Tag: Private Client

A freedom of information request by Discretionary Fund Managers Quilters show that the Revenue opened more than 5,000 Inheritance Tax investigations in a year, a figure representing well over 20% of the 22,000 estates that are liable to lnheritance Tax in that year. Whilst it is more often than not the case that persons named […]

The shadow chancellor is considering plans to impose a new lifetime gifts tax with a threshold of just £125,000. The Labour party has confirmed it is considering plans that will increase the receipts from inheritance tax from its current £5.3bn per year to £15bn. This will include a radical shift from taxing estates to taxing […]

As strange as it may seem, there may be circumstances where you might not want assets or monies left to you in a Will. In this situation you have a right to refuse the inheritance. There are two methods to remove inheritance from your hands. They have very di­fferent implications. One method would be to […]

Mirror Wills or Joint Wills are legal documents where the contents of one Will are almost exactly replicated in the other.

The £72,500 cap on social care costs that an individual could expect to spend on his or her residential care, which was due to come into effect in 2020, has been scrapped.

There has been a 30% rise in the number of Lasting Power Attorney applications for registration received between April and June compared to the same period in 2016.

Discover the interesting debate about the Law Commission’s proposal to update the law on Wills to recognise electronic communications as a valid intention

Many of the over 55s wish to retain some control over how any money they leave to their offspring is spent.

The recent growth in pensioner wealth and the obstacles to accessing the property ladder for many of the younger generations mean that a large portion of the older generation will bequeath large sums to children and grandchildren, and that the younger generation will not have had the experience of making decisions regarding such large asset values beforehand.

Prior to August 2015, there was no unified system of succession law for those who were domiciled and habitually resident in England and Wales but who owned assets, such as a holiday home, elsewhere in Europe. This caused added expense when dealing with assets in Europe, and it was difficult to predict whether the intended beneficiary would inherit in line with the Testator’s intentions.

In the run up to 5 April, there is no time like the present to ‘get one’s house in order’ especially in relation to any offshore interests that you may have.