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With people living longer, mental illnesses such as dementia and Alzheimer’s disease are on the increase and issues surrounding a person’s capacity are becoming evermore prevalent: consequently LPAs are becoming increasingly relevant. A series...
On 22 November the Chancellor of Exchequer, Philip Hammond introduced to Parliament his Autumn Budget. This time, there are no significant changes in the Private Client sector; although, yet again there is a promise of putting the Inheritance Tax rules under...
The personal representatives, who are responsible for administering the estate of someone who has died, generally require a Grant of Representation to allow them to collect in, sell and distribute the deceased’s assets, with the exception of jointly...
Joint bank accounts are common and can provide for a useful way in which to manage finances. Accounts held between spouses or civil partners allow for bills and other household expenses to be paid more easily and those held between parents and children allow...
On 6 April 2015, new rules came into effect concerning Individual Savings Accounts (“ISAs”). This update focuses in particular on the new transferable ISA tax benefit on the death of a spouse or registered civil partner. Under previous rules...
On 8 July the Chancellor presented his Summer Budget to Parliament. Many of the measures contained in the Budget will have a significant impact on a range of Private Client issues and we will be looking at these in more detail over the coming months. In the...
The Conservative Manifesto 2015 sets out the party’s proposals to effectively increase the Inheritance Tax threshold to £1million for married couples and civil partners. The cost of the scheme is expected to be £1billion, which will be...
On 18 th March 2015, George Osborne delivered his sixth budget as Chancellor and the last of the current Parliament. Amongst the announcements were a number of developments relevant to tax planning, the key points of which are summarised below:...
If you make gifts of money or items of value to other individuals these gifts are chargeable transfers for inheritance tax purposes. At the point when the gift is made there is no charge as the gift constitutes a potentially exempt transfer (PET). A PET only...
In the event that a person becomes unable to manage their own affairs it is very difficult for those around them to deal with assets and interact with institutions on their behalf unless that person has appointed attorneys in a Lasting Power of Attorney...
The present forecast for the high-value property market is that it is set to slow down in the run up to next year’s election. The Labour and Liberal Democrats proposals, for an annual tax on properties over £2 million (the so-called...
The Inheritance and Trustees’ Power Bill received Royal Assent on 14 May, to become the Inheritance and Trustees’ Power Act 2014 (“the Act”). In this update, we revisit our article from last August to provide a reminder of the changes...
Last year, HMRC proposed that an individual’s IHT tax-free allowance (the nil-rate band) should be split across all trusts that he or she set up. At the time, the plans attracted some criticism and did not make the cut when the Finance Bill 2014 was...
Capital Gains Tax has found itself in the spotlight in recent weeks, owing to two significant changes to the CGT and residential property landscape. Firstly, the government has moved to limit the final period exemption that allowed those owning more than one...
On 19 March, the cameras gathered outside 11 Downing Street as George Osborne raised his red briefcase. Alongside the changes exercising the tabloids (bingo duty and the price of a pint) there were some rather significant announcements affecting the tax and...
It is not surprising that most people find it quite difficult to get around to making a Will. It can be hard to face up to one’s own mortality and often when people are considering making a Will it is after somebody close has died. However, if you do...
The Finance Bill 2013 received Royal Assent on 17 July 2013 triggering a number of private client measures to come into force. Please read on for a summary of the changes. The widely debated Finance Bill 2013, now the Finance Act 2013, (the Act) received...
On the 12 June 2013 the Supreme Court laid down a marker by unanimously allowing an appeal by Yasmin Prest and allowing her to get her hands on assets held by her ex-husband in numerous companies in his name. The thinking behind this decision appears to try...
Given our growing dependence on digital technology to manage our everyday affairs, it has become increasingly important to consider what happens to our virtual assets once we die. Digital assets in the context of wills and estate administration raise three...
Background Prior to 6 April 2013, the UK had no statutory test to determine tax residency and it was left to case law to guide an individual as to which of the many factors applied to their situation. The new test aims to replicate the...
Recent headline court cases have revealed the agonising decisions that both families and judges have had to make in deciding whether to halt life sustaining medical treatment for individuals who were unable or did not give instructions to doctors...