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Manish’s Predictions for January 2018

Capricorn ( 22 December – 19 January ) – There may be tensions or communication problems with your nearest and dearest, and also with partners or close associates. There may be a necessary end to a personal cycle of habit or behaviour on your behalf. There could be changes that affect your home life, or the lives of children or women around you.You may be slowing down and caring for yourself because of changes in your own health and conditions. For some there may be changes or even losses or separations of some kind in the sphere of those you know and love.Favorable Dates :Jan 3, 6, 12, 15, 21, 24  Favorable Colors : Purple & Yellow

Aquarius ( 20 January – 18 February ) – Your financial state may benefit from family money or joint resources, thus altering your position dramatically. Whatever your position or circumstances, work together with your partner on a simple and achievable plan of financial betterment.For the single goat, you may well form a liaison with someone of status or importance who can perhaps open doors for you or provide you with opportunity. Keep a cool head and a good sense of balance with what is made possible. Be prepared to make necessary adjustments to make the most of what occurs. Favorable Dates :Jan 2, 3, 11, 12, 20, 21  Favorable Colors : Red & White

Pisces ( 19 February – 20 March ) – You may find that your responsibilities or professional demands become subject of confusion. You may be going over old ground to correct past mistakes. You may be dealing with difficult people who may challenge your views or ideas or even oppose you directly. You may even find that you are at odds with yourself because of your obligations or duties. If single, this may be an uneven time. You may be frisky but not inclined to stable effort with regard to your love life. For some, there may be meetings or connections that run on intensity or even compulsion.Favorable Dates :Jan 4, 5, 13, 14, 22, 23 Favorable Colors : Yellow & Blue

Aries ( 21 March – 19 April ) – The practical aspects of managing your financial life and stabilizing your position will be an important feature this month. New information and interests will be required if you are to continue with the way ahead. There’s something you can discover about yourself if you dig deep and commit to the long haul. The area of communications might be the most potent, but some of you may be drawn to academic or spiritual learning of some kind.Your relationship with your nearest and dearest or with any close associate could be tested at this time. Favorable Dates : Jan 2, 3, 11, 12, 20, 21 Favorable Colors : White & Green

Taurus ( 20 April – 20 May ) – This can be an exciting and interesting period of change as long as you give things time to emerge. There could be unexpected communications or changes with regard to siblings.Plans will take a good measure of time to carry out.You may be forced to revise your belief system or seek advice from those skilled legally or academically. Some of you may even consider a change of direction in your career.Matters of children, creative projects or lifestyle and recreation issues will be up for review and examination. Favorable Dates :Jan 1, 4, 10, 13, 19, 22 Favorable Colors : Red & Blue

Gemini ( 21 May – 20 June ) – Creative projects and spiritual teachings or development are highly favoured at this time. You may be drawn to investment or speculation or you might simply plunge in a little too deeply as far as the overdraft is concerned. Keep a clear head as to what can and can’t be done on your budget. Matters of joint finance and resources will be the focus, along with deeper issues of sexuality, the occult and the hidden forces of society.For those of you in a partnership, then this will be a common focus or interest.Favorable Dates :Jan 1, 8, 10, 17, 19, 26 Favorable Colors : Red & White

Cancer( 21 June – 22 July ) – This is a period to find some kind of strong base of beliefs or ideas spiritually or philosophically that will allow you to move forward and find what you’re looking for. You may have to review your financial plans or your money management to account for some unexpected expenses or changes to the financial sector of your life. New circumstances may take hold so take a new perspective.Keep a weather eye on business associates who could be working covertly against you. Stress and overwork will be a problem. Favorable Dates :Jan 1, 4, 10, 13, 19, 22 Favorable Colors : Yellow & White

 

Leo ( 23 July – 22 August ) – You will need to look at issues of self-confidence and examine any weaknesses you have in this area. Deeply transforming relationships may be expected, with a karmic tinge that may bring you face to face with those with whom you have had past-life connections.Serious developments may also be expected on the partnership front. Consideration for others and good communications will be an important part of the way forward .The emphasis shifts to a strong working relationship, rather than the whirl of romance after 23rd Jan. Favorable Dates :Jan 1, 6, 10, 15, 19, 24 Favorable Colors : Blue & Red

