Reduce your liability to inheritance tax using Business Property Relief

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1 BESPOKE Inheritance Service Reduce your liability to inheritance tax using Business Property Relief February 2014

2 Rockpool is an independent firm dedicated to creating tax-efficient investment opportunities for individuals. Members of our team have helped over 10,000 individuals invest in private companies. You can contact us at any time by calling or by ing

3 Introducing Rockpool s Bespoke Inheritance Service Our Bespoke Inheritance Service combines full inheritance tax exemption through Business Property Relief with the relatively predictable returns available from lending to UK companies. The Service offers investors a very high level of transparency, flexibility and control. When you use the Service, you don t put assets in a fund or other pooled arrangement. You invest using your own personal company. This makes it attractive for investors who prefer to retain full control of their assets. You can control every lending decision if you wish. Decisions about whether and when to draw income or capital remain in your hands. You may already own a private company, where the accumulation of cash and other investments could restrict the availability of Business Property Relief. With our service, the surplus assets remain within your company, but are deployed in accordance with Business Property Relief rules. If you have already owned the company for more than 2 years, our Service can provide a very rapid route to inheritance tax exemption. Our Service is also compliant with the rules for Business Investment Relief. This may offer additional benefits, if you are non-domiciled but resident in the UK and wish to bring assets to the UK. Rockpool s Bespoke Inheritance Service is designed to offer: Complete control and flexibility 7-12% gross annual return on deployed funds Low risk to capital Exemption from inheritance tax Simple, transparent, low cost structure The minimum investment through Rockpool s Bespoke Inheritance Service is 100,000. 1

4 How it works With Rockpool s Bespoke Inheritance Service, you invest through a personal company. This may be an existing private company in which you hold shares, or a new company that you set up for this purpose. Alternatively, we can set up and administer a new company for you. We help you to use cash in your personal company to make commercial loans to UK companies. We do so in a way that is designed to establish a lending business within your personal company. Your company lends directly to each borrower that you select, outsourcing to Rockpool the work of building and managing the loan book. We source a flow of lending opportunities, analysing and investigating each potential borrower. All borrowers are UK companies. We provide credit reports for consideration by your company s board, which is responsible for approving loans. We deal with the contractual documentation, manage payments and reporting, and coordinate security. We provide our services to your company under an agency service agreement at a cost of 1.5% per annum of your company s loan book. By working with Rockpool, you can get access to a wide range of borrowers and take just part of each loan opportunity, avoiding excessive portfolio concentration. The minimum loan is 100,000. 2

5 How it works Your company will be one of a number of lenders acting as a syndicate managed by Rockpool. There is no connection or dependency between your company and other syndicate lenders, except for the coordination of security. All syndicate lenders lend on the same terms. Rockpool (Security Trustee) Limited will hold security on behalf of all syndicate lenders. Security will normally be in the form of a debenture over each borrower s assets. Each syndicate lender is entitled to participate in the benefit of the security under a deed of trust. All syndicate lenders adhere to a lender coordination agreement in relation to each borrower. This agreement gives Rockpool powers to act on behalf of the syndicate lenders and requires all syndicate lenders to act together in relation to enforcing their loans. The agreement provides a mechanism for lenders with more than 50% of the principal amount of loans outstanding to a particular borrower to direct or replace Rockpool. Rockpool Client Rockpool Investments LLP Shares Agency Service Agreement Rockpool Security Trustee Personal Company Debentures Loan Agreements Lender Coordination Agreements Borrowers 3

6 Business Property Relief Business Property Relief offers a very flexible inheritance tax planning route. Most importantly, it avoids the need to give away assets before you are ready to do so. You can retain control of your wealth, knowing that your heirs will not see 40% of your estate lost to inheritance tax. Inheritance tax planning with Business Property Relief need not involve significant costs. It can also be reversed at any time without cost. When you choose Business Property Relief, you don t cut off any future choices. Shares in your company can be passed to your heirs or other beneficiaries at any time free of inheritance tax. Business Property Relief works by reducing the value of your estate for inheritance tax purposes. The value of shares you hold in private companies that qualify for Business Property Relief is deducted from your estate before the inheritance tax liability is calculated. The value of your shares should increase over time as the returns from lending accumulate inside the company. Your company will pay corporation tax on its profits, but you may have losses from other activities to set off against the interest income. Capital gains are CGT-free on death, so the increase in value would pass to your heirs completely free of tax. This information in this brochure is intended to provide an introduction to Business Property Relief for potential investors in Rockpool s Bespoke Inheritance Service. It does not cover all aspects of Business Property Relief. Please do not rely on this information when making an investment decision. 4

7 Business Property Relief Unquoted shares qualify for Business Property Relief under certain conditions: The company must be engaged mainly in trading rather than investing and be managed with the aim of making a profit. Lending is a trade for these purposes. Mainly is interpreted as more than 50% ; this means that your company can have some investments and still qualify for Business Property Relief. As soon as the loan book (together with other trading business) represents more than 50% of your company s overall activities, the whole value of your shares in the company should then be exempt from inheritance tax. Cash held by a company could be regarded as investment, so care is needed if your company has significant cash balances. You don t need to be a major shareholder in the company or work in it to benefit from the relief. You must own the shares at the time of your death and for 2 years before. This does not prevent you from selling some shares in the same company during your lifetime. The relief is available on the shares you still hold. If the shares were transferred to you on your partner s death, the 2-year period includes any time in which your partner held the shares. Partner here means spouse or civil partner. The 2-year period is not interrupted where shares are exchanged for other shares as part of a merger or capital reorganisation. The shares must not be subject to a contract for sale and the company must not be in the process of being wound up. 5

