Frank Smith & Co Solicitors

In her first Budget as Chancellor of the Exchequer, Rachel Reeves announced an array of changes for the UK's economy, some more surprising than others. For those in the farming and agriculture sectors, here are the updates that will likely have the biggest impact on you and your business ⬇️ Inheritance Tax (IHT) and Property Relief:  - The threshold freeze will be extended to 2030, meaning the current IHT rules will continue to apply.  - IHT rules will apply to inherited pensions as of 2027.  - From April 2026, the first £1m of combined business and agricultural assets will continue to be exempt from IHT, but for assets over £1m, IHT will apply with 50% relief, at an effective rate of 20%. Capital Gains Tax (CGT):  - Lower rate CGT will increase to 18% and to 24% on higher rate CGT, with immediate effect.  - The rates on residential property will remain at 18% and 24%. While some may escape the pinch of the changes above, those operating larger agricultural businesses and farms may be feeling uncertain about their future and succession plans. If you’re looking for more information on how the recent updates might affect you and your business, or need support from a local, trusted solicitor, get in touch with our team to hear more about how we can help: 📨 reception@franksmithandco.com  📞 01242 801748 A full breakdown of today’s updates can be found online via BBC News: https://lnkd.in/eqjtqZTN #budget #autumnstatement #tax #finance #agriculture 

📰 This recent article from The Guardian reports that UK landlords are rushing to sell amid fears of a capital gains tax rise, an update on which is reported be announced in today's Budget.     In the article, Rightmove reports a record 18% of homes for sale in September which were previously rented out.    A succession of tax changes has already made owning buy-to-let properties less lucrative, and the prospect of an increase in CGT may have persuaded more landlords to sell up sooner rather than later. The tax on gains made from property is set at up to 24%, but there has been speculation this may stay the same or could potentially rise to as much as 39%. For more information, read the full article here: https://lnkd.in/eDDy4uN5  Are you a landlord? Let us know your thoughts in the comments below ⬇️ #landlord #rentalproperty #capitalgainstax #2024budget 

📈 UK property market update 🏡 Great news for prospective buyers, The Bank of England reports that the number of mortgage approvals surged to 64,900 in August, the highest since the 2022 “mini budget” crisis! This increase signals a potential revival in the housing market, spurred on by recent interest rate cuts.    Nationwide Building Society also noted that house prices rose by 3.2% in September, the most significant jump since November 2022.    While the boost on mortgage rates is easing affordability challenges for some, the effects haven’t yet trickled down to borrowers, with financial pressures still present for many households.    For more information on the market, visit: https://lnkd.in/efw4nYkm    Are you considering buying a property? Have you done so recently? Share your experiences below! 👇    #UKhousingmarket #mortgagerates #propertyinvestment #estateagents 

Oh what a night! 🪩 These photos from this year’s Coronation Ball are really getting us in the mood for even more glitz and glamour at our next event, taking place on February 1st 2025 ✨ We’re going to be turning up the elegance even further, with an event that promises to be more enchanting than ever! 🎟 Get your tickets today and be part of Cheltenham’s most anticipated event of the year: https://lnkd.in/e6xZHNHd 📷 THOUSAND WORD MEDIA LTD. #cheltenham #coronationball #gloucestershire #fundraising #charity

Another glowing testimonial praising our solicitor, Nora Ibrahim, whose dedication and expertise made a significant impact on our client's house sale experience. 🏡    From her exceptional communication to her warm, friendly approach, Nora’s commitment to providing top-notch service truly shines. Read on to see why she’s earned such high praise from those she works with! 👇    #testimonial #solicitors #legalteam #cheltenhamlawfirm 

Exciting news for the UK housing market... it seems that the Bank of England's recent rate cut, the first in over three years, has breathed new life into the property sector. According to Rightmove, the cut has led to a 0.8% increase in average asking prices for homes this September—rebounding from a 1.5% drop in August. This is the biggest September rise since 2016! 📊 While the rate cut has sparked positivity, uncertainties remain, with the potential for a second rate cut, upcoming political and economic announcements in October, and the government’s proposals for planning reforms and housebuilding still a cause for concern. 🗓️ Are you seeing the effects of these changes in your area? Share your thoughts and experiences below! 👇 #housingmarket #bankofengland #ratecut #propertyprices  