Virgo( 23 August – 22 September ) – There are developments in the offing as the period urges you to move forward, advancing your ideas and beliefs so that you can move into a new phase of life. You may be on the road of study or travel. Teaching or learning could be the theme and matters of law, religion or philosophy could become more important, setting new aspirations for you.Make sure you have a clear head and a sense of proportion though. Too much idealism may unbalance your efforts. Unrealistic hopes or deception may take you on a wild goose chase.Favorable Dates :Jan 3, 6, 12, 15, 21, 24 Favorable Colors : Yellow & Red

 

Libra( 23 September – 22 October ) – There may be a swagger in your step and a new sense of drama or creativity as you go about your life. This month may see you on the move or aspiring, especially creatively or spiritually. You can flourish under this influence if you extend yourself. It’s a ‘head in the clouds but feet on the ground’ influence. Make the most of it. Joint ventures are favoured as long as they are carefully chosen and well managed.Make sure you put in the groundwork and attend to the details of any new venture that you’re undertaking. Favorable Dates :Jan 3, 4, 12, 13, 21, 22 Favorable Colors : White & Red

Scorpio ( 23 October – 21 November ) – You may be revising your plans or going through changes with regard to friends and associates. People who have been important in your life may be on the way out or new ones may be coming in at this time. This process could eventually bring change in your working life or in your responsibilities Make sure you get the right end of the stick in matters of communication and make sure you work to see the other person’s point of view.Develop any interest in social welfare and expand relationships with workers and those in the services. Favorable Dates :Jan 5, 7, 14, 16, 23, 25 Favorable Colors : White & Yellow

Sagittarius( 22 November -21 December ) –This is your optimum period for growth and expansion. You may travel to meet someone or find that professional opportunity brings someone new into your lifeThis month may be a search for pleasure. Try not to overdo it. For those of you who do become involved, avoid becoming financially entangled too quickly in any new or growing relationship. There may be hidden consequences.Your focus may run much toward matters of your own life and you may not be inclined to take the demands of a new relationship very seriouslyFavorable Dates :Jan 5, 9, 14, 18, 23, 27 Favorable Colors : Blue & Yellow

Be the king of your own castle in 2018 with these French châteaux​

by Fleur Buckley, Property Services Manager, FrenchEntrée

As youngsters, many of us dream of living in a grand castle when we grow up. Most people’s ambitions change as they age, but for some, that fairytale never fades – and that’s where France’s plentiful châteaux come into play.

Of course, owning your own castle isn’t cheap, but the variety of styles, sizes and conditions on the market means that there are châteaux available to suit a surprising range of budgets.

“The region that a château is in can heavily influence the style. Pays de la Loire for example can be associated much more with ‘leisure’ châteaux, the historic playground of French aristocracy. Such châteaux were designed with elegance and aesthetics as the main concerns, whereas those in more contested areas, such as near to the Spanish border, were designed to be defendable.” 

When looking at cost, buyers are sometimes drawn to renovation projects as a more accessible way to realise their grand ambitions, but for those unfamiliar with large-scale renovation projects or converting truly old buildings, the eventual overall cost is important to consider. This can vary based on region, but the average figure per square metre for renovation work is €700 and €1,500 (the latter if it’s a total rebuild). If the property is merely in need of internal modernisation and refurbishment (for example kitchens, bathrooms and heating) then you can generally reduce this figure by almost 50%.

As such, it can be an attractive proposition to acquire a château that is already in great condition and, for the business-oriented, generating revenue. In Dordogne, this château can seem like a considerable investment, but its sizeable revenue can help offset the cost. With over 18 hectares of land and architecture dating back to both the 12th and 15th century, an imposing estate awaits those looking to take over the reins of a successful hotel.

