Everlake Guide for UK Nationals Living in Ireland

A Comprehensive Approach to Your Financial Life

Most of us lead busy lives and must juggle multiple priorities and demands on our time. However, at the end of the working day, each of us is responsible to our families for making the decisions that will determine whether we will achieve our financial dreams.

To do so successfully, you need what the head of every successful company has: a sound understanding of the challenges you face and a comprehensive approach for addressing those issues.

However, being a stranger in a strange land can make this process even more complicated.

The variety of issues faced by Foreign Nationals living in Ireland means that in this guide we cannot specifically address all of the issues that relate to each particular set of circumstances. Instead, we have used case studies to illustrate some of the more common issues that we have consulted on in the recent past specifically relating to UK Nationals living in Ireland.

We also set out our Financial Planning Process in order to give you an overview of how we engage with our clients to address their concerns.

The Five Major Areas of Financial Concern

For Foreign Nationals living in Ireland we believe that there are five major areas of financial concern:

1. Preserving your wealth. Your aim with wealth preservation is to produce the best possible investment returns consistent with your time frame and tolerance for risk. However note that the attributes required to create wealth (entrepreneurship, risk taking and concentrating your time and money in a limited range of ventures) are not the same as the attributes necessary to preserve wealth (diversification and keeping costs and taxes low)

2. Enhancing your wealth. Your goal here is to minimize the tax impact on your financial position while ensuring the cash flow you need to meet your spending requirements now and in the future.

3. Taking care of heirs. This means finding and facilitating the most tax-efficient way to pass assets to your spouse and succeeding generations in ways that meet your wishes.

4. Protecting your wealth. This includes all concerns about protecting your wealth against catastrophic loss, potential creditors, litigants and identity thieves.

5. Charitable giving. This encompasses all issues related to fulfilling your charitable goals in the most impactful way possible.

None of these five areas of concern stands in isolation from the rest. Wealth protection, for example, is often intertwined with wealth transfer needs. And charitable giving can often support goals in each of the other four areas.

To be most effective, you need to deal with each area systematically while maintaining an integrated approach to your overall financial picture. We call this comprehensive financial planning.

Comprehensive Financial Planning

As you may have noticed, many financial firms these days say that they offer wealth management and financial planning services.

The challenge is that the primary focus for many of these firms is typically nothing more than selling investment or protection products. They may offer a few additional services, such as mortgages, but they lack the truly comprehensive tool set to provide a comprehensive financial planning service. Without this complete tool set, there are areas of your financial life that may not receive the attention they may need.

We define comprehensive financial planning as: Comprehensive Financial Planning = Investment Consulting + Advanced Planning + Relationship Management

The first element is investment consulting, which is the management of your investments over time to help you to achieve your goals. That said, we don’t believe that people generally have financial goals, but rather lifestyle goals that have financial implications.

It is through investment consulting that we address the first key financial concern of wealth preservation.

Astute investment consulting requires financial planners to deeply understand each client’s most important challenges and to then design investment strategies that take into account the clients’ need, willingness and capacity for risk. It also requires financial planners to review not only their clients’ portfolios but also their financial lives on a regular basis so that they can make adjustments to the investment strategies as needed.

The second element of comprehensive financial planning is advanced planning, which examines and manages all the issues beyond investments that are important to clients’ financial lives. We place these issues into four major categories:

• Wealth enhancement through tax mitigation strategies

• Wealth transfer and taking care of heirs

• Wealth protection and preventing your assets from being unjustly taken

• Charitable giving and philanthropy

Naturally these four areas of advanced planning align exactly with the four remaining key financial concerns we described above. In our experience, very few financial advisers address these four concerns in any systematic, comprehensive manner.

Relationship management is the third element of comprehensive financial planning. To effectively address their clients’ range of overlapping, frequently complex financial concerns, our financial planners build relationships within three groups.

The first and most obvious group is you the client or prospective client. It is only through solid, trusted client relationships that financial planners can fully understand and help manage their clients’ needs effectively over time. The first part of this process is based on a discussion about expectations - what do you have the right to expect of your financial planner? Equally, what does your planner have the right to expect of you? Only when we both fully understand our expectations can we really build the basis for a long-term relationship.

