It’s good news that the government’s original proposal to introduce a “death tax” has been scrapped, as this would have seen grieving families pay up to £6,000 for probate. However, introducing a flat fee of £273 is still...
Parliament reacted slowly to the emergence of Covid-19 in this country when it came to will-writing. Despite the Government locking the country down in March 2020, it took Parliament until July 2020 to temporarily amend Section 9 of the Wills Act 1837 to...
The Treasury has written to the Office of Tax Simplification (OTS) in response to its second report on Inheritance Tax (IHT) and on its two Capital Gains Tax (CGT) reports. The second report on IHT had the aim of investigating and commenting on the...
I have encountered a fair number of new enquiries recently where the obvious first step to take is to apply to enter a caveat at the Probate Registry. I, therefore, felt that it would be a topical yet timely reminder of what they are, why they can be useful,...
When a person dies leaving no will, they are said to have died intestate. As they have not provided directions as to how they wish their assets to be dealt with, their estate is shared out in accordance with a set of legal principles known as “the...
The eagerly awaited Court of Appeal judgment in Hirachand was handed down last week. When this issue crops up in a case, I find that it is incredibly difficult for one to grapple one way or the other, let alone second-guess which way the judiciary is going...
Since the emergence of Covid-19 in March 2020, every industry in the UK has faced challenges. Some have seen their development and growth thwarted, whilst others have shone. We’ve hopefully seen the back of the worst of it. I’m now at the...
After death, there is often a need for your Personal Representatives to apply to the Probate Registry for a Grant of Representation. The Grant confirms the Personal Representatives’ authority to administer the estate which is needed to collect...
We can often find discussing money matters, like inheritance, a little uncomfortable. However, in some cases it is quite common and, as in my experience, we are starting to observe a changing attitude towards talking about property, finances, and death. ...
The past eighteen months have forced us all to think about a lot and for many this has meant finally writing a will or rummaging around for their “current” one to give it a much-needed review and update. Sorting out wills tends to stay on...
There have been a number of changes in the tax environment over the last few years aimed at discouraging private ownership of second or investment properties. The changes include the introduction of the higher rates of SDLT (an extra 3%) and the changes to...
A decision in the case of ‘C’ has been handed down, judging him to have the capacity to engage in sexual relations and to potentially engage a sex worker and identifying issues for those who may be asked to help make such arrangements for others....
The Trust Registration Service (“TRS”) was originally set up in 2017 and only required trustees of express trusts with a relevant tax liability to register. The relevant taxes are: Income tax Capital Gains Tax Inheritance tax Stamp Duty...
We often get asked about the tax situation on divorce. Whilst there is no one size fits all, the following is a general outline of the common tax issues that arise on a divorce or separation . Advice should always be sought at an early stage and a plan...
Will and inheritance claims have been significantly increasing for many years now. According to the Ministry of Justice reporting in the Times last year, in 2016, the number of individuals seeking to claim a share or a larger proportion of a deceased...
A new tax on wealth is being considered and a report by The Wealth Tax Commission has been released this month making recommendations to the Government. To find out how such changes could affect you as a taxpayer and whether you should review your...
This week, the Office of Tax Simplification (OTS) released a report on Capital Gains Tax (CGT). These follow a request by Rishi Sunak, Chancellor of the Exchequer, to “identify opportunities relating to administrative and technical issues as well as...
The administration of a trust is becoming increasingly comparable to that of a company, with the Trust Registration Service (TRS) and the responsibilities of trustees respect that, comparable to those for Companies House. Trustees are required to record and...
Multiple Dwellings Relief (MDR) is an important relief for Stamp Duty Land Tax (SDLT), where a purchaser acquires more than one dwelling as part of a transaction, or where there