Châteaux often make fantastic settings for luxury accommodation, restaurants and wedding venues, while ample grounds open the possibility of running equestrian schools, hunting and fishing activities and plenty more. Working orchards, olive groves and vineyards can also provide business angles for those keen to work the land as part of their fairytale dream.

Prices vary enormously based not only on the style and age of the château, but also its location. Buyers on a budget can focus their search around the South-west, while those with an eye for the pricier end of the market will delight in the châteaux available in Pays de la Loire and closer to Paris. Buyers looking to renovate a château typically come to FrenchEntrée with budgets ranging from €500,000 – €800,000 (excluding renovation), whilst those looking to buy already established have budgets of double that and upwards.

Either way, owning a château can’t be considered cheap. However, those with sufficient imagination, plenty of dedication and a head for business can find themselves living the dream for less than one might imagine.

Châteaux on the market:

For a truly impressive estate, this Loire château, 900 square metres in size, comes with not only its own moat but also 4 separate holiday cottages and 40 acres of land. Each cottage is larger than a typical 5-bedroom house, the largest of which is 270 square metres, almost a petit château in its own right. The château, rebuilt in 1863, has plenty of space to entertain, with 26 bedrooms and beautiful traditional features. On the market for €1,190,000.

A three-star, 33-room hotel and restaurant offers an existing château-based business in the Dordogne. The château was built in the 12th and 15th centuries, before being converted into its current arrangement in the 1990s. Stunning views and a pool of course come as standard. The business generates a turnover of €900,000 for eight months of activity per year, which will go some way towards covering the purchase price of €6.386 million.

Continuing the trend of châteaux belonging to multiple centuries, this storied châteaux situated in the Loire Valley will no doubt appeal. With parts of the building dating back to the 15th, 17th and 19th centuries respectively, France’s architectural history is well-presented. 10 bedrooms, 4 hectares of riverside gardens and stables – not bad at all for just €890,000.

For further information, contact FrenchEntrée on +44 (0)1225 463752 orpropertysales@frenchentree.com. You can also visithttps://www.frenchentree.com/property-for-sale/.

 

One year to go until the beginning of the Elizabeth Line

Elizabeth line services will be introduced in phases, with the central London stations opening in December 2018   “The Elizabeth line will transform travel across London and the South East, with new state-of-the-art trains transporting millions of people quickly across London, providing a huge boost to the economy” Sadiq Khan, The Mayor of London New December 2018 Tube map featuring the Elizabeth line unveiled – images are available via Flickr Elizabeth line is expected to boost the economy by £42 billion overall The start of Elizabeth line services, which will transform transport in London with quicker, easier and more accessible journeys, is now just a year away. To mark the countdown, TfL has released a December 2018 Tube map with the Elizabeth line displayed. Its inclusion will be among the most significant changes to the look of the Tube map in recent decades.

The construction of the Elizabeth line has now entered its final stages and will open to the public in phases from December next year, when ten new state-of-the-art stations will open. The new railway, jointly sponsored by the Department for Transport and TfL, will connect stations such as Paddington to Canary Wharf in only 17 minutes, transforming how Londoners and visitors move quickly across the Capital.

From December 2018, the line will initially operate as three services:

  • Paddington (Elizabeth line station) to Abbey Wood via central London
  • Paddington (mainline station) to Heathrow (Terminals 2 & 3 and 4)
  • Liverpool Street (mainline station) to Shenfield

Fifteen trains per hour will run through the new tunnels, increasing to 24 trains per hour through the central section by May 2019.

From December 2019, customers from Reading and Heathrow will be able to travel all the way through central London to the West End and the City and beyond without needing to change trains. By linking Berkshire and Heathrow in the west, to east London and Essex in the east, the line will transform travel across the South East, carrying over 200 million passengers every year. It will increase rail capacity in central London by 10%, reduce congestion on the London Underground, and an extra 1.5 million people will be within 45 minutes commuting distance of London’s key employment districts.

The new stations and travel links are expected to boost the economy by £42 billion overall and support thousands of new jobs and homes in London and the South East.

