Wills and Business Property Relief – Inheritance Tax danger for owner managers of SMEs
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Many owner managers of small to medium sized businesses are aware that on death, their shareholding or partnership interest or sole trader business’ value will qualify for the specialist Inheritance Tax treatment in the form of 100% Business Property relief, which reduced to zero the Inheritance Tax burden that would otherwise arise on any non-exempt […]
The Renters (Reform) Bill Controversy: Should Landlords be Concerned?
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What the Government has called a “once-in-a-generation” transformation of housing laws, The Renters (Reform) Bill is intended to usher in a more equitable letting system for both tenants and landlords. Since its introduction to Parliament in May 2023, the legislative overhaul has attracted significant media and industry attention, causing considerable concern among landlords. According to […]
The Building Safety Act
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nat_B0m
Introduced in light of the catastrophic events of the Grenfell Tower tragedy in June 2017, the Building Safety Act 2022 (the Act) contains a vast range of provisions designed to improve the safety of buildings. The Act is particularly significant in terms of its protection of leaseholders, eradicating the standpoint that leaseholders should be the […]
New Year’s Resolutions
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nat_B0m
As we come to the end of 2023, many take the opportunity to reflect on the past year and look at setting resolutions for the new year. A brief history lesson Setting resolutions in a new year dates back to Babylonian times (around 4000 years ago) where promises would be made to repay debts. Years […]
Auctions, cheap as chips?
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These days, selling and purchasing a property can feel like a challenging process and in some cases, vendors and purchasers look at other ways in which they can achieves their desired transactions. A method which has never been more popular than now is via auction. Auctions are a popular method in which to purchase a […]
Residential Property FAQs
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I am thinking of buying a retirement property. Are there any differences between these and other freehold or leasehold properties? Retirement properties often have the benefit of a manager on hand for any emergencies. There is also a social element for those persons who would like more social interaction, usually with various events and activities […]
The importance of updating your Will
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nat_B0m
Your Will is one of the most important legal documents that you will create during your lifetime. However, it is a common oversight to not review and update your Will consistently, whether this be by an entirely new Will or a Codicil. It is important that you update your Will as certain changes occur in […]
Pensions on Divorce
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With the economy as it is and rising costs generally, understandably, more and more couples are choosing to sort things out between themselves when they separate, rather than taking legal advice. However, although the divorce process itself is now much simpler than it used to be, meaning that couples can usually deal with it without […]
I have been notified that I am an Executor under the Will of a relative or friend, who has recently passed away. What do I do?
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An Executor is a person named in the Will of the deceased who is responsible for carrying out the deceased’s instructions, administering the estate properly and ultimately ensuring that the estate is divided in accordance with the Will’s provisions. Being an Executor is an onerous task in light of the duties and responsibilities afforded to […]
A Tale of Two Deeds of Variations – Part 2
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Last time in my previous article, I demonstrated how a variation could be used, whether in an intestacy situation, or, with a pre-existing will, to ensure that the person inheriting had use of the assets for the remainder of their lifetime, but without the inheritance tax implications on their death of those being in their […]