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Choweree House, 21 Boutport Street, Barnstaple, Devon, EX31 1RP | (Tel) 01271 344300 | info@miltonpj.net



    Philip J Milton & Company Plc provides a well established and very competitively priced "direct instruction" share dealing service.






    It is estimated that 65% of the UK population does not have a valid Will. For those, the law decides how your Estate is distributed under “Rules of Intestacy” meaning that your assets are unlikely to be distributed as you wish upon your death, not even recognising an unmarried partner, for example. Do not delay making a Will! (This service is not regulated by the FCA.)


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Financial Advent Calendar

10 December 2018

Following on from last week, here are our next financial advent calendar tips!

15th – Inheritance Tax (IHT) Nil Rate Band.

The IHT nil rate band is currently £325,000 per person and can be inherited by the surviving spouse of a married couple. Any assets within the deceased’s estate over this value will be subject to tax at 40%.

16th - IHT Nil Rate Band – Gifting to Charity.

If you are in excess of your nil rate band, it may be worth considering gifting to charity. Not only will gifts to charity not be considered for IHT, but if gifts to charity exceed 10% of your taxable Estate, it will reduce the tax payable on the excess from 40% to 36%.

17th – Main Residence Nil Rate Band

If you are planning to leave your home to your children when you die, you may now qualify for the Main Residence Nil Rate Band. This will add up to a further £125,000 each, increasing to be worth up to £175,000 in 2020/21.

18th - Gifting Allowances for IHT – Lump Sum Allowances

Certain gifts are removed from your Estate immediately for inheritance tax. For example, the sum of £3,000 can be given each year. A smaller gift allowance of £250 can be given to any number of people.

19th - Gifting Allowances for IHT – Gifts out of income

Gifts which are generated out of excess income can also be exempt for IHT, but for this regularity would need to be demonstrated and for which a Direct Debit mandate would perhaps be wise.

20th – Alternative Investment Market (AIM)

AIM is a submarket of the London Stock Exchange enabling smaller, more volatile companies to float with a more flexible regulatory system. Because of their high risk nature, many of these stocks qualify for Business Property Relief and as such are exempt from IHT if held for two years. AIM stock can also be held within ISAs

21st – Enterprise Investment Scheme (EIS’s)

EIS investments comprise a series of UK tax reliefs designed to encourage investment in UK start-up firms, which are generally highly illiquid. The benefits of holding such an investment include 30% upfront income tax relief, Capital Gains Tax deferral and no CGT at all to pay on gains generated by the investment.

If this hasn’t got you into the festive spirit, I don’t know what will! If you have seen something you feel the need to discuss further, or this has whet your festive financial appetite, please do call in to discuss this further with one of our financial advisers at an initial meeting, provided at our cost – Merry Christmas!

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Following-on from my recent case noted ‘vulnerability’ an older friend called me recently. She didn’t know that we did Wills and wondered if a wait of seven weeks before receiving a draft of what was to be her very simple Will from one of the so-called leading local lawyers was acceptable or normal. I started by suggesting that any of us can be busy so that it shouldn’t happen but perhaps with holiday and so on it could be explained but then she noted she had called several times and not had messages returned (yes, the firm’s telephone went straight to a ‘we are busy do leave a message’ service) and she had been concerned and had to ask the simple question ‘what would happen if anything happened to me?’ Yes, she has been quite poorly.


Founded in 1985, Philip J Milton & Company are delighted and proud to offer a fully independent financial and investment planning service and we advise upon all aspects of clients’ financial affairs.

The Financial Conduct Authority does not regulate some areas mentioned on our web site including: Buy to Let Mortgages, Claims Management Activity, Taxation & Accountancy, Probate Administration and Will Writing.

Risk Warning - Stockmarket investments can offer income through the payment of dividends and interest and good opportunities for capital appreciation over the longer term. By this, generally we mean periods in excess of five years, preferably much longer. However, we can never promise you particular returns, especially in the short-term. At any point in time but especially in the short term, your capital could be worth less than the original amount invested as some of the selected holdings may fall in value, regardless of expectations at the time of acquisition. We may also invest in funds that hold overseas securities. The value of these investments may increase or decrease as a result of changes in currency exchange rates. Returns achieved in the past cannot be relied upon to be repeated.

Philip J Milton & Company Plc is authorised and regulated by the Financial Conduct Authority.
Philip J Milton & Company Plc is entered on the FCA register (http://www.fca.org.uk/register) under reference: 181768.
# Registered Office: Choweree House, 21 Boutport Street, Barnstaple, Devon, EX31 1RP
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