Latest news with #SeanMcCann
CTV News
04-06-2025
- Entertainment
- CTV News
‘Music is medicine, we need a dose right now': Great Big Sea member stopping in Edmonton on Canadian tour
Séan McCann of Ottawa and St. John's, N.L., is invested as a member of the Order of Canada by Gov. Gen. Mary Simon during a ceremony at Rideau Hall in Ottawa, on Thursday, Oct. 20, 2022. McCann was a founding member of folk rock band Great Big Sea, and now advocates for mental health as a solo artist. (The Canadian Press/Justin Tang) Séan McCann, founding member of Great Big Sea, is taking the road less travelled this summer as he tours Canadian cities and towns. 'The Great Big Canadian Road Trip' tour kicked off in May in Sudbury, Ont., and is something of a love letter to Canada. McCann will be hitting venues that are off the beaten path in towns less travelled. 'It's about reminding Canadians, from Kamloops to Kenora, that their stories matter and their voices count,' said a press release. 'Together we are strong enough to overcome every challenge we may face as a country moving forward.' McCann will be bringing his one-man show to the Grace United Church in the Fulton Place neighbourhood on June 14. The Order of Canada recipient said the tour isn't about hating on Americans, but embracing his home country by bringing music to people who need it most in places that don't always make the tour poster. 'I love Americans,' said McCann in a statement. 'I love them so much that I even married one, but I won't return to the states until the current president is gone and our neighbours change their angry tone.' McCann has already hit Medicine Hat and Calgary, playing at the public library and Parkdale United Church, respectively. Before coming to the city of champions next week, McCann will play a benefit concert in Jasper on June 13 at the Historic Jasper Baptist Church to raise funds for victims of last year's wildfire. 'I believe that Canada needs a little more singing and a little less shouting.'
Business News Wales
16-05-2025
- Business
- Business News Wales
Business Owners Urged to Plan Ahead of Changes to Business Property Relief
A commercial insurer is urging family-owned businesses to prepare for potentially higher inheritance tax bills before proposed changes to Business Property Relief (BPR) come into force. As of April 2026, 100% Business Property Relief (BPR) – which allows qualifying business assets to be passed down free of inheritance tax – will be capped at £1 million per person. Only 50% BPR will be available on any excess value, meaning half the excess value will be included in the owner's inheritance tax calculation. Sean McCann, Chartered Financial Planner at commercial insurer NFU Mutual, said: 'While many of the headlines have focused on the impact of the Budget changes on the farming community, the cap on Business Property relief from April 2026 will have a huge impact on many business-owning families – including diversified agricultural and rural businesses. 'Business Property relief was introduced to protect and encourage the continuation of trading businesses, ensuring that on the death of the owner the family wasn't forced to sell assets or borrow money to pay inheritance tax. The changes to BPR are therefore understandably causing significant anxiety among many business owners. 'There are a number of steps business owners can do to mitigate the impact of the changes, and they should be proactive in preparing themselves for the future.' Three Top Tips for Business Owners Make use of both spouse's allowance Sean said: 'The £1 million Business Property Relief allowance is per person not per business. If you are married or in a civil partnership it can make sense from an inheritance tax planning perspective to ensure that each spouse is able to pass on part of the value of the business to the next generation on their death. 'Unlike the standard £325,000 tax free allowance and the £175,000 residence nil rate band that is available if leaving a share in your family home to a 'direct descendant', the £1 million 100% BPR allowance cannot be transferred to your spouse on death. If it isn't used it is lost. 'Every family and every business are different, so it makes sense to take advice based on your own circumstances.' Bring forward your succession plans Sean explained: 'It's likely as a result of these changes that many business owners will bring forward their succession plans. Any gifts made more than seven years before death normally escape inheritance tax. 'Although gifting assets or shares in a business can trigger a capital gains tax liability, it may be possible to claim gift holdover relief which can defer any capital gains tax until the new owner disposes of the assets or interest in the business. 'Currently, a business that qualifies for 100% Business Property Relief can be left free of inheritance tax without limit. Any capital gain that has accrued is wiped on the owner's death. This means should the family sell shortly after they can potentially escape both inheritance tax and capital gains tax. 'It's important to discuss with the next generation what their plans are. From next April there is the potential for a double tax hit if you gift the business during lifetime, die within seven years which triggers an inheritance tax bill, the family then sell shortly after your death and that triggers a capital gains tax bill on the held over gain. 'Whatever your plans, it's important to take advice on the options and the implications.' Check your partnership or shareholder agreements to avoid a nasty shock Sean said: 'Some partnership and shareholder agreements contain clauses that mean the ability to claim Business Property Relief is lost, which can lead to significantly higher inheritance tax bills. 'An agreement that contains a 'binding contract for sale' – meaning on the death of an owner the surviving business owners must buy the deceased's share of the business and the deceased's family must sell – will lead to the loss of Business Property Relief. The good news is this clause can be replaced with an 'option' agreement, which would give the surviving business owners the option to buy and the deceased's family the option to sell, which would preserve the relief. 'It's important to get your partnership or shareholder agreement reviewed to ensure you maximise the relief available and don't pay more inheritance tax than necessary.'
