Autumnal Equinox

“Do you remember, the 21st night of September”

For fans of Earth, Wind and Fire, or for anyone who just enjoys a boogie, the words are well known. If you haven’t heard of them before; where have you been?

Well this year it will be a night to remember for the team at H.J.Scott & Co. because we are “doing a flit”. After 25 years of working from our current office, we are moving on to a brand new office. Here’s the less than memorable address.

Suite C, Futura Business Park, Aspinall Way, Middlebrook, Horwich, Bolton. BL6 6PG

From Monday 22nd we hope to be holding all office based client appointments from our new address. We will be gradually moving furniture across during the week and hoping our telephone will seamlessly move with us. Telephones can be a problem but email will continue to find us anywhere of course.

A Significant Change

It is entirely coincidental that our major change occurs bang on the Autumnal Equinox on the 22nd September, but the equinox does hold some significance.

“The Autumnal Equinox is the moment the Sun crosses the celestial equator moving southward (in the Northern Hemisphere).

It happens once a year, around 22–23 September.

At that instant, day and night are nearly equal in length across the globe (hence the term equinox, from Latin aequus = equal, nox = night).”

Many cultures used equinoxes to mark harvest festivals and seasonal transitions. For the team, moving office does feel like a time to reflect on a happy past, but look forward to a bright future. Many clients ask when I’m likely to retire. As you can see, signing a lease that commits us to a further 5 years of additional costs ensures retirement is no time soon. Anyone who knows me understands that continuing to learn about investment is an endeavour I will never tire of. Who knows? Twenty years from now I could become quite proficient.

I’m looking forward to continuing many client relationships, some of which have endured for nearly 4 decades, but also adding new clients that perhaps Charlotte can build over the next 40 years. We will celebrate Melissa being a valued member of the team for 20 years next May, so very much business as usual with additional renewed enthusiasm.

IHT due on unspent pensions

One of the driving factors behind the office move was the decision to remove the office as an investment from within my personal pension. Bricks and mortar can generate a secure income, when the interests of a tenant and a landlord are perfectly aligned. For 25 years the company sending the rent to me has benefitted both the company and myself as a tax efficient proposition. From April 2027, having the office still within a pension is the very definition of an asset that must remain “unspent”. After all, you can’t just eat the bricks. Upon the death of myself and Lesley (hopefully decades away) the building would be valued and 40% tax would become due. Approximately £80,000 of IHT would negate a whole 25 years of efficient tax planning!

A New Destination

The new office has many advantages. Firstly we now have 7 dedicated, easy to access, car parking places. Access is directly off the M61, so no need to get lost in the centre of Bolton ever again. Middlebrook is just across the way, with its shops, supermarkets, coffee shops and restaurants. I’m sure many clients will visit both us and enjoy Middlebrook’s facilities during the same trip in the future. We look forward to seeing you in our new home!