The debate over second homes in the UK is heating up, but is the government’s approach causing more harm than good? 📉 The battle against second-home ownership may be driving unintended consequences; with soaring council taxes and potential increases in capital gains tax to come, many owners are selling their properties in droves.   While the aim is to make housing more affordable and boost local economies, the reality might be quite different: Local Economies at Risk: Second-home owners contribute significantly to local businesses. Their absence could lead to closed shops, reduced services, and increased unemployment in affected areas. 🚫 Housing Market Impact: As second-home owners sell up, house prices may drop, potentially reducing incentives for new developments and investment in infrastructure. 📉 Tax Revenue Concerns: Despite higher taxes, the revenue generated is falling short of expectations. For instance, Fife Council's tax hike only partially met its revenue target. 💰 What do you think? Is the UK’s strategy counterproductive? Should we be focusing on increasing the supply of second homes rather than taxing them out of existence? Share your thoughts below! 👇 To read the full article by @thetelegraph visit: https://lnkd.in/emjQ46PQ #propertymarket #secondhomes #housingcrisis #ukproperty #localeconomy

It’s been a while since we last introduced our Managing Partner, Frank Smith, so we thought we’d shine a light on the driving force behind Frank Smith & Co Solicitors ⚖️. Frank founded the firm in 2016, following a distinguished legal career that began in 2000. His vision of running his own business became a reality, and he’s been steering the firm with passion and expertise ever since. 💼 Originally from Herefordshire, Frank studied Law with Italian at Cardiff University and Parma University in Italy 🇮🇹. His career has taken him from Florence and Milan to Cheltenham, where he settled in 2006. Frank is renowned nationally for his expertise, with Chambers and Partners describing him as "An expert in his field, representing landowners with skill and dedication." 👏 As the founder and hands-on manager of Frank Smith & Co Solicitors, Frank continues to play a key role in the firm's success. His commitment to excellence and client satisfaction has made the firm a cornerstone of the Gloucestershire business community 🏆. We’re proud to have Frank at the helm driving our success. Stay tuned for more updates and insights from the rest of the Frank Smith & Co team! 🎉🌟 #solicitors #cheltenham #specialistlegaladvice #gloucestershirebusiness 

🏇 Looking for expert advice on equestrian property? We’re here to help! 🏡 At Frank Smith & Co, we understand the unique needs of the equestrian world. Whether you're buying or selling an equestrian property, navigating the planning regulations, or need advice on letting a livery yard or stud farm, we’ve got you covered. Our team has firsthand knowledge of the equestrian industry and can guide you every step of the way. Get in touch today for personalised advice and support. 📞 Call us: 01242 801748 📧 Email us: reception@franksmithandco.com 🌐 Visit us: https://lnkd.in/e_ph4wQK #equestrianproperty #propertyadvice #equestrianbusiness #propertylaw

UK Property Market Update – September 2024 📊🏡 According to insights from Property Industry Eye, September’s property market insights showed mixed signals, with some interesting trends emerging.  Here's a snapshot of what's been happening: 🏠 38.6k new properties hit the market, up 13.4% compared to the same time in 2023.  📈 25.9k homes were sold, 24.8% higher than last year, with net sales at 18.3k, a significant 29% increase from last year. 💷 Average asking price for a new listing was £482,692, a notable increase from the average asking price of properties that actually sold.  Whether you’re on the hunt for a new property or would just like to know what’s going on in the property market, staying updated on the latest trends and insights can help you make informed decisions and navigate the market with confidence. 🏡📈 Read the full report to find out more: https://lnkd.in/ev-puCE7 #UKpropertymarket #solicitors #propertytrends #estateagents