Daily Mail
12-05-2025
- Sport
- Daily Mail
Madeleine McCann's family find joy after heartbreak: Gerry and Kate McCann's gifted son is tipped to swim for Team GB at 2028 Olympics
Madeleine McCann 's brother is tipped to compete for Team GB at the 2028 Olympics after the tragic disappearance of his sister. Twins Sean and Amelie McCann's lives irrevocably changed when their older sister went missing during a family holiday to Portugal on May 3, 2007. Though neither was old enough to remember the tragedy as it unfolded in the Praia da Luz on the Algarve, they have had to grapple with the heartbreak of their sister's absence throughout their lives. 'They've always been in Madeleine's shadow, and just been the McCann twins,' a family friend told the Mail. 'But now they are young adults, they are carving out their own lives.' Indeed, Sean, a champion freestyle swimmer, is expected to go on and represent Great Britain at the next Olympics in Los Angeles, Mail+ revealed. The university chemical engineering student, who started swimming competitively at age eight, is also predicted to compete for Gerry's native Scotland at the 2026 Commonwealth Games. Writing recently on a local website after winning a grant to fund his training, Sean explained how he'd started swimming competitively. 'At the age of ten, I was selected to swim at the City of Leicester, and I have since gone on to win multiple county titles, as well as becoming regional and national champion in my age group. 'In order to have achieved this, I have had to remain extremely dedicated, getting up at 4am multiple mornings each week to train.' Sean's commitment, which sees him spend 20 hours at the gym each week, has led him to multiple successes, including winning two medals for Scotland at an international competition in Spain. Meanwhile, Amelie is currently in her second year at university in the north of England, where she is popular, outgoing, and sporty - having competed in cross country and triathlon events. According to Brian Kennedy, the twins' great-uncle, their parents couldn't be prouder. 'Kate and Gerry are pleased with their achievements, and the fact that they are making their own way in life,' he said. Sean and Amelie were in the same room as their sister, then three, when she vanished from an apartment in Praia da Luz, Portugal, in May 2007. Born on February 1, 2005, the twins were just two and a quarter at the time of Madeleine's abduction. Madeleine disappeared from her bed in the holiday villa while her parents Gerry and Kate, from Rothley in Leicestershire, were having dinner with friends at a nearby tapas restaurant just 55 metres away. Kate checked the children at 10pm to find Maddie had disappeared but the twins were still sleeping soundly in their cots. Earlier this month, Madeleine's parents posted a poignant message to their missing daughter on the 18th anniversary of her abduction. Kate and Gerry updated their official Find Madeleine Facebook page just hours ahead of the milestone of when she went missing during a family holiday in Portugal on May 3 2007. In their message – which also marked what would be Madeleine's 22nd birthday later this month - they also made a heartfelt nod to missing and displaced children in the UK and war torn Ukraine and Gaza. Kate and Gerry said: 'As we arrive at the 18th anniversary of Madeleine's abduction, we'd like to thank our faithful supporters once again for standing by us and never forgetting about Madeleine. 'The years appear to be passing even more quickly and whilst we have no significant news to share, our determination to 'leave no stone unturned' is unwavering. We will do our utmost to achieve this. 'May is also the month which includes 'International Missing Children's Day' (25th). We continue to remember all missing children and their families, both here in the UK and abroad, thinking especially of all the children displaced from their homes & families in Ukraine & Gaza at this time. 'We're very grateful to the UK Charity, 'Missing People' for their ongoing, invaluable work, & to all organisations, charities and police forces who remain committed, despite many challenges and limited resources, to finding & bringing home the many missing and abducted children. 'May is also Madeleine's birthday - her 22nd this year. No matter how near or far she is, she continues to be right here with us, every day, but especially on her special day. 'We continue to 'celebrate' her as the very beautiful and unique person she is. We miss her.' The post contained a montage of pictures of Madeleine with the caption, 'No matter how near or far she is, Madeleine continues to be with us, every day.'
