Previous front cover of The Scene Photo by Ron Weir

Well here we are, the first issue of 2006. As usual the run up to Christmas proved hectic. What with the Panto, the duty run back to Derbyshire with the presents, lights to put up, trees to decorate etc, etc, and the Scene to get out early because the printer closed for the Christmas break on the 23rd. I tell you it was a right muck-sweat. (Oh my God just listen to him, he's a typical man, if it were left to him Christmas would never happen. Er-indoors.) At least the panto is safe and we have a hall to perform it in which is a huge relief, So, a big thank you to all who came forward and volunteered their services.

By the time you are reading this another birthday will have trickled under the bridge of time and your dear editor will be another year older. In fact birthdays no longer trickle in my case they tear past like a river in a flood. Still I suppose that you can get used to the idea that you are approaching middle age and may be even look forward to it. (If he is looking forward to middle age then all I can say is "He's looking in the wrong direction".)

Anyway if he you haven't got your Panto tickets yet, you'd better get a move on, the last I heard they were going like hot cakes. After all you wouldn't want to miss the best village Panto in Suffolk would you?

Happy New Year from 'She who must be obeyed' and me.

Jim Fieldsend

With all the money now received the final total for this year is a wonderful £722.67

This is the best total in the 14 years that we have been doing the event. Sincere thanks to everyone for their generous support of this vital work. Hope to see you all next year to repeat this excellent total.

Yes it's good news, and a relief to all.  Especially to those who use the Memorial Social Centre for social and club activities, family parties and annual celebrations.   At the emergency meeting on Monday 5th December four people came forward to join the committee.  So the threat of closure recedes and, if we can appoint a Chairperson from the new committee, we can get through the coming year.

Many thanks to the members of the public who turned out to lend some moral support to the proceedings.  Their concern gave some strong imperative to the meeting. 

In particular, we owe many thanks to the 'volunteers' who were moved by the seriousness of the situation to help save the hall for the village.

To get things moving apace again there will be a Trustees meeting on Monday 9th January 2006 (7.30pm in the Pavilion) instead of the planned management meeting.  Among other matters such as the roof repair, bar upgrade, plans for improving the toilets etc, the agenda will include:  a) setting a date for the 2nd Trustees meeting in 2006 (the 3rd meeting is the AGM on Monday 6th November 2006) and b) the dates of the three 'obligatory' management meetings, plus anything else the club representatives wish to put on the agenda (contact the Secretary, Pamela Green on 01440 821071, current email: pamela.bloomfield@gmail.com). 

So it's a Happy New Year for all…

Continuing the theme from the first issue, this article also examines benefits for children, but from a different perspective.

Inheritance Tax
Possibly one of the worst kinds of tax is Inheritance Tax (IHT), effectively a form of double taxation. When someone dies, their assets (estate) are assessed for IHT. If the value is greater than £275,000 (nil rate band for 2005/2006) after deduction of small annual allowances, then, unless the assets are passed on to the spouse or a charity, the Inland Revenue mormally charges IHT at 40% on the excess.

Fortunately there are a number of ways to reduce the tax or eliminate it altogether. The most obvious ways are to give some of your assets away before you die or make regular gifts from surplus income.

There are also some allowances that you can use without any IHT implications. For example, the annual allowance of £3,000, plus any number of small value gifts (up to £250 each) and certain wedding gifts. Larger value gifts can be made, but you must then survive seven years for them to reduce the tax liability on your estate.

You must not be perceived to gain any benefit from a gift, otherwise you will be deemed to have made a 'gift with reservation', which will negate any IHT reduction (even if made many years ago). For example, you might give a painting to your children but keep it on your wall, or you might give a way a holiday home but continue to use it for your own holidays (without paying a market rent).

Married couples usually leave their estates to each other, but this often results in the 'waste' of the nil rate band belonging to the first of the couple to die. For a couple with assets valued at £550,000 (double nil rate band) the amount of tax due when the second partner dies would be £110,000. You can avoid this by using an appropriately worded Will, and if your house is your major asset, ensuring you both on it as 'tenants in common' (not 'jointly').

There are many situations where IHT can be reduced by using trusts. These are generally used to gift an investment away while retaining some benefit from it, e.g. by continuing to receive income from it. Gifting into a trust usually still requires you to live seven years to be effective. IHT planning,, should therefore, always be started 'sooner rather than later'.

However, one type of trust scheme (discounted gift trust) can give an immediate reduction in IHT liability. Furthermore, some IHT reduction can also take place up to two years after death, by changing the provisions of the Will.

IHT planning can be a very complex area and professional advice should always be sought to ensure that you achieve the desired effect.

Future Articles
If you would like information on the topic covered, please contact me (details as per BV Services advertisement). Please note this article contains general information only and should not be viewed as specific advice.

John Bramwell BV Services is authorised and regulated by the Financial Services Authority