Island Life Magazine Ltd June/July 2015 | Page 106

Thousands could miss Bank House Antiques inheritance tax break A s many as 3,000 families a year could miss out on proposed inheritance tax changes because the family home has already been sold, according to NFU Mutual. New proposals, outlined in the Conservative Party manifesto and expected to be announced in next month’s Budget, will allow a married couple to pass a main property worth up to £1m to their children without paying any inheritance tax. Only the main residence will qualify for the extra £175,000 addition to each person’s £325,000 inheritance tax threshold. Sean McCann, chartered financial planner at NFU Mutual, said: “The proposed changes to inheritance tax will stick in the craw of those who have already sold the family home to move in with relatives or even to pay for the costs of care. “Under the new proposals, we could soon start to see more elderly people reluctantly house-sitting for the next generation or even upsizing to make the most of this potential tax break. The wider effects on the property market could be significant. “Inheritance tax is notoriously complex but there are many ways to reduce potential bills. Financial planning with the help of a professional can help make sure families are making the most of their money and aren’t paying any more tax than they have to.” Ryde Upholstery The Square, Yarmouth, PO41 0NS t. 01983 761958 e. [email protected] w. www.bankhouseantiques.co.uk Unit 6a, 12 East Street, Ryde, PO33 1JB t. 01983 616616 e. [email protected] w. www.rydeupholstery.com A T redundant 1930s bank building in Yarmouth has been given a whole new lease of life as an antiques centre. Graham Occleshaw’s Bank House Antiques Emporium is a showcase for items from 40 dealers, making it a treasure trove of furniture, ceramics, jewellery, collectibles and stained glass. Since opening in August last year, the business has already expanded into two barns at Calbourne, full of larger furniture pieces that can be viewed by appointment. The Yarmouth Bank House, complete with its original vault and period features, also offers a range of restoration services, for everything from stained glass, gold and silver jewellery and wood, to wicker, cane and rush furniture. Graham’s own restoration speciality is ceramics and pottery, which he does on site, so that visitors can watch the process. He already has a waiting list for restoration jobs, because there are so few other specialists in this field. “We pride ourselves on this being a relaxed, nohassle place where visitors can come along to browse and watch restoration work in progress, without feeling under any pressure to buy” he says. The emporium also buys as well as sells antiques, and runs regular free valuation days with independent valuers. And for clients who want to restore their own items, there’s a good range of stains, polishes and other wood care products from Briwax and Rustins. hey have worked for some of the best-known furniture companies around – but now young upholsterers Aaron Anderson and Emily Pritchard are offering a more personal, bespoke service to customers on the Isle of Wight. The pair - who met in Nottinghamshire, the centre of the UK’s upholstery industry – launched their Ryde Upholstery business in East Street 18 months ago. With its promise to “love furniture back to life”, it has attracted a steady stream of customers and their much-loved old sofas and chairs. Island-born Emily, who has a BA honours degree in Furniture and Product Design from Nottingham Trent University, worked for 12 years for top-end businesses including Wade and Parker & Farr. Her partner Aaron, who is from Nottinghamshire, went straight from school into an apprenticeship, and then worked for companies such as Laura Ashley and Sofa Workshop. After returning to live on the Island, they did upholstery jobs for friends before deciding to get back to what they love, by launching their own business in late 2013. Emily said: “We see lots of people who are reluctant to throw out a good quality sofa that might be 10 years old, and they are amazed at the transformation that can be made just with a new fabric. “Reupholstering can certainly cost less than buying new, and once we’ve put a piece b 6