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