Elizabeth line customers will benefit from brand new, longer trains with walk-through air-conditioned carriages, live travel information and free Wi-Fi. All 41 stations will be step-free from street to platform, in addition to the Mayor’s target for 40% of the London Underground network to be step-free by 2022.

Significant milestones have been met earlier in the year, including the completion of the 50-kilometre Elizabeth line track in September as well as the introduction of the first new Elizabeth line train in passenger service between Shenfield and Liverpool Street in June.

Ahead of the Elizabeth line opening next year, intensive works continue by Crossrail Limited and its contractors to complete the fit-out of the new stations and install the railway systems including power, signalling and communications equipment. Farringdon and Tottenham Court Road are nearing physical completion with work advancing at the other station sites. The installation of platform screen doors has now reached the half way mark and over two thirds of escalators have been installed.

Pickering’s views on Policy, Patents and Passports

by Richard Pickering 

Ins and outs  Data from the ONS reveals the largest annual drop in net migration to the UK for decades (75% of the reduction coming from the EU). The decrease from 336,000 pa to 230,000 reflects 80,000 fewer people arriving and 26,000 more leaving. The first signs of a ‘Brexodus’? Digging beneath the headline paints a slightly different picture. The reduction in arrivals is largely due to a drop in those seeking work here (130,000 down to 56,000), whereas those with firm job offers remained stable (at 187,000). The amount of high value Tier 1 visas granted was in fact up (7%) and skilled Tier 2 visas remained level. Those critical of Brexit have cited a brain drain  not something that is necessarily borne out by these numbers. On the other hand, some Brexiteers have described this as ‘progress’, which when compared with the promise of net immigration down in the ‘tens of thousands’ still seems still a long way off.

Bigger than Brexit  Brexit dominates the column inches, and with big figures like £50bn being discussed, this is perhaps understandable. However, there are bigger dice to roll. In my humble view, digital automation sits atop of this list; however, our domestic political positon also cannot be ignored. Morgan Stanley recently offered a view that a Corbyn government would pose a bigger threat to UK investors than Brexit. An unapologetic Jeremy replied: ‘When they say we’re a threat, they’re right. We’re a threat to a damaging and failed system that is rigged for the few.’ The question is partly aligned to digital automation. As Morgan Stanley noted, Labour with Corbyn at the helm would reprioritize our economy away from capital and towards labour, at a time where many industries are seeking the opposite to drive productivity. Nevertheless, Corbyn’s defiant message will resonate with large segments of the electorate, and let’s not forget, he remains favourite to become the next Prime Minister, (9/2).

Plan for the Future  If you’re looking for a bit of light reading, then why not check out the 524 page London Plan? The comprehensive document offers little surprise so far as housing is concerned: more (65,000 units pa), denser, higher and around transport nodes – ‘removing outdated constraints’. The document also addresses the changing times in which we live, stating that, ‘buildings and spaces should be designed so that they can adapt to changing uses and demands now and in the future’ (referencing the circular economy). One such factor is the blend of a new breed of light industrial (makers, last mile) with resi, including the use of vertical stacking. Another is the near eradication of car parking in inner London and around transport hubs (only developments at PTAL 3 or less will be eligible). The choice between car ownership and living in central London may soon be a necessary tradeoff, pinning further hopes on autonomous pool cars and perhaps ironically, on Uber’s successful appeal.

Susceptible Services  The relentless march towards the digitization of retail banking continues as RBS / Natwest announces 259 (25%) branch closures in the same week as Lloyds announced the closure of 49. Meanwhile, travel agent Thomas Cook has announced 50 store closures for similar reasons. When we talk about the threat of e-commerce to the high street, most people will naturally think of online ordering and deliveries; however, here we have two service industries that are more affected than those who sell products. Whilst you’re not likely to get an online haircut (never-say-never), any service that you can perform more efficiently either on your mobile or through a digital platform, has the potential to reduce its physical footprint. We’re seeing the challenge on the High Street, but B2B poses more significant challenges to the office market. Surely the design of office space will focus on those industries which are more resilient to digitization, where the need is for human interaction and creativity.

