Furley Page Partner Assists Global Company In Major Asset And Share Purchases

Commercial law partner at one of the kent law firms Furley Page has assisted Aliaxis Holdings UK Ltd in reorganisations involving asset and share purchases worth millions of pounds throughout the group.

Aliaxis Holdings UK Ltd is an intermediate parent company of a worldwide group of manufacturing and supply companies in the plastics industry whose turnover in 2007 was more than €2.1 billion (euros).

Susan Jennings, 35 and head of the corporate team at Furley Page’s Thames Gateway office at Chatham, worked closely with the Aliaxis team on two group reorganisations redistributing millions of pounds within the group and a buyback of shares in one of the UK subsidiaries for more than £60 million.

Aliaxis group purchasing director Paul Baigent and Susan created template purchasing documents and a suite of terms and conditions allowing Aliaxis much greater control over what is issued to suppliers and potential suppliers.

Susan commented: “Working with Aliaxis is very rewarding – largely because of the innovative but pragmatic attitude of the group. This latest project highlighted the need for global companies to be aware of how much money they could save by streamlining their purchasing operations and having certainty about what contract terms are agreed.”

Finance director Susan Dix added: “Susan’s can-do attitude and experience in her field result in an efficient and effective working relationship. Her friendly, accessible and practical approach, together with her legal knowledge, is a real asset to our business.”

Furley Page’s corporate team recently acted for the shareholders in the sale of Exposure Events UK Ltd - organisers of the annual Building Schools Exhibition and Conference. The purchase price was in the region of £2.6 million.

Further information from Susan Jennings on 01634 828277 or email saj@furleypage.co.uk

Kent Lawyer Welcomes New Law For Child Hit And Run Victims

A Court of Appeal decision allowing child victims of uninsured hit and run drivers to bring a claim up until their 21st birthday has been welcomed by Kent lawyer Neille Ryan.

Prior to the new ruling the Motor Insurance Bureau, whose untraced driver scheme compensates child victims of uninsured drivers, stipulated that a claim must be made within three years of an accident.

Neille, personal injury partner at one of the south east’s leading law firms Furley Page Solicitors, said: “This is a great victory for accident victims. For too long the dice has been loaded in favour of insurers and the Government has done far too little to protect the rights of the victim.

“The Court of Appeal ruling in the recent Byrne v Motor Insurance Bureau case (declaring the three year stipulation unlawful) sent a clear rebuke to the Government for allowing the bureau to get away with their three year limitation.”

New legislation means that hundreds – possibly thousands – of child victims are now able to claim, adds Neille who urges anyone who was injured as a child or is the parent of a child victim to seek legal advice as personal injury claims – particularly involving children - are complex.
For further information contact Neille Ryan on 01227 763939 or email nr@furleypage.co.uk

Furley Page Sponsors Premier Business Event

One of the south east’s leading law firms, Furley Page, is sponsoring B2B ’08 – Kent’s premier annual business to business event organised by Kent Invicta Chamber of Commerce (KICC) at Ashford International Hotel on June 24.

More than 120 exhibitors are taking part in the exhibition which features free business seminars presented by Furley Page; free business advisory sessions available throughout the day from KICC’s business support team; a free tea and coffee station available all day, and a networking lunch from noon to 2pm.

Furley Page, which has offices in Canterbury, Chatham and Whitstable, is supporting the event as part of its dedicated community sponsorship programme.

Peter Hawkes, senior partner at Furley Page, said: “The exhibition started out 22 years ago as an informal networking event among chamber members and has now grown into one of the major business events in the county.

“As well as being a key networking opportunity in the county’s business calendar, it’s also a cost-effective way of promoting your business.”

Furley Page, which has an information stand at the event, is presenting three business seminars:

• Frequently asked Employment Law Questions from 10.30am – 11.30am with members of the employment law team
• Debt Recovery and Credit Control from 1.30pm – 2.30pm with Martin Kingman – debt recovery and insolvency manager
• Tax Efficient Commercial Property Purchase from 3pm – 4pm with Simon Ludden – financial planning manager.