Telegraph
01-05-2025
- Business
- Telegraph
Thousands more families face inheritance tax investigations
Have you been the subject of an inheritance tax investigation? Get in touch: money@ Thousands more grieving families are facing investigations into their inheritance tax (IHT) liabilities as the taxman clamps down on underpayments. HM Revenue and Customs (HMRC) launched 3,961 investigations in the 12 months to April 5, an increase of 31pc on the previous tax year as it vowed to leave 'no stone unturned' on revenue. The tax authority has opened nearly 10,000 investigations into families in the past three years. Of those, 2,606 are ongoing, data from a Freedom of Information request reveals. It comes after HMRC figures revealed that it pocketed £8.2bn from death duties last year, the fourth record-breaking year in a row. Sean McCann, of NFU Mutual, who submitted the information request, said: 'Where there is a suspicion that inheritance tax has been underpaid through error, omission, or undervaluing assets, HMRC has substantial investigatory powers and will check a range of sources to build a picture of the deceased individual's financial affairs.' He added: 'HMRC leaves no stone unturned in these investigations. The interest rate you pay on overdue inheritance tax stands at 8.5pc which is the highest rate for 18 years, and can add a significant amount to the bill. This can compound what for many is already a challenging and distressing situation.' In 2024 HMRC began 3,028 investigations into inheritance tax underpayments. In the year ending April 2023, it launched 3,163. Between April and August last year, the tax authority earned more than £105m of inheritance tax through compliance checks, according to wealth manager Evelyn Partners. The main reason it chose to investigate was because of concerns around the valuations of assets in an estate. Mike Warburton, The Telegraph's tax expert, said: 'HMRC clearly has a right to investigate deceased estates, but it is important that this is done with understanding of the emotional state of the family left behind.' In the autumn Budget, Rachel Reeves announced that private pensions would be considered part of a person's estate, and therefore liable for inheritance tax from 2027. This will increase the number of estates liable for death duties by almost a quarter, according to analysis by Rathbones. Campaigners criticised the Chancellor for the 'cruel' blow to bereaved families that will 'wreak havoc on finances'. Wealth advisers have said there has been a rise in parents making six-figure gifts to get their children on the property ladder to escape the tax grab. Executors can find it difficult to answer all the questions HMRC ask,s and it can take time to locate the necessary documents Mr McCann added: 'IHT remains one of the most feared and least understood taxes, with unspent pensions falling within the inheritance tax net from 2027 and many farms and businesses from 2026, more and more families will find themselves dragged into paying inheritance tax.' An HMRC spokesman said: 'The majority of people pay the correct amount of inheritance tax. In cases where it is suspected someone has not, investigations can be opened to address issues and ensure the system remains fair.' Between 2014 and 2020, the number of cases closed for inheritance tax regularly reached 5,000. How to cut your inheritance tax bill There are various ways you can reduce your inheritance tax bill and shield your money from the taxman. First, it helps to tie the knot. You can pass on assets of unlimited value to a spouse or civil partner without any inheritance tax liability. Spouses can also inherit their partner's unused nil-rate band when they die. But this is not passed on automatically – you must make a formal claim to HMRC. For many families a property will be their most valuable asset. Fortunately, homeowners get an additional £175,000 allowance – called the 'residence nil-rate band' if they pass their main property to family members. And because spouses and civil partners can combine their allowances, they can pass on a total of £1m wealth without incurring a tax bill. But perhaps the simplest way to avoid an inheritance tax bill is to give away your assets during your lifetime. A highly tax-efficient method is to give money out of surplus income. This must be money you can give away regularly without significantly changing your lifestyle. Finally, trusts are a powerful tool to help reduce the amount of inheritance tax your beneficiaries have to pay. Placing assets into a trust removes them from your estate, potentially avoiding any inheritance tax charges at the time of your death, depending on the structure of the trust. It is important to remember that HMRC will open an investigation where it believes an incorrect tax return has been submitted. It is the job of the executor to calculate the value of the estate and submit the relevant inheritance tax forms to HMRC. If they fail to pay the tax within six months of the death, then interest is charged on the late payment. On top of this, executors also face penalties for submitting inaccurate information – of up to 100pc of the tax due. The average inquiry will drag on for 558 days, during which time the executors are blocked from distributing the estate to the beneficiaries.