Secondly, because no single financial planner has all the knowledge required to manage the entire range of financial challenges, we have a network of financial professionals that we can call upon on a case-by-case basis to help address your specific needs.

Finally, financial planners must be able to work effectively with their clients’ other professional advisers, such as lawyers and accountants. This collaborative approach leverages those advisers’ knowledge of the clients’ financial challenges while helping ensure an integrated and comprehensive approach to their finances.

While our focus in this guide is on the areas of Wealth Enhancement and Wealth Transfer, keep in mind that these are just part of a comprehensive approach to your financial life.

In the last section of this guide, we will describe what you should expect from a financial planner who can help you make informed decisions about every aspect of your financial life.

The Three Big Questions relating to UK Nationals

1. Where do you call home?

2. Where your assets are physically located?

3. What are your intentions in the future?

Individuals have become more mobile over recent years. Irish individuals increasingly hold non-Irish investments, whether holiday homes, stocks and shares or other investment assets in Europe and further afield and, according to the last census, around 20% of the population of Ireland are Foreign Nationals.

How do we deal with financial planning for non-Irish assets, and how do we advise nondomiciled individuals living in Ireland?

The starting point is the fundamental principle of Irish private international law that the law of domicile (lex domicilii) of an individual determines the succession of moveable property whereas the law of the country where the property is situate (lex situs) determines the succession of immoveable property.

In other jurisdictions, particularly civil law countries, either the habitual residence or the nationality of the individual determines the succession of moveable property. In some jurisdictions, this factor also determines the succession of immoveable property.

This can give rise to complicated issues from a legal perspective.

Domicile

Domicile is a complex legal concept that is determined by reference to a person’s intention to permanently or indefinitely reside in a country together with their physical presence in that jurisdiction.

There is therefore a significant element of subjectivity, based on a person’s intentions. However, objective proof is sought in situations of doubt.

A number of factors which may assist in determining domicile are:

• Place of Birth

• Domicile of Parents

• Marital Status of Parents

• Any changes in parents’ domicile

• Declaration of domicile (for example statements in a will)

• Execution of a Will under the laws of another territory

• Property owned by the taxpayer, and accommodation occupied by him or her on a regular basis. (it the accommodation permanent living accommodation or simply a holiday or occasional home?)

• What business connections does the taxpayer have with Ireland, or another territory?

• Where are the taxpayer’s closest personal, and social connections?

• How often does the taxpayer visit?

• Where do the taxpayer’s spouse and any children reside? Where are his extended family?

• How much time has the taxpayer spent in Ireland during the past 10 years?

• Has the taxpayer any plans to move permanently away from Ireland? What circumstances would trigger such a move?

• Has the taxpayer purchased a grave or made any burial arrangements?

A person may only have one domicile at any one time, although a domicile of origin can be displaced by a domicile of choice. An individual will always be domiciled somewhere, even though it may be unclear exactly where that is.

There is no statutory test or definition of domicile, and it is purely a common law concept. An additional complication is the fact that the issue of domicile is not determined on universal rules. An Irish Court will determine a person’s domicile according to Irish law, while an English Court will determine the same issue based on English law. The result may not always be the same.

Planning opportunity

Irish resident but non-domiciled individuals are taxed on a “remittance basis” of taxation. This means that income and gains that are not remitted to the Republic of Ireland are not subject to Irish Taxation.

Estate Planning

Benjamin Franklin said; “There is nothing in life more certain than death and taxes.”

Estate Planning can be defined as: the orderly and tax efficient transfer of assets/wealth between individuals, and most commonly to the next generation.

Estate planning covers both gifts and inheritances. Trusts are equally relevant in both circumstances, as one of the main tools to facilitate estate planning arrangements.

The core elements of estate planning are legal effectiveness, tax efficiency and practicality.

For many individuals, estate planning can be very straightforward.In other cases, complexities can arise, including divorce, second marriages, non-marital relationships and children, difficult relationships with children, concerns about in-laws, children in marital difficulties, children with significant debt, children with special needs, complex asset structures, assets in foreign jurisdictions and the impact of cohabitants legislation.

Capital Acquisitions Tax (CAT)

In Ireland, Capital acquisitions tax is payable by a beneficiary on the receipt of a gift or inheritance in excess of their available tax-free threshold. The tax-free threshold depends on the relationship between the donor and the beneficiary.