Bristol to Bradford  New research from Zoopla highlights a growing disparity between asking and selling prices for resi across the country. The average disparity ranges from 1.9% in Bristol to 6.3% in Bradford. What does the increase tell us? It could be a sign of a sliding housing market, with offer prices not being marked to market. On the other hand, it could be about vendor aspirations to realise profits that don’t exist. It could also be about price competition among estate agents, with pressure to secure listings pushing up offer prices quoted to clients. For typical homeowners, house sales represent large one-off deals, so there is no question of dropping price to increase volumes. Setting a lower sale price will likely affect the time to sell, but for most vendors the time cost of money is low, as so longer trades at high prices are typically preferred. Finally, there is what is described in Prospect Theory as ‘reference dependence’; where buyers will appraise the success of their negotiation relative to the reference price, rather than the true value. More simply put, if you don’t ask, you don’t get.

Patently obvious  A couple of recently released patents illustrate business model innovation both on and offline. Online, Amazon have been awarded a patent whereby ‘a customer can select to watch a video advertisement on a detail page for an item, and the displayed price for the item will be shown to decrease as the customer continues to watch the video’. This opens doors to paid advertising, and price discounting models. Meanwhile offline, Walmart is moving the high street to the consumer, by proposing a ‘retail-access portal’ built into people’s homes. The portal would be restocked automatically by a drone using demand algorithms, and uses sensors to detect (and then charge) when items are taken out by the occupier. To be honest, I’m not sure where this would fit in my tiny inner-urban flat, but for suburban America it could be a good way to prevent running out of the basics.

Markle & Sparkle  News that the most eagerly anticipated event of next year will not, it seems, happen after all, has been met with disappointment across the country. Yes, Theresa May has intimated that there will be no bank holiday to coincide with Harry and Meghan’s nuptials. Surely that’s the whole point? Markle’s ‘Suits’ alter ego, paralegal Rachel Zane, suffers from test anxiety, initially failing to get into law school. However, it is now the US-born princess-to-be that will face a series of tests as she applies for a UK passport. Having already proven herself capable in interviews of discerning crisps from chips, and trousers from pants, the language test should prove a breeze. One might argue that she also has a significant headstart on the ‘Life in the UK’ test, wherein she will be asked challenging questions such as ‘Who is married to the Queen?’. With these tests behind her, however, proving that she will be not reliant on public funding is open to more philosophical viewpoints.

International boarding just got easier

British Airways has become the first airline to trial self-service biometric boarding gates on international flights out of the USA, working in partnership with Los Angeles Airport.

As part of the airline’s commitment to invest in innovation and new technology, British Airways has begun an exclusive trial that will transform customers’ airport experience by improving the boarding process and significantly reducing the amount of time it takes to board an aircraft.

The new technology, will create a smoother journey for customers, as they will no longer need to present their passport or boarding pass at the gate – only at check in and security. Instead travellers can simply look into a camera prior to boarding, wait for their biometric data to be verified, and then walk onto the aircraft.

Similarly to facial identification built into mobile phones, the biometric gates use high definition camera technology, and allow customers to pass through by recognising their unique facial features, and reconciling them with the digital facial scan taken as part of the immigration process.

Safety and security is at the core of biometric facial recognition technology, and British Airways has been working closely in partnership with the Customs and Border Protection Agency and the US government to develop and approve the scheme.

The gates have been installed on three stands at Los Angeles Airport and British Airways is the only airline with the advanced technology to offer purely biometric boarding to its customers.

The project, led by Los Angeles Airport, builds on technology already in use by British Airways on its domestic flights from Heathrow’s Terminal 5 – checking customers’ biometric data at the gate when they scan their boarding pass.

Low-cost airline Level to offer Paris – New York flights from €129

Low-cost airline Level is expanding its operations to Orly Airport in Paris, where it has announced it will be launching four new long-haul routes.

The long-haul budget airline owned by British Airways’ owner International Airlines Group (IAG) is due to launch in Paris in July 2018.

It will start by offering four flights to Montreal, New York, Guadeloupe’s largest city Pointe-à-Pitre and the capital of the French Caribbean island of Martinique, Fort-de-France.