8 Lending for predictable returns As traditional sources of loan finance have reduced their lending, small and medium-sized UK companies are more open to alternative lenders. As a result, Rockpool is able to access a flow of lending opportunities which we believe offer attractive returns with low risk. Case study: This borrower owns the freehold of an estate of 27 bungalows built to house vulnerable adults. The local council has guaranteed rents for 20 years. Rockpool arranged a loan of 2.1 million over a 15 year term at a current interest rate of 7.1%. Security is by debenture, giving a charge on the freehold property subject to priority in favour of the Co-operative Bank, which has provided senior debt. Case study: This borrower is an equipment and maintenance contracting business, which is achieving profits of well over 1 million on annual revenue of 18 million. Its management team recently acquired the business from private owners. Rockpool arranged a loan of 2.2 million at 10% interest plus a 10% premium over a 5 year term. Security is by debenture subject to priority for a 2 million bank facility. Case study: This borrower has a 125-year lease on a stateof-the-art data centre in Surrey. The data centre is valued at over 7 million and its valuation is expected to rise to over 11 million on completion of an equity-funded capital investment programme. Rockpool arranged a loan of up to 4.75 million at 10% interest and with a 3-year term. The loan is secured by a first charge over the leasehold property and represents 66% of the current property value. 6

9 Important information Risks Rockpool s Bespoke Inheritance Service may not be right for you. Please think carefully about the risks involved with this investment. Unless you have an expert understanding of investing in private companies, you should seek independent professional advice before investing. Rockpool is not able to provide you with advice. It is possible that you may not get back the money that you invest through Rockpool s Bespoke Inheritance Service. There is no guarantee for your capital or for any investment return. Past performance is no guide to future performance. Unquoted share investments are usually illiquid and must be held for at least 2 years to qualify for Business Property Relief. This means that you may not be able to sell your investment when you want to. The tax benefits of investing through Rockpool s Bespoke Inheritance Service depend on your personal circumstances, on the circumstances of your personal company and on rules and regulations. All of these could change, removing tax benefits that you expected to enjoy. Exemption from inheritance tax depends on HMRC being satisfied that the shares qualify for Business Property Relief. Unless you have an expert understanding of Business Property Relief, please consult your professional adviser about Rockpool s Bespoke Inheritance Service. Compliance status Rockpool s Bespoke Inheritance Service is not a fund or collective investment scheme. It is open to both professional and retail clients. Rockpool is a MiFID firm. Charges Rockpool charges your company a service fee for arranging and managing loans, calculated on a quarterly basis at 1.5% per annum of the principal amount of loans outstanding. In addition, an initial charge of 3% will be made on completion of each loan. Rockpool will retain any arrangement fees and monitoring fees paid by borrowers. Company administration If you ask Rockpool to set up and administer a personal company, we will do so free of charge, but your personal company will pay any third party costs as incurred. Your company receives interest and will need to pay corporation tax on its net income. 7

10 About Rockpool Rockpool creates tax-efficient alternative investments for a network of very high net worth individuals. We call this the Rockpool Network. Many members of the Rockpool Network are successful entrepreneurs, who have made money themselves and like to control how it is invested. They like our direct to investors model, which avoids the constraints and costs of a fund. Our Portfolio Services enable a wider audience of private investors to co-invest alongside the Rockpool Network. Alongside the Bespoke Inheritance Service, we offer a managed inheritance service for investors looking for a greater level of diversity. Our EIS Portfolio Service includes the Next Generation strategy, designed for investors looking for inheritance tax mitigation, as well as the Exciting Growth and Exit Focus strategies. If you would like to find out more about the Rockpool Network or our Portfolio Services, please contact us on or 8

11 9

12 This document constitutes a financial promotion pursuant to Section 21 of the Financial Services and Markets Act 2000 and is issued by Rockpool Investments LLP (Rockpool). Rockpool has taken all reasonable care to ensure that all the facts stated in this document are true and accurate in all material respects. Rockpool is authorised and regulated by the Financial Conduct Authority under registration number and has its registered office at 52 Grosvenor Gardens, London, SW1W 0AU. Your attention is drawn to the risk factors set out in this document. Nothing in this document should be regarded as constituting legal, taxation, investment, or other advice and prospective investors are advised to consult their own professional advisers before contemplating any investment. If you invest through the Rockpool Bespoke Inheritance Service, you will do so under the terms and conditions set out in the application form provided by us. This document does not constitute, and may not be used for the purposes of, an offer or invitation to treat by any person in any jurisdiction outside the United Kingdom. This document and the information contained in it are not for publication or distribution to persons outside the United Kingdom. It does not constitute a public offering in the United Kingdom. To contact Rockpool, please call or

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