• There is no capital acquisitions tax between spouses.

• The tax-free threshold of children is €335,000 (tax year 2022).

• Close relatives such as brothers, sisters and grandchildren have a tax-free threshold of €32,500 in all other cases the allowance is €16,250.

• Any aggregable gifts or inheritances received since 5 December 1991 are taken into account in computing the available tax-free threshold.

Capital acquisitions tax applies to both gifts and inheritances

Planning opportunity

Although Capital Acquisitions Tax is based on residency, non-domiciled individuals only become liable to CAT after 5 consecutive years resident in Ireland. Careful management of time spent in the State can therefore act to mitigate the impact of Irish CAT.

Reliefs and Exemptions

The Dwellinghouse exemption has been restricted in recent years. Since 25 December 2016, you are exempt from inheritance Tax (CAT) on a house you inherit if all the following apply:

• The house was the only or main home of the person who died

• You lived in the house as your main home for the three years before the person’s death

• You do not own, have an interest or a share in any other house, including one you acquired as part of the same inheritance

• The house is your main home for six years after you receive the inheritance. (This does not apply if you are over 65.)

Business relief is a substantial relief in respect of the gift or inheritance of business property. The legislation is complex, but the relief is designed to prevent the forced sale or break up of trading entities to pay significant capital acquisitions tax liabilities on death or lifetime transfer. Where available, business relief reduces the tax payable from a rate of 33% to an effective rate of 3.3%.

Agricultural relief is a relief on gifts or inheritances of agricultural property which was introduced to prevent the break-up of farms when passing to the next generation. The relief reduces the effective rate of inheritance tax from 33% to 3.3%. The conditions for the relief have been significantly tightened up in the Finance Act 2014.

Make an Irish Will

The first step in estate planning for most people is to make a Will.

In Ireland, the presumption of testamentary freedom is qualified by the legal right share of a spouse (one third/one half of estate) and the “moral duty” towards children.

Under Section 117 of the Succession Act, a child can potentially take an action against the estate of the deceased parent on the basis that they have not been properly provided for by their parent in accordance with parent’s means.

Forced Heirship vs Testamentary Freedom

Forced heirship is the term used where a country provides that specified persons have automatic rights to the succession of a portion of a deceased’s estate, which take precedence over any Will of the deceased.

Generally speaking, certain civil law countries provide enforceable fixed shares to heirs, whereas common law jurisdictions tend to start with the principle of testamentary freedom,

while providing protection for dependents, e.g. the legal right share of a surviving spouse/civil partner under the Succession Act 1965.

If a French domiciled individual leaves an Irish holiday home in his estate, is this subject to the legal right share of his surviving spouse? Similarly, if an Irish domiciled individual has significant real property in France, does his spouse’s legal right share include the value of the French property?

Foreign divorces complicate matters further. In order to determine whether there exists a legal right share entitlement of the spouse if they have obtained a foreign divorce, a consideration is whether that divorce recognised in Ireland, and if not, it would appear that the individuals are still married as a matter of Irish law. The domicile of the individuals will be very important in determining the recognition of a divorce obtained outside Ireland.

Brussels IV – the EU Regulation on Succession

The Brussels IV Regulation came into effect in August 2015. The attempt was to harmonise succession laws throughout the EU, but it has fallen short in many respects.

Ireland, Denmark and the UK opted out of the Regulation. However, confusingly, the Regulation will still have an effect on how Ireland will deal with signatory States and how signatory States will deal with Ireland.

The Regulation attempts to provide that in all signatory EU member States, habitual residence is to be the connecting factor to determine the jurisdiction to deal with Wills and succession for all movables and immovables. Alternatively, the testator can designate the law of their nationality as applying to the whole of their estate.

It remains to be seen whether the signatory States will interpret the term “habitual residence” consistently.

From the perspective of advising an Irish domiciled person/national, it appears clear that he can elect to apply Irish law to govern the succession to assets situate in signatory States, even though Ireland is not a signatory. The reverse does not hold true. Ireland will continue to apply the principles of Irish private international law to assets situate in Ireland.

The future under the Regulation is uncertain, which creates difficulties for Irish advisors, who may effectively be asked to advise on non-Irish legislation and its effect in foreign jurisdictions. Local legal advice in the foreign jurisdiction is key.