Daily Mail
30-04-2025
- Business
- Daily Mail
EXCLUSIVE Frozen tax thresholds will drag MORE people into child benefit tax trap
Thousands more families will face higher taxes by 2028 as higher wages and frozen thresholds mean they will reach the child benefit threshold, figures shared exclusively with This is Money reveal. Former Chancellor Jeremy Hunt raised the threshold at which the Government starts to claw back child benefit from £50,000 to £60,000, last year. He said that the change to the high income child benefit charge (HICBC) would mean 170,000 households fewer families would have to pay the higher marginal tax rate. However, new figures reveal frozen income tax thresholds and increasing wages will actually see more families affected. An additional 50,000 families will pay the HICBC by the 2028-29 tax year due to rising incomes, according to a freedom of information request by NFU Mutual. The Government claws back child benefit from households where the highest earner has an income above £60,000, and withdraws it completely when they earn over £80,000. Frozen income tax thresholds mean that any increase in wages will drag more people into paying higher tax, and also have to pay HICBC. The FOI shows that 376,000 families will pay HICBC tax by 2028-29, up from 325,000 in the last tax year. The total amount it raises will increase from £268million in 2024-25 to £384million within four years. While more families are set to be affected in the coming years, figures revealed with This Is Money last week showed that fewer households are currently having to pay the charge. In the 2023/24 tax year, 75 penalties for 'Failure to Notify' were issued, down from 7,007 the year before. The total value of the penalties fell from £4.5million to £45,443. The collapse in penalties suggests the threshold change has made a material difference and growing awareness may have prompted some parents to salary sacrifice into a pension to avoid the charge. However, the frozen tax thresholds will soon mean that more and more people are caught in the child benefit tax trap as they will earn between £60,000 and £80,000. If the highest earner in the household has an adjusted net income of more than £60,000, they have to start repaying child benefit at a rate of 1 per cent for every £200 of income over £60,000. Once their adjusted net income reaches £80,000 they must repay all child benefit received and at this stage many families simply opt out of receiving it. Sean McCann, chartered financial planner at NFU Mutual said: 'Many are still unaware of the need to inform HMRC once their income exceeds £60,000 and pay any child benefit tax charge due. 'There have been numerous cases where significant arrears have built up over several years, resulting in unexpected five figure tax bills. 'The onus is on the individual with the highest income in the household to pay any child benefit tax due, this can cause issues with couples who don't normally share details of their earnings with each other.' Since its introduction a decade ago, the HICBC has faced criticism for placing an extra burden on working parents, particularly single parents. A household with two parents each earning £59,000 - a total of £118,000 - will receive child benefit in full, while a household with a sole parent earning £60,000 would see some or all of the benefit withdrawn. Hunt had pledged to significantly reform the charge and consult to move to a system based on a household, rather than individual income by 2026. However, the Government quietly shelved the plans and will no longer proceed with the HICBC reforms. Instead, it has pledged to reduce the administrative burden by allowing affected families to repay the charge via PAYE from this summer, rather than completing a tax return. A Treasury spokesman said: 'It is right that we target child benefit at the families who need it most to ensure the sustainability of our public finances and protect our vital public services. 'We have taken the decisions to repair our public finances which has help us to get NHS waiting lists down and roll out free breakfast clubs through our Plan for Change.'