For further information on the exhibition and to book your networking lunch (£18.50 plus VAT) go to www.kentinvictachamber.co.uk and click on Events Diary.

Top Notch Furley Page Lawyers Promoted to Partners

Two top ranking lawyers at south east law firm, Furley Page - recommended by Chambers UK and Legal 500 - have been promoted to partners.

Susan Jennings, 35, of Whitstable, heads the corporate team at the Thames Gateway office at Chatham. With a background advising a broad range of UK and multi-national companies – notably in the automotive, manufacturing and distribution sectors, she has extensive corporate and commercial law experience from working with individuals on business start-ups to restructuring and sales or acquisitions of multi-million pound companies.

She commented: “I have always wanted to work for Furley Page, given its reputation for excellence. The firm is committed to providing a quality service to its clients and part of my role is to promote the fact that we can offer specialist advice to businesses as well as individuals in a friendly and commercially pragmatic way.”

Anne Blenkinsop, 45, of Hythe, is a specialist in the family team at Canterbury. She has wide-ranging experience in dealing with all aspects of relationship breakdown – particularly involving issues over children; separation and pre-nuptial agreements, and financial and cohabitation disputes.

She has a special interest in the area of financial disputes between cohabiting couples (including same sex couples) and is developing a niche practice.

Anne said: “I am proud to become a partner in Furley Page and also be part of a fantastic family law team which has doubled in size since I joined in 2004 and is renowned for the high calibre of its work and expertise in its field.”

Peter Hawkes, senior partner at Furley Page, added: “Susan and Anne have both have made an outstanding contribution to developing our business and enhancing the reputation of the firm.

“These promotions to partnership status will strengthen our teams in two of our most important areas – namely corporate and family. I am pleased that we are able to make appointments in the private and business client fields, reflecting our commitment to expand the firm across a diverse range of disciplines.”

Furley Page Launches Conveyancing Team at Chatham

Kent Law Firm Furley Page – recommended by the Legal 500 and Chambers – is expanding its Thames Gateway offices in Chatham, adding a residential property team to its wide-ranging client services.

Explaining the decision at a time when the effects of the credit crunch are being felt UK-wide, partner and head of the Chatham office James Pigott says that the long-term prospects for the Medway property market are “very exciting”.

He added: “The Medway population is set to rise from 250,000 to 300,000 in the next 20 years and the average house price in the area is still significantly lower than the national average.

“There has already been significant investment in the area and that is set to continue. The Medway Renaissance Programme is intended to create 16,000 new homes and 20,000 new jobs with 1,500 new homes and 3,000 jobs in the centre of Chatham and on the waterfront alone.

“The addition of an experienced specialist domestic conveyancing team to our existing teams at Chatham will enable us to provide a high quality local service for those looking to move now and in the future.”

Heading up the new team is 33 year old residential property manager Tracey Robins, of Rainham, who is a fellow of the Institute of Legal Executives.

Among her specialist areas are the acquisition and disposal of freehold and leasehold properties including ‘buy to let’, unregistered land, residential tenancies, remortgaging, joint ownership agreements, shared ownership and staircasing, freehold sale and purchase of pieces of land, and equity transfers. She also undertakes work on behalf of developers such as site assembly and acquisition, plot sales, conditional contracts and option agreements.

In her leisure time Tracey takes a keen interest in wildlife and conservation; is an enthusiastic cross-country walker – enjoying the Cornish landscape whenever she gets the chance – and swims and reads.

Joining Tracey is residential conveyancer Deborah Trott, aged 43, of Iwade, Sittingbourne whose specialist property work includes acquisitions and disposal of freehold and leasehold property, remortgaging, equity transfers and shared ownership and staircasing.