Enduring Powers of Attorney

An enduring power of attorney enables a person to appoint an attorney(s) to manage their affairs and take decisions on their behalf if they should lose capacity.

An enduring power of attorney is registered and becomes effective only when the donor is, or is becoming mentally incapacitated, i.e. by reason of a mental condition they are unable to manage and administer their own property and affairs.

The alternative to making an enduring power of attorney, in the event of mental incapacity, is wardship under the Lunacy Regulations, which is an outdated, cumbersome and expensive system.

There are no guidelines available for the registration of a foreign enduring powers of attorney, these are dealt with on a case by case basis. The Registrar of Wards of Court will seek to bring the requirements of the Irish system to bear on the foreign enduring power of attorney.

Generally speaking, the foreign enduring power of attorney needs to be similar as to form and content to the Irish enduring power of attorney under our legislation.

Similarly, it can be very difficult or impossible to register an Irish enduring power of attorney in a foreign jurisdiction. Therefore, it would be prudent to make an enduring power of attorney in a foreign jurisdiction where assets are held.

Case Study: Inheriting from the UK whilst resident in Ireland

The UK and Irish rules on inheritance taxes are fundamentally different and this can give rise to issues in an estate where UK Inheritance Tax (“IHT”) and Irish Capital Acquisitions Tax (“CAT”) arise, so it is vital when dealing with cross border estates to look at the tax implication in both jurisdictions.

There is an old joke about asking for directions in Ireland, with the punch line that "you wouldn't want to start from here" and this comes to mind when looking at the current state of play on cross-border Estate Planning.

In the UK, IHT is payable by the Estate, and a single nil rate band exemption is available. In Ireland the beneficiary pays CAT and the relationship between the person who provided the benefit (i.e. the disponer) and the beneficiary, determines the beneficiary’s individual tax-free threshold. Thresholds in Ireland have been reduced in recent years and the UK threshold has remained set at Stg£325,000 since 2009.

As the two tax systems operate on different bases, cases occur where no tax is payable in one jurisdiction, and a high level of tax arises in the other. For example, if an estate valued at €1m is taken by 5 children the individual CAT thresholds will shelter the inheritance from CAT, but the estate has only one threshold and UK IHT will arise. Alternatively, a modest estate passing to unrelated beneficiaries with low Irish CAT thresholds may give rise to CAT but not IHT.

Example:

A client who is domiciled in Scotland but Irish resident inherited Stg£300,000 from his UK Godfather but the estate is within the current nil rate band so no UK IHT applied.

It would not be obvious to a UK lawyer drafting the Will, or advising on the estate, that there is a tax exposure.

However, the client was resident in Ireland for more than 5 years and therefore although he was not Irish domiciled he had become liable to Irish CAT. Although his Godfather clearly cared a great deal about the client, he was not a blood relative so the lowest CAT tax free threshold of €16,250 applied and CAT of €112,000 arises (33% of the excess). The UK Ireland double tax treaty does not assist as there is no UK IHT.

UKInheritanceTax

IHT is charged on worldwide assets if the donor is domiciled in a UK jurisdiction and on UK property for other donors. The domicile and residence of the donee are not relevant.

The UK does have “deemed domicile" rules for IHT purposes only (S. 267 UK IHTA 1984) and a donor is deemed to be domiciled in the UK for IHT purposes if:

• He was resident in the UK for 17 out of the previous 20 tax years, or

• He was domiciled in the UK within the 3 previous years.

UK IHT is charged at a rate of 40% with an estate threshold of Stg£325,000.

Lifetime gifts are potentially exempt transfers (“PETs”) and will fall outside the charge to IHT if the donor lives for 7 years, so gifts cease to have an IHT impact after 7 years.

IrishCAT

Capital Acquisitions Tax (CAT) arises if the donor or beneficiary is resident or ordinarily resident in Ireland at the date of the disposition, or if the benefit includes Irish property. The date of disposition for an inheritance is generally the date of death.

A person who is not domiciled in Ireland will not be regarded as resident or ordinarily resident for CAT purposes unless he is resident in Ireland for five consecutive tax years up to the end of the previous year.

As set out earlier, the CAT legislation has three tax free thresholds, depending on the relationship between the donor and the beneficiary.

