 5 minutes. Leave to dry, drill a hole through the middle and it must be the middle and don’t use skewers or such, you need the drill to pull out the debris so as to avoid damage to the conker! Then coat in ‘sneaky marine varnish’, get a couple of coats on there and once dry, get nylon cord probably 4 or 5 mm and get a big knot the other end, cord should be circa 250 to 300 mm.
Method Two: soak in olive oil for a week, then use the same method for the hole.
Both have worked pretty good and should get you up to a ten-er, I do prefer the first one though I have to admit….
Safety Disclaimer…Oooh, don’t forget to wear safety goggles when drilling and playing, get an adult to secure the conker in a vice before drilling, wear gloves and other safety apparel and shin pads, when engaging in conker games….. yeah right, nothing like a bruised shin when you miss!
Johnny
Anti Money Laundering
Every brokerage has a reporting officer and we are no different.
We have to treat this seriously, we have to obtain details of who our clients are and now many of the providers with whom we place business will want to know the origin of the monies, such as inheritance, savings and so on. Failure to comply isn’t an option as advisers face imprisonment for certain breaches and I certainly don’t fancy that!
So we do our bit, but there is another threat that both we and our clients face and it is worth taking a bit of time every now and then to make sure that our own pc’s are protected.
I’ve added a link that I came across on the BBC, it’s worth a read.
Most of it is basic stuff, but as these criminals become more and more sophisticated, it’s worth making sure that you get up to date with your software protection, firewalls and preventative measures to combat data theft.
Have a look at the links below :
Please remember that Morgans is not responsible for the content of external internet sites
http://news.bbc.co.uk/1/hi/technology/5414502.stm
http://news.bbc.co.uk/1/hi/technology/5414696.stm
Johnny
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