Starting from July 2nd, Level will serve Montreal, Fort-de-France and Pointe-à-Pitre three to four times a week, announced IAG boss Willie Walsh on Tuesday.

And it will begin flying to New York-Newark from September 4th.

Passengers will be able to get a one-way ticket from Paris to New York and Paris to Montreal from the ultra-competitive prices of €129 and €99, respectively.

That price includes all taxes but not meals on board or checked baggage.

The move follows on from a successful opening for Level in Barcelona in June where it launched to compete with other long-haul budget airlines such as Norwegian Air Shuttles and Wow Air.

But the news is unlikely to be welcomed by Air France bosses who have launched their own low-cost subsidiary, Joon due to begin its long-haul offering from summer 2018.

Level is due to take over the 170 employees, the slots, the air transport certificate and the customers of Openskies, the British Airways subsidiary which specialises in flights to and from New York.

SNCF changes website name as part of rail rebranding

The website of the national rail company SNCF has been renamed and given a new address for the first time in 17 years as part of the organisation’s rebranding of its services. From now on anyone using the website to book tickets will need to use the address Oui.sncf rather than voyages-sncf.com.

The update brings the website in line with the company’s new “Oui” branding and marks the first time the site has been revamped in 17 years. And it’s not only the name that’s changing.  It’s important to remember that the change will also apply to the company’s phone apps.

The new site is expected to offer several new features including an email alert system, which will let users know when a low-cost, good-value ticket that fits their searches and budget is available. “We’re keeping everything you like and improving the rest,”SNCF announced.

The change is part of the SNCF’s move to rebrand all its services around the word “Oui”, which as we all know means “Yes” in French.

In July, the company’s famous TGV (trains a grand vitesse) service was rebaptised“inOui”. The “inOui” name aligns the premium high speed train service with the company’s low cost equivalent, Ouigo, launched in 2013. It also fits alongside SNCF’s coach service “OuiBus” and its hire car service “OuiCar”.

The ‘inOui’ phrase is actually a play on words in French – as well as the word ‘yes’, the new name is also effectively the word ‘inouï’, which means ‘unheard-of [in a positive way]’, ‘unprecedented’, ‘incredible’ or ‘unparalleled’, in French.

Effective from 1st January 2018 the wealth tax, which previously implicated property buyers in France, is being amended.

by Fleur Buckley, Property Services Manager, FrenchEntree

Back in October 2017, President Macron’s reforms of this notorious wealth tax passed into law and will now come into effect as of 1st January 2018 much to the delight of many British expats.

The impôt de solidarité sur la fortune (ISF) was previously an annual levy (of up to 1.5%) onproperty and assets held worldwide by residents over €1.3 million.

Whilst Macron’s reforms result in no changes to the rates and thresholds themselves, the tax will now apply almost exclusively to the property and assets of French residents’ only.

“The implementation of these new tax changes on 1st January 2018 is certainly welcomed by expatriates with property and assets in France. It will bring a renewed surge of interest from buyers and investors alike into some of the prime real estate markets in France including Paris, the Alps and of course Provence-Cote d’Azur.

“This comes at a time when agents are particularly proactive at bringing new properties to market in the anticipation of gearing up for Spring interest from new buyers.”

One market set to benefit from these tax changes is the French capital, Paris.

Typically, demand for property in Paris is greater than the supply but this will start to balance in the New Year with the buyers’ market becoming more competitive once again with the easing of the wealth tax.

Significant decision regarding trust taxation in France

By Graeme Perry, Solicitor at Sykes Anderson Perry Limited Solicitors

his information has been prepared by Sykes Anderson Perry Limited as a general guide only and does not constitute advice on any specific matter. We strongly recommend that you seek professional advice before taking action. No liability can be accepted by us for any action taken or not taken as a result of any information or advice given or omitted. The information herein does not constitute investment advice. Always consult an IFA if before taking any investment decision.