Her free time is spent playing golf (at Sittingbourne and Milton Regis Golf Club); running and reading.

For further information contact the property law team on 01634 828277 or email info@furleypage.co.uk

Employment Solicitor Joins Furley Page from Major London Law Firm

A specialist employment law solicitor, who formerly trained as a barrister, has been appointed by law firm Furley Page – the legal practice recommended by Chambers and The Legal 500.

Tom Dawson, 30, who lives in Canterbury, joins the kent law firm’s employment team where he advises employers and employees on all employment law issues including whistle-blowing, dismissals, discrimination, contract disputes, redundancy and business transfers.

The author of widely-published articles on employment law, he is a member of the Employment Lawyers’ Association, the Law Society, the Bar Council and The Inner Temple.

He commented: “Being at the client-facing end of the legal profession is what I find the most challenging. It’s where I feel I can make a difference.”

A pupil at Tonbridge’s Judd School, Tom graduated from Manchester University in History and Philosophy before attending London’s BPP Law School for his Post-graduate Diploma in Law, and Bar Vocational Course. Prior to accepting the Furley Page appointment, he was an employment lawyer in the London office of a leading national law firm.

Andrew Masters, Partner and Head of Employment, said: “Tom is a highly-regarded and valuable addition to the team and joins the firm at a significant time of expansion.”

In his spare time Tom studies languages and enjoys running and cooking.

Furley Page Sponsors Medway Business Awards

Leading kent law firm Furley Page is to join the sponsors of a prestigious annual event – Medway Business Awards 2008 - which recognises the hard work and innovation of the area’s 10,000 small enterprises.

Other sponsors are Lloyds TSB, Medway Council, Medway Messenger, University of Kent, Business Link Kent, Medway Enterprise Gateway, North Kent Enterprise Agency, Reeves & Neylan, University of the Creative Arts, Thames Gateway Chamber of Commerce, and EON.

Furley Page, which last year launched a new office in the Clocktower building at the Historic Dockyard, Chatham, is supporting the business awards as part of its dedicated community sponsorship programme.

Peter Hawkes, senior partner at law firm Furley Page, said: “The awards are a prestigious event in Medway and turn the spotlight on some outstanding achievements of small businesses across the area.

“The firm’s already strong presence in Kent and the south east was enhanced by the expansion into Thames Gateway in 2007 and our presence in Chatham means we can engage in local issues and events which will shape the structure of north Kent and the Thames Gateway area in the years to come.”

Medway Business Awards, now in its 24th year, offers a cash prize of £5,000 plus the opportunity for businesses to ‘stand out from the crowd’.

Eligible businesses must have traded for more than 12 months on July 31, 2008 with an annual turnover of less than £5.6 million. Entries close on July 31 with a gala awards ceremony on November 14.

For further information on the awards go to www.medwaybusinessawards.co.uk

Kent Employers Urged to Wise Up on Employment

Leading south east law firm Furley Page - in association with Kent Invicta Chamber - is presenting three of its popular interactive workshops aimed at giving employers a thorough understanding of today’s employment law.

Andrew Masters, partner and head of employment at Furley Page, said: “The workshops are an important initiative for employers. Our experience suggests that the current economic downturn has increased the potential risk to employers who are not familiar or compliant with employment law. Equally, they also need to keep on top of the recent and future changes in the law - which affect all businesses - and have a clear understanding of best HR practice to avoid unnecessary and costly disputes.

“We are delighted the chamber is once again partnering these workshops which are open to members and non-members throughout Kent and suited to all firms - no matter what the size of the workforce. As well as practical guidance, there will be question and answer sessions.”

Joining Andrew are employment lawyers Amanda Okill and Tom Dawson and specialist HR consultant Hugh Horsford.

The workshops, at the Marriott Tudor Park Hotel and Country Club, Maidstone, start at 8am with breakfast and finish at noon.