All previous benefits received since 05 December 1991 with the same group threshold reduce the available tax free threshold, so gifts can have a CAT impact decades after they are received. CAT is currently charged at a rate of 33%.

Example:

Joan was Irish domiciled, but lived in the UK from 1990 to 2012 before retiring to Ireland and ceasing to be UK resident in 2011/12. She died on 10 April 2014.

Joan was deemed to be UK domiciled for IHT purposes as she was resident in the UK for 18 out the last 20 years. Her entire estate is subject to UK IHT and also within the charge to Irish CAT, as Joan was tax resident in Ireland in the year of death.

DoubleTaxation

There is a double tax agreement (“DTA”) between Ireland and the UK and it provides that if tax arise in both jurisdictions the country where the property is situated taxes and the other country gives a credit.

The credit is given to the person who is liable to the tax, normally the residuary beneficiary in the case of UK IHT. The DTA was written when Ireland also had a domicile test for CAT and the move to a residence test for CAT has resulted in the DTA being ineffective in some cases, generally where the property is located in a third country. If the benefit falls outside the ambit of the DTA Irish CAT legislation provides for a unilateral credit.

Conclusion

Estates which are subject to inheritance tax in Ireland and the UK are quite commonplace, given the strong social and economic links between the two countries. With property prices increasing in many areas over the last few years and family size decreasing, more estates are paying taxes in both jurisdictions even where the value of the estate is quite modest.

It is not advisable to look at one jurisdiction in isolation when tax planning pre-death or administering an estate after death.

This article originally appeared In the June 2015 issue of the STEP Journal

Post Death Estate Planning

Frequently, changes to the distribution of the assets of an estate can be beneficial, whether to mitigate unexpected tax consequences or to address changes in the beneficiaries’ or disponer’s positions. The options for changing the distribution of an estate are different in the UK and Ireland. When dealing with two jurisdictions, one needs to ensure that the method selected will be effective in both jurisdictions and will not give rise to undesirable tax consequences in either jurisdiction.

The legal systems of England and Wales, Scotland and Northern Ireland allow a Deed of Variation to be effected by beneficiaries of a deceased’s estate to alter the distribution of that estate. The term “UK” has been used throughout this article for ease of reference to these legal jurisdictions. Deeds of variation are effective for UK IHT (and UK capital gains tax) but they do not change either the general law position or the income tax position. A beneficiary normally executes a deed within two years of the death and, with effect from 1 August 2002, the changes will be effective for UK IHT purposes from the date of death1 if the deed contains a statement of intent stating that it is intended to take effect for tax purposes.

In Ireland there is limited scope for re-dividing the estate and either a beneficiary disclaims or enters into a deed of family arrangement. A disclaimer can be an effective method of redistributing the estate but there is no control over how the assets pass once disclaimed. For example, a disclaimed devise will pass to the residuary beneficiary. A deed of family arrangement allows the person giving up the benefit to direct how it passes but it is not tax efficient as the ‘original’ beneficiary is treated as inheriting the assets and gifting them to the ‘new’ beneficiary.

There is statutory provision in the UK for the reallocation of the deceased’s assets post-death by way of a deed of variation, but there is no Irish equivalent. In the UK, a deed of variation can be treated as varying the terms of the will so that the new beneficiary is treated as inheriting the assets directly from the deceased. The nearest equivalent to a deed of variation under Irish law would be a Directed Deed of Disclaimer, which is treated as inheritance followed by a gift (two separate taxable events for CAT purposes).

Current position

A UK deed of variation for a UK estate that has Irish beneficiaries or Irish property will change the benefit taken affecting the Irish CAT position. A question arises as to how the Irish Revenue (the Revenue) will treat a UK deed of variation for CAT purposes.

There does not appear to be any published Revenue commentary on the Irish tax treatment of a UK deed of variation. The Revenue takes a relatively rigid approach to disclaimers and a directed deed of disclaimer will be taxed as if it were a deed of family arrangement. Part 6 of the Revenue CAT Manual provides as follows:

‘A disclaimer in favour of a named person is considered as an acquisition and a subsequent disposal and therefore there is a double charge to CAT’.

