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Example Notes of Meeting


Date:                      23 November 2022

Start Time:           2.00pm

End Time:             4.30pm

Between:              Senior Adviser (SA) and Mike & Shelia Smith

Venue:                   Clients’ home address


SA was pleased to visit Mike and Shelia’s new home for the first time. SA looked around the kitchen/dining area and the lounge. Both are very spacious with high ceilings and very impressive.  They are on a style similar to their previous barn.


Mike and Shelia had received their review pack issued to them on 15 November 2022 and they had perused this prior to the meeting.  The key points of our discussion were as follows:


  1. SA took a copy of a council tax bill for the new property address 2022/23 and also took a photo of Shelia’s driving licence.

  2. The previous meeting notes from 23 November 2021 were reviewed. The main issues continue to be available cash, potential tax liabilities from land disposals and the Inheritance Tax position, which SA stressed required some action.

  3. It was noted that cash has gone on Mike’s new car which he is very pleased with.

  4. SA reviewed the FactFind and predominantly the Asset & Income Schedule. A number of updated values were recorded by SA.

  5. Mike commented that his Solicitor had been dealing with the land transactions on his behalf.

  6. Mike’s Accountant has quoted a likely tax liability due for payment in January 2023 of £160,000 based upon the land being assessed for tax on a Capital Gains Tax basis. However, the he has also advised Mike that if the Revenue insist on assessing it on an Income Tax liability basis, this figure could increase to £320,000.

  7. Mike and Shelia intend to see their solicitor with regard to their Wills as they believe these now require some changes. They wish to leave their house to Ruth with the remainder of their Estate being split 30% each to Ruth, David and Chris and 10% to Ellie. SA commented that this appeared to not include David’s younger grandchildren but Mike and Shelia expect David to look after them from his share.

  8. Based on an estimated taxable Estate value of £3.9 million, ignoring 2017/18 gifts which will also require inclusion on death within seven years of the date of gift and, assuming that £650,000 would be exempt from Inheritance Tax, SA estimated a likely Inheritance Tax liability of £1.34 million based upon a total taxable estate of £3.35 million net of exemptions.

  9. With about £2.6 million in hand and in the knowledge that Mike and Shelia always wish to have a reserve of £500,000 as liquid cash, and taking into account the higher potential tax liability of £320,000, SA commented that up to £1.9 million could, in theory, be applied towards Inheritance Tax savings investments. Mike suggested that he may be happy if another £200,000 was retained and therefore would be willing to consider action using £1.7 million. SA stated that investments of £1.7 million, once a two year timeframe had passed to attract Business Relief, would mean an Inheritance Tax saving of £680,000. This would succeed in slashing the current potential liability by about 50%.

  10. Some discussion ensued between Mike and Shelia and ultimately Mike was more inclined to act than Shelia. However, Shelia thought it was mostly Mike’s money and if he wished to take action that she would agree.

  11. Both Mike and Shelia have already invested in AIM Portfolios and are aware of poor returns over the last twelve months with the FTSE AIM Index being down approximately 33%. SA commented that the Puma investments have not fallen by as much and that it could be seen to be a good time to be investing for the future. However, this is always a volatile area.

  12. As such, SA thought the £1.7 million invested should be invested into asset backed or more secure types of investments such as renewable energy, secured lending, leasing etc. SA suggested that, in view of the size of the potential investment, he would probably be looking to split it around five ways at £340,000 into each investment each in order to diversify risk.

  13. Mike asked about the advice fees that would apply to such investments. SA commented that for this type of arrangement it would normally be 2% of the sum to be invested but, in view of Mike’s long-term standing as a valued client, SA would offer to undertake the advice at a cost of just 1% i.e. £17,000 based on £1.7 million to be advised upon. SA commented there would also be an ongoing charge of 0.5% per annum in respect of the ongoing advice to be provided in respect of these arrangements moving forward.

  14. Mike agreed that the initial advice charge should be paid by invoice, as this would further reduce his cash reserves and effectively mitigate Inheritance Tax at 40% on that sum, saving an extra £6,800 in Inheritance Tax.

  15. SA explained the nature of the smaller companies through which these investments would be made and that they tended to be companies which were specially constructed by various providers to qualify for Business Relief and Inheritance Tax savings. The likely returns from these plans would be in the region of 3% to 4% per annum, assuming that they continue to perform as intended. SA noted that none of the schemes that would be recommended for investment had suffered from any of the marked volatility that had been applicable to AIM portfolios or other forms of investment during the difficult period over the last three years.

  16. SA requested both clients to complete a new Attitude to Risk profiling questionnaires as these required updating. SA stated that he did not expect either of them to produce a risk profile that would match the high risk profile applicable to the investments to be undertaken.However, in view of their other cash reserves to be maintained and other assets, when taken together with their requirement for a short-term Inheritance Tax mitigation plan that would be effective after just two years, that the advice would be appropriate for their requirements.

  17. SA stated the next steps, was that he would arrange for a Terms of Engagement to be issued to Mike and Shelia by email, and that he would ask Mike to send a reply email confirming that he was happy with the Terms quoted. Upon receipt of that reply, Brunswick will then prepare their formal report and SA would visit Mike in the week commencing 5 December 2022 in order to present the various investment solutions, answer any questions and for the clients to be able to proceed and get the two-year time clock ticking at the earliest opportunit


There were no further issues requiring attention and the meeting duly concluded.   


Senior Adviser

Director of Financial Advice




  1. SA to email Council Tax bill and driving licence to WH (Done 24/11/2022)

  2. WH to assess ATRs

  3. WH to prepare EPR and ToE for checking

  4. SA to update FF/AIL in IODQ

  5. SA to complete CAP Section 3

  6. WH to email ToE to Mike and Shelia as soon as approved for issue sending a PDF version

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