Employment Law Update for 2008 – Thursday April 10

Investigating Discipline and Grievances in the Workplace – Thursday May 1

Managing Sickness Absence – Thursday May 22

Costs, which include breakfast and VAT, are £50 to Kent Invicta Chamber members and £65 to non-members. Bookings can be made by calling the chamber on 01233 503838 or online at www.kentinvictachamber.co.uk.

Andrew Masters, recommended for employment law in the current edition of the Legal 500, specialises in a wide range of dispute resolution, contentious, non-contentious and corporate support employment law and related HR matters, working with a large client base ranging from national and international companies to educational establishments, charities and smaller enterprises. Over the years he has developed a strong reputation for advising employers at an early stage to prevent unnecessary and costly disputes. An experienced lecturer and trainer in employment law, he has written a number of widely-published articles on employment-related matters and regularly appears in the media.

Amanda Okill Amanda advises both employers and individuals on all aspects of employment legislation and has a particular interest in discrimination law. She has represented both private and public body employers in tribunal. Recent cases include unfair and constructive dismissal, sex discrimination, disability discrimination and disputes on employment status. She has managed the multi party part time workers’ claims for backdated pensions against the NHS.

Tom Dawson has recently joined the Furley Page team. A specialist employment lawyer, he trained as a barrister and was called to the Bar in 2004. He then worked in-house, re-qualifying as a solicitor where he was a member of the employment team in the London office of a major national law firm. He advises large national organisations and senior employees on employment law issues embracing whistle-blowing, dismissals, discrimination, contract disputes, redundancy and business transfers. He has written several widely-published articles on employment law and is a member of the Employment Law Association. Tom grew up and was educated in Kent, giving him an insight into the business economy of the county.

Hugh Horsford has wide experience of HR management in both the private and public sectors. He has worked with line managers and chief executives helping to align their business needs and complex staffing issues. He is a Fellow of the Chartered Institute of Personnel and Development.

New Act Puts Law on a Clearer Footing

The implementation of the Corporate Manslaughter and Corporate Homicide Act in April puts the law on a clearer footing, implementing a new statutory offence. Explained by the Kent Law Firm Furley Page

It will be easier to take action against companies whose negligence causes death. Under the old law it was difficult to get justice for the victim’s family.

Insurance companies believe the new legislation will cost companies millions. Not necessarily so, if they review their practices and procedures to ensure they comply with health and safety requirements and demonstrate that reasonable procedures and policies are in place to minimise risk to whom they owe a duty of care.

Partnerships, trade unions and employers’ associations will also be liable under the new law.

Senior managers need to look closely at how they manage and organise their business activities. A jury will scrutinise health and safety breaches and whether there are attitudes, systems, policies or accepted practices that determine guilt.

A duty of care extends to supplying goods and services; commercial activities; carrying out construction or maintenance work; any other activity of a commercial nature or keeping or using plant, vehicles or other machinery.

The court will have the power to make an order requiring the organisation to take remedial action within a specified time frame – and worse, to publicise that it has been convicted of an offence; the details; amount of the fine and terms of the remedial order. Failure to comply could lead to a hefty fine.

Although an individual can’t be guilty of aiding, abetting, counselling or instigating an offence of corporate manslaughter, the liability of directors under health and safety law or general criminal law is unaffected.

For more information contact Susan Jennings on 01634 828277 or email saj@furleypage.co.uk.

Or visit : http://www.furleypage.co.uk/our-people/susan-jennings/

Third Party Debt Orders – A case study by Furley Page Solicitors

Third Party Debt Orders, previously known as ‘garnishee orders’, can be used to recover debts from a third party when a debtor won’t pay or where obtaining payment by another method is more difficult or costly.

The specialist debt recovery team at Furley Page Solicitors acted on behalf of a self employed painter and decorator who was not paid for work verbally agreed which went beyond the initial written contract. The defendant was refurbishing her home for sale before emigrating to Australia.

