Solicitor Position
Salary: Competitive
As a result of our continued expansion we are looking for a dynamic and confident solicitor to join our city centre office in Glasgow.
Applying candidates should ideally have:
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Strong organisational and communication skills.
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Experience of working within a fast paced office environment.
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The ability to work from a case management system without paper files
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Strong attention to detail
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The ability to work as part of a team
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Relevant private client experience is desirable but not essential as full training will be provided
The role will include:
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Handling the ongoing administrative aspects of Lifetime Discretionary Trusts
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Communicating with clients and discretionary beneficiaries on a daily basis
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Undertaking the administration following the death of a settlor including attending to distribution of Trust assets.
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Advising on relevant tax implications during the course of the administration, particularly Inheritance Tax, Income Tax and Capital Gains Tax
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Engaging with local authorities and other solicitors in relation to clients who have entered into residential care
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Checking draft Wills and Powers of Attorney
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Conducting new client appointments within the office
In return we will offer:
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A full time permanent position
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A competitive salary
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Pension
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An excellent holiday package
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Paid Staff Days Out
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Substantial opportunities for career progression
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No requirement for time recording
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Monthly dress down day with drinks to round off the month!
Please send your CV to Stephanie.hutton@mcclure-solicitors.co.uk
There is a very important misconception about the Taper Relief discount for Inheritance Tax. If you make a gift and survive 7 years it is usually exempt for Inheritance Tax. If you die within the 7 year period there is a discount on a sliding scale which is called Taper Relief. If you die in the first 3 years you get no discount. If you die the next year the tax is reduced from 40% to 32%. It is then reduced to 24%, 16% and if you die in year 6 it is reduced as low as 8%. That’s a huge saving. An article in a well-known quality newspaper shows the Taper Relief table but – and this is very important – it makes no mention of a catch. The problem is that most gifts don’t get any discount even if you die the day before the 7 years are up. The reason is that the discount is calculated on the tax and not on the gift. Let me explain.
Suppose you make a gift of £300,000. You die 6 years later. On the Taper Relief table you would qualify for a discount of 80%. But the gift is not reduced by 80%. It’s only the tax which is reduced and there is no tax if the gift is below your Nil Rate Band which is currently £325,000.
So a gift of even £300,000 suffers no IHT and so the Taper Relief discount is zero.
This does not mean that you avoid the IHT on the gift. The gift uses up most of your Nil Rate Band allowance on death so that the estate (not whoever got the gift) pays the IHT. So the Government still gets the IHT but you don’t get the Taper Relief discount.
It follows that it is vitally important to know how this affects you. If you are a couple it is important to decide who should make the gift. Do you each make a gift, or does only one of you make the whole gift and if so which one? This involves careful judgements but getting it wrong can cost you a fortune.
We provide our expert IHT advice service to clients throughout England, Wales and Scotland. In an average month we see about 10 clients. Their total assets are about £15.5M. Their total IHT liability is about £4.1M and our advice can save them about £2.8M. That’s just in one month.
So why not contact us. Remember everyone’s circumstances are different and general advice is not much use. You need to have detailed advice from advisors you can trust.
So why not arrange a chat with one of our Consultants.
Just call 0800 852 1999 or email us at contactus@mcclure-solicitors.co.uk
Home visits are available.
McClure Solicitors in association with McClure Wealth Management