Since 2011, France has had in place a specific taxing regime for trusts. The legislation governing this regime is very widely drafted and covers all trust arrangements in the same way. As such, it has no real basis in reality; it is simply a contrived approach to tax assets held in trust structures.

The main impact of the law is that assets within a trust are treated as belonging to the settlor (or “constituant” as it is referred to in France). This means that the value of these assets falls within the settlor’s estate for wealth tax and inheritance tax (generally at higher rates than assets held outside a trust).

The rules also contain declarative obligations for trustees and heavy penalties for failure to comply with these obligations. The French Revenue previously published a database of all declared trusts (including names of beneficiaries) online, which was accessible to any French taxpayer. This database was removed within 48 hours after an injunction was granted.

Because of the way in which trust arrangements are defined by the French legislation, it is often complex as to how the declarations ought to be filed. This is because commonly used arrangements under English law do not necessarily translate well into French Law or are simply treated as tax avoidance.

Up to now, there has been little feedback from the authorities as to how these declarations are to be dealt with. There has also been no case law on which to base an approach to this law. A recent decision though may well reduce the effective scope of the law.

Whilst on the face of it the decision which confirms that the law is in conformity with the French constitution, it recognises that the application should be more nuanced. Up to now, even if a settlor is prohibited from benefiting from the trust and in practice they are excluded, the French tax laws would still treat that individual as owning the assets for wealth tax purposes. This decision recognises that where a settlor is excluded from benefit from a genuinely irrevocable, discretionary trust, then they should not necessarily be taxed as owning the assets.

This will require closer scrutiny in all cases as it will not only be the wording of the trust deed which is relevant but also the practical approach of the trustees and whether the settlor does benefit either directly or indirectly from the trust. This may be difficult to prove but is at least a departure from the strict approach which applies under the legislation.

In any case, trustees are still obliged to file the usual declarations in France. Our experience is that many trustees remain unaware of these obligations and continue to run the risk of cumulative penalties and interest. It is often the case that no tax is actually at stake in France as a result of these trusts but the penalties are applicable regardless and the French tax amnesty scheme ends 31 December 2017. Any trustees who are managing a trust which has any connection to France (French assets, French resident settlor or French resident beneficiaries) should contact us urgently for a consultation.

December 2017
Graeme Perry, Solicitor
Sykes Anderson Perry Limited
Graeme.perry@saplaw.co.uk
020 3794 5958

Ski flights take off from Manchester

As  Manchester basks in a light dusting of snow the serious skiiers took off for the deeper slopes on the new British Airways flights to Salzburg and Chambery this weekend.

The two new winter-only flights from Manchester will operate every Saturday through to April to Salzburg in Austria and Chambery in France, gateways to some of Europe’s top ski resorts.

To celebrate the launch Helen Jones, British Airways’ marketing manager, donned her ski gear to wave customers off as they checked-in for the inaugural flights.

Basic each way fares to both cities from £49 are available to book on www.ba.com

In May the airline launched seven new summer-only routes from Manchester to popular leisure destinations in Europe as well as London City, providing more than 35,000 extra seats from the North West. Next May new services to Florence and Dublin from Manchester will start.

Luke Hayhoe, British Airways’ general manager customer and commercial, said: “We are delighted to follow our successful summer programme from Manchester with these new direct services to two of the most popular snow destinations in Austria and France. They are also brilliant winter break destinations even for those who don’t ski!”

All flights will operate on modern Embraer 190 jet aircraft, with spacious cabins and two abreast seating so every customer can have an aisle or window seat.

Club Europe and eligible Executive Club customers are also able to use the rooftop British Airways Terraces Lounge at Manchester Airport. Club customers receive complimentary food and drinks on board, a generous free baggage allowance and free seat selection and on-line check-in.

  • Flights to Salzburg operate every Saturday departing Manchester at 1.05pm, arriving in Salzburg at 4.20pm, with the return flight at 5.10pm, arriving in Manchester at 6.30pm
  • Flights to Chambery operate every Saturday departing Manchester at 7am arriving in Chambery at 10am, with the return flight at 10.55am, arriving in Manchester at 12noon