A claim to recover the unpaid sum was started; but her defence said that our client had done a lot more than he was contracted to do which had not been requested or agreed and consequently the defendant argued she was not liable.

The case went to trial and was successful for our client; judgment was granted together with fixed legal costs. If our client had pursued the claim after the woman had moved to Australia, the cost would have been more than £2,000 for the overseas agent’s fee which is not recoverable. We made a Third Party Debt Order against her bank for the full amount outstanding under the judgment. In doing so we saved our client substantial funds that would have been spent on foreign legal and agent’s fees – again, not recoverable.

For more information about debt recovery or insolvency, contact Martin Kingman, Debt Recovery Manager at Furley Page Solicitors on 01634 887336 or email mpk@furleypage.co.uk Alternatively visit http://www.furleypage.co.uk/services-for-business/debt-recovery/

Legal Calendar in France affects French Property Owners

2007 was a busy year for changes in French law. Three key changes affect property owners in France. Other changes are outside the scope of this update.

Inheritance Rights

Under English law you have the freedom to leave your assets to whomever you choose on your death. French law protects the inheritance rights of certain family members, particularly direct descendants.

If you own a property in France, French law states that you cannot disinherit ‘protected heirs’. From 1 January 2007 the list of protected heirs has been reduced and in the most common cases, only children, and a surviving spouse to some extent, will have protected inheritance rights.

Before last year, in the absence of any surviving spouse or children, parents and siblings had statutory inheritance rights.

The inheritance rights of ascendants and siblings is now very restricted and they will only receive a part of the French estate in limited circumstances, giving more freedom of choice as to who you wish to leave your French property to if you do not have any descendants.

1 January 2007 also saw the introduction of children being allowed to give up their inheritance rights prior to inheriting. To do this the beneficiary will have to go to France to sign a deed in front of two Notaires.

The French laws of inheritance can in certain circumstances also extend to other assets, not just a property in France. Advice should be taken on your specific circumstances.

French Inheritance Tax

For French inheritance tax each beneficiary gets a ‘nil rate band allowance’ and he pays this tax on the value of his inheritance that exceeds his allowance. This is very different to UK inheritance tax, where the deceased gets a nil rate band allowance and the estate exceeding the allowance is taxed at 40%.

The French allowance is set according to the relationship between the beneficiary and the deceased. In general, the closer the relationship the higher the allowance.

The rates of French inheritance tax start at 5% and increase to 40% for children and spouses, and 45% or 55% for other relatives. Unrelated beneficiaries suffer tax at a single rate of 60% on the amount of inheritance which exceeds their nil rate band allowance (which for 2008 is only €1,520).

Until August 2007 there was no full spouse exemption under French tax law on transfers between spouses on death; the allowance was restricted to €76,000.

A new law last year, which marks one of the first big moves made by President Sarkozy, has significantly increased the allowances for beneficiaries, and they will be increased each tax year (ie each calendar year in France) in line with inflation. The allowances for 2008 are:

· Between spouses – full spouse exemption (but be aware that there is no full spouse exemption on lifetime gifts between spouses);

· Between parent and child – €151,950 per child;

· Between siblings –€15,195 per sibling;

· For nieces and nephews - €7,598;

· Between couples who have signed a PACS (Pacte Civil de Solidarité) – full exemption (but be aware that there is no full exemption on lifetime gifts);

· Between unrelated persons – €1,520.

A stepchild counts as an unrelated beneficiary and so does not get much of an allowance at all. Therefore, without considering estate planning options, a child inheriting from a stepparent could end up paying a significant amount of French inheritance tax.

If you own assets in France – particularly a property - you should understand how the French inheritance and tax laws apply to your family circumstances, not to mention your UK inheritance and tax position. You should also take advice on any planning that can be done (preferably before buying a property) to make sure that as far as possible your objectives can be met on your death, with as little tax as possible to pay.

