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by Erica John-Marie

Erica says it is possible to transfer an unused Inheritance Tax threshold to an estate

On death, the first £325,000 of an estate is Inheritance Tax free. This threshold is known as the Nil Rate Band and it is frozen until April 2026. Anything over this amount will be subject to Inheritance Tax at a rate of 40%.

Amounts left to a spouse or civil partner are tax-free, as are gifts to charity. Since October 2007, married couples and registered civil partners can effectively increase the threshold of their estate when the second spouse or civil partner dies to as much as £650,000, although this does not happen automatically.

The personal representative of the second spouse or civil partner must apply to HM Revenue And Customs to transfer the unused Inheritance Tax threshold to the estate of the second spouse or civil partner no later than 24 months from the end of the month when the first spouse or civil partner died.

From April 2017, an additional Inheritance Tax threshold was introduced, which is known as the Residence Nil Rate Band. This threshold is £175,000 and is frozen until April 2026. Your estate will benefit from it in full if your estate is valued at less than £2million and you leave your interest in the family home to the following qualifying beneficiaries: l Spouse or civil partner l Direct descendants such as children or grandchildren l Stepchildren or foster children

Where an estate is valued at more than £2million, the Residence Nil Rate Band will be progressively reduced by £1 for every £2 that the value of the estate exceeds the threshold.

Any unused Residence Nil Rate Band can be transferred between spouses and civil partners to be used when the surviving partner dies, regardless of when the first death occurred. The same time scale rules apply to this as to the transfer of the Nil Rate Band.

“Amounts left to a spouse or a civil partner are tax-free, as are gifts to charity

Erica John-Marie, Kidd Rapinet

Erica John-Marie is a wills and probate solicitor at Kidd Rapinet Solicitors, based at Harbour Exchange on the Isle Of Dogs. She’s available on 020 7205 2115

Scan this code to find out more about downloading Kidd Rapinet’s eight-step guide to making a will Stephanie says personal training sessions can help clients focus in the gym

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this is a place where they can leave work behind – one hour, which is just for them. No work, no phone if they want – just the training. Exercise is an outlet – a lot of my clients have a little vent at the beginning of their session and then forget the minutiae of the day.

“There’s also that feeling of achievement – getting that personal best on the 2k row or lifting heavier than ever before. With consistency and discipline you will see results and that’s what’s so rewarding about it.

“It’s positive reinforcement and it’s just different from the feeling you get from, say, buying a nice pair of shoes.

“That can be great, but it wears off quite quickly, whereas the feeling you get from achieving in the gym, whether it’s building muscle or losing body fat, means you get fitter and stronger.”

Over the pandemic, many people will have naturally lost the habit of going to a gym and may be nervous about their ability to return to regular training.

Stephanie said the best remedy was simply to start exercising, but not to worry about attaining a certain level of fitness before getting back in the gym.

“Personal trainers are not like drill sergeants – we’re not going to go crazy at the beginning,” she said.

“Personal training is very tailored, so each individual client will have a different ability level. We’ll assess that in the beginning and we just go from there.

“Every single person, no matter what strength or fitness level they’re at will certainly see progress by the end of a few months.

“It might be that that they’re moving better or they feel less out of breath. They might be stronger or feel better.

“But there’s definitely no minimum standard to start coming to the gym – any time is a good time to start.

“My tip would always be to increase frequency. If you’re going only once a week and progress seems slow, then going up to three times will be of benefit. It’s also important to not just do that same movements over and over. That’s where a personal trainer can really help.

“Personally, I like having a certain amount of pressure. That’s why I compete in CrossFit, because having that constant challenge to improve gives me a limitless reservoir of drive and motivation. My training philosophy has always been to push myself and, within their own limits, that’s how I work with my clients too.”

In addition to its Canary Wharf club, Third Space operates in the City and at Marylebone, Islington, Mayfair, Moorgate, Soho and Tower Bridge.

My training philosophy has always been to push myself and, within their own limits, that’s how I work with my clients too

Stephanie Whitehead, Third Space l Third Space is currently offering memberships to its clubs with no joining fee. Other incentives include discounted personal training sessions, two complimentary guest passes to the club worth £50, a meal from Natural Fitness Food, 10% off at The Pearson Room and a 25% discount off the member’s first treatment or massage at the Third Space’s Canary Wharf Spa.

Club membership at Canary Wharf costs £180 per person, per month. The cost of personal training sessions varies. Go to thirdspace.london

Scan this code to find out more about joining Third Space