By analogy a deed of variation, which directs where the benefit is to go, may be treated in the same way as a directed disclaimer and taxed for CAT purposes as an inheritance received by the beneficiary who is giving up a benefit under the deed, and a gift on from that beneficiary to the person who is receiving a benefit under the deed of variation.

There is no written Revenue guidance on how a UK deed of variation should be approached from a CAT perspective. In practice, in some cases, the Revenue may adopt the UK approach and follow the varied distribution. If the succession law of a UK jurisdiction, governs the devolution of the assets subject to the deed of variation, then the UK treatment of deed of variation should be followed in Ireland. In other words, the new beneficiary would be treated as inheriting the assets directly from the deceased.

In the UK and Ireland, the law of jurisdiction in which the deceased was domiciled will apply to movable property and the law of the jurisdiction where property is located will apply to immovable property. Therefore, if the asset affected by the UK deed of variation is UK property or if it is personal property taken from a UK-domiciled deceased, the Irish Revenue should follow the deed of variation.

Case study: Impact of a Deed of Variation

A deed of variation was effected, in relation to a UK estate and the effect was that four Irishresident beneficiaries took an increased benefit from their late Great uncle’s estate, with the extra benefit coming from assets originally left to their father by the deceased.

If the Irish Revenue treated the benefit as an inheritance by the father followed by a gift from him to the Irish-resident children, the beneficiaries were liable to CAT at 33 per cent, as each beneficiary had no class (a) threshold available. The class (a) threshold is the amount that can be taken by a child from a parent tax free. However, the threshold is a lifetime threshold and any prior benefits taken since 05 December 1991 erode the “available” threshold. In this case, each child had already received benefits in excess of the class (a) threshold and therefore, each child had no class (a) threshold available.

By contrast, if the benefit was treated as being taken from their Great-uncle, no CAT was payable as the IHT paid was in excess of the CAT payable and a credit was available.

A submission was made to the Revenue Technical Service (RTS) and they confirmed that on the facts of the case the deed of variation distribution would be treated as coming from the deceased Great-uncle (so the UK deed of variation position was followed).

Revenue stated that this treatment was allowed as:

• the deceased was UK domiciled,

• the estate consisted of UK assets only; and

• the deed of variation is statutorily recognised in the UK as varying the terms of the ill.

Future plans

The treatment of a UK deed of variation will vary from case to case and the position will be dependent on the facts of the case.

The key point is that if the succession law of a UK Jurisdiction applies, then the UK treatment of a deed of variation should also apply in Ireland.

The law of a UK Jurisdiction will apply to movable property if the deceased is domiciled in a UK jurisdiction and it will also apply to real or immovable property if the property is located in the UK.

We would recommend making a submission to the Revenue to clarify how a deed of variation should be treated from an Irish CAT perspective.

This is a very valuable mechanism and there has been much political discussion in the UK in recent months surrounding the use of deeds of variation to reduce tax. Chancellor George Osbourne in his Budget Statement to the House of Commons on 18 March 2015 stated:

‘I can also tell the House that we will conduct a review on the avoidance of inheritance tax through the use of deeds of variation. It will report in the autumn… Let the message go out: this country’s tolerance for those who will not pay their fair share of taxes has come to an end’

It appears that the days of deeds of variation being a tax-efficient mechanism to redistribute a UK estate may be numbered. Which leads us to forward planning and the use of trusts in wills, but that is a topic for another day

This article originally appeared In the July 2015 issue of the STEP Journal

Disclaimer

This document has been prepared for educational and information purposes only and does not represent a specific recommendation for an individual to follow.

Taxation

References to Taxation have been obtained from sources which we believe to be reliable and are based on our understanding of Irish Tax legislation at the time of writing. We cannot guarantee its accuracy or completeness. The rates and bases of taxation may change in the future. We recommend that you obtain specific tax advice for your own personal situation. We will refer you to a suitably qualified tax consultant on request.

Investments

As with any investment strategy, there is potential for profit as well as the possibility of loss. Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors’ interests.

Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken.

Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies.

We do not guarantee any minimum level of investment performance or the success of any portfolio or investment strategy. All investments involve risk and investment recommendations will not always be profitable.

Warning: the value of your investment may do down as well as up. This service may be affected by change in currency exchange rates. Past performance is not a reliable guide to future performance.

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