If you intend to move to France to live there permanently, you should be aware that the French laws could extend to assets outside France.

Le Dossier de Diagnostique Technique

Sellers in France have had to produce various reports to prospective buyers covering property issues, such as the existence of termites and asbestos at the property. This goes some way to providing information to a buyer on a property located in a country where surveys are not the norm. Having said this, it is advisable to get a survey before buying.

For sales after 1 November 2007 sellers must produce one complete package of reports – le dossier de diagnostique technique - covering the following where applicable:

· Presence of asbestos at the property (buildings for which planning permission was granted before 1 July 1997);

· Presence of lead at the property (for buildings built before 1949);

· Presence of termites if the property is situatefrd in an area designated at being one where termites are present;

· State of the gas and electricity installations (for lodgings with installations more than 15 years old);

· Status of natural and technological risks in the area (for example risk of flooding) if the land is situated in an area where a plan for the prevention of such risks exists;

· Energy performance of the property.

Recent regulations now place a measure of control on individual drainage systems. From 1 January 2013 sellers will also have to produce a report on the drainage system.

The reports are valid for different lengths of time. So not only is it important to make sure as a buyer you get all the reports applicable to the sale, but also that they are in date.

Other recently new developments relevant to buying a French property include the regulation of security devices on swimming pools and closer monitoring of fosses septiques.

It is important to make sure that you are aware of all relevant issues relating to a property before you buy, so you know exactly what you are getting. It would be a costly purchase if you end up having to spend money getting rid of termites or putting in a new electricity or gas installation.

For more information contact Sarah Bogard, Associate and Chartered Tax Adviser, with the kent law firm Furley Page on 01227 763939 or email seb@furleypage.co.uk

Capital Gains Tax 2008

In his Pre-Budget report last October the Chancellor announced changes to the Capital Gains Tax legislation which is due to come into effect for disposals on or after 6 April 2008.

The draft legislation has only recently been published, and it does not include the new Entrepreneurs’ Relief, announced at the beginning of this month. Many taxpayers will find they have to take decisions in a very short space of time without the comfort of final legislation.

The aim of this note is to help you understand the basics of the new rules in order to evaluate whether any action should be taken before the end of this tax year. You will find a glossary of terms at the end.

Key Changes

· The new rules will apply to individuals, personal representatives and trustees (not companies)

· The rate of CGT will no longer be referable to the individual taxpayer’s rate of income tax (or 40% for trustees). A single rate of 18% will apply

· Taper Relief and Indexation are to be abolished. This includes any indexation or taper relief that has been built up to 5 April 2008, including any indexation which has been ‘banked’ on a holdover claim

· A new Entrepreneurs’ Relief will apply for the disposal of a limited category of business assets

· For assets held prior to 31 March 1982, the 31 March 1982 value will have to be used (currently you can choose this value or the earlier base cost value, whichever gives the lower gain)

Entrepreneurs’ Relief

This new relief was announced only recently and we are waiting for draft legislation. It seems to be modelled in part on the old retirement relief.

It will apply an effective rate of 10% CGT for gains up to a lifetime limit of £1m capital gains on certain business assets. The relief is to be calculated by working out the gain, reducing it by 4/9ths and taxing the balance at 10%. For example on a sale giving rise to a gain of £900,000 before the relief, the relief will apply to £400,000 of the gain and £500,000 (before any other allowances and the annual exemption) will be liable to 10% CGT.

Disposals which are expected to qualify are those of trading businesses; disposals of shares in trading companies where the investor has a ‘material stake’ in a company (an employee or officer of the company who is able to exercise at least 5% of the voting rights); disposals of furnished holiday lets.

Trustees are likely to benefit where an individual beneficiary with an interest in possession is involved in carrying on the business.

The lifetime limit could be reviewed, which means that it could be revised up or down. It is thought that this new relief will give a limited advantage to taxpayers.

What Stays

· The annual exemption

· Capital losses can still be carried forward to offset against gains in a future tax year

· Principal Private Residence relief

· Other reliefs such as asset roll over relief, Enterprise Investment Scheme and Venture Capital Trust relief

Who is likely to be affected?

· Participants of share schemes who do not qualify for Entrepreneurs’ Relief and whose gains are likely to exceed their annual exemption

· Long-term holders of non-business and business assets who have significant built up indexation and taper relief meaning that the effective rate of tax is less than 18% – for example farmers, owners of second homes (including foreign property), buy-to-let investors

· Holders of business assets – the application of taper relief on an asset held for more than 2 years means that the current effective rate of tax for a higher rate taxpayer is 10% (or less if indexation is also available)

· Anyone who currently benefits from an effective rate of less than 18% CGT – for example holders of business assets which will not qualify for Entrepreneurs’ Relief (or who will but will exceed the lifetime cap)

· A spouse/civil partner who received an asset from his/her spouse/civil partner who had owned the asset prior to 31 March 1982 – the wording of the draft legislation says that the base cost will be the 31 March 1982 value not the indexed base cost

· Short-term holders of non-business assets may benefit from a reduced tax rate after 6 April 2008 – for example property owners who do not have significant built up indexation or taper relief and whose effective rate of tax is more than 18%

What can you do before 6 April 2008?

· The first thing to do is check whether your tax bill on a disposal is likely to be higher or lower under the new rules. If you are not contemplating an early disposal, something could still be done now to prevent a higher tax bill in years to come, but keeping the asset in the family

· If you can ‘bank’ any indexation or taper relief now, will the tax bill be lower? If so, consider planning opportunities before 6 April 2008

· Planning opportunities might help plan for other taxes too, for example inheritance tax

· If you trigger a CGT bill now, you might be able to pay the tax by instalments. At worse, the tax is payable by 31 January 2009

· You might be able to ‘hedge your bets’ by entering into a contract for sale (the date of disposal) but delaying the decision whether or not to complete until after 6 April 2008

· If you do not want to sell to a third party (or you cannot find a buyer in time) you could sell or gift the asset to a family trust, thereby triggering a disposal but keeping the asset in the family

Glossary of Terms used in this Note

Chargeable asset: All assets wherever located in the world unless they are exempt from CGT. The most common chargeable assets are land and property, shareholdings, chattels and proceeds from insurance claims.

Chargeable disposal: This includes the sale or gift of the whole or part of a chargeable asset, the loss or destruction of a chargeable asset.

Chargeable gain: The net increase in the value of the asset during the period of ownership after deducting all available reliefs and exemptions.

Indexation Allowance: Starting in March 1982 it is an allowance for inflation for an asset owned before April 1998. It helps reduce the chargeable gain.

Taper Relief: A relief available on assets held since April 1998. The longer you have held the asset the bigger the percentage of the gain which is not taxable.

Business asset: The definition has changed over the years but currently includes all unlisted shareholdings (including AIM shares), employee shareholdings in quoted trading companies or where the shareholder can exercise 5% or more of the voting rights, shares in a non-trading company where the shareholder is an employee or officer and has a less than 10% interest, or an asset used in a trade, partnership or his company.

Non-Business asset: An asset which does not qualify as a business asset.

Annual Exemption: An annual amount which can be deducted from the chargeable gain before CGT is calculated. For 2007/2008 the annual exemption is £9,200 for individuals.

Principal Private Residence relief: Relief available on the disposal of a property that was your only or main residence, provide certain conditions are met.

Furnished holiday let: The commercial letting of a furnished property where certain conditions are met.

For more information contact Sarah Bogard, Associate and Chartered Tax Adviser, with the Kent law firm Furley Page on 01227 763939 or email seb@furleypage.co.uk

Specialist Lawyer Joins Private Client Team At Furley Page

A young solicitor who practices in private client work has been appointed by leading south east law firm Furley Page.

Thara Thangavel, 25, joins the kent law firm’s respected private client team (based in Canterbury) whose reputation for excellence in the community has been established over years of advising generations of local families.

Thara, of St Margaret’s Bay, Dover, will advise clients on a range of issues including wills, probate, trusts, estate administration, charity administration and residential conveyancing.

She commented: “Private client work revolves around important phases in people’s lives such as moving home, making a will and dealing with probate matters. I look forward to building trusted relationships with Furley Page’s clients and helping to simplify any complexities for them.”

A member of the Law Society and Kent Law Society, Thara graduated from the University of Essex with a 2:1 LLB (Hons) law degree.

Gillian Wallace, partner and head of Furley Page’s private client team, said: “I am delighted to welcome Thara to the team. She will provide a continuation of our personal service to assist our clients as and when they require help with their varying needs.”

In her leisure time Thara is a keen reader and theatregoer and loves to travel.

Top Ranking Furley Page Lawyers Promoted To New Post of Associate

Five top ranking lawyers at leading south east law firm Furley Page, recommended by Chambers UK and Legal 500, have been promoted to associate – a new post awarded only to senior solicitors.

Anne Blenkinsop, Sarah Bogard, Nicola Hopper, Nicola Rostron and Catherine Wolstencroft are all specialists in their chosen fields and are based at the firm’s Canterbury offices.

Anne Blenkinsop, 45, of Folkestone, is a specialist in the family team with extensive experience in dealing with all aspects of relationship breakdown – particularly involving issues over children; financial and cohabitation disputes, and separation and pre-nuptial agreements.

Sarah Bogard, 30, of Chestfield, specialises in wills and estate planning, and trusts, and advises on French property transactions, French succession and inheritance tax. She is also a chartered tax adviser.

Nicola Hopper, 43, of Canterbury, specialises in the administration of estates – particularly those comprising agricultural and business assets; tax and estate planning, wills and succession.

Nicola Rostron, 40, of Sittingbourne, specialises in the administration of all sizes of estates, civil partnerships, preparing powers of attorney, wills, estate planning, court of protection work, and managing the affairs of the elderly.

Catherine Wolstencroft, 43, of Faversham, specialises in all matters relating to commercial property law, advising on freehold and leasehold acquisitions and disposals; acting for landlords or tenants in the creation, variation or surrender of leases; dealing with planning agreements, and advising individual land owners on a range of matters.

Leading Kent Law Firm Keeps Top Young Solicitor

A commitment to choosing the pick of the bunch has helped leading south east law firm Furley Page -recommended by The Legal 500 and Chambers UK - retain the talents of a top young dispute resolution solicitor.

Following his training with Furley Page, George Crofton-Martin is now a solicitor in the kent law firm’s dispute resolution team based at Canterbury.

George, 27, of Canterbury, joined the firm in 2005, working with both the commercial and dispute resolution teams. Now specialising in commercial dispute resolution, he covers a wide range of contentious matters relating to company, commercial and partnership disputes, intellectual property, data protection and IT. He also acts for individuals involved in complex commercial disputes.

He says he looks forward to meeting clients’ diverse business needs, adding that a “strong commercial focus coupled with a proactive cost-effective legal approach” helps him find practical solutions without necessarily resorting to litigation.

A member of the Law Society, he graduated from the University of Kent with a 2:1 in politics, government and law. He then completed a post graduate diploma in law at City University, London, and the legal practice course at the College of Law, London, attaining a distinction in both.

Peter Hawkes, senior partner at Furley Page, said: “We take great pride in the level of training and experience we can provide, seeking to offer the best to the best. George’s skills – particularly his ability to provide comprehensive and practical advice in a language that is easy to understand – will be a big asset to the dispute resolution team.”

In his leisure time George is a keen squash player and has recently begun training for the London Triathlon.