Record revenues for Meridian

Record revenues for Meridian

Meridian Private Client LLP celebrated its 10th anniversary with the announcement of record annual fee income for the year ending 30 Sep 2015.

The Solihull-based firm founded in 2005 saw revenues rise to £1.27m, up from £1.0m the year before.

Partner Philip Harrison said: “The result marks the end of a successful decade for us.  There have been many changes during that time including the banking crisis and the subsequent recovery.

"Now, valuations of assets including houses and businesses have moved ahead strongly and this has led to more families than ever potentially facing heavy inheritance tax (IHT) bills."

Harrison cites the fact that the threshold at which IHT becomes payable of £325,000 for an individual (£650,000 for a couple) has been frozen since 2009 and is not set to be reviewed until 202021.

"The increase in these figures in cases where a family home is passed to children on death will benefit only a restricted number of people" said Harrison, a former national head of tax at law firm Eversheds.

"More generally, the government's need for tax revenue will not lessen in the years ahead so the need to plan has never been greater.

"Apart from a tax efficient will, specific lifetime tax planning measures are possible, including the creation of trusts, which can also be used to protect family wealth against threats such as children’s divorces.

“Privately owned trading businesses can be sheltered from IHT but care is needed to make sure that they are and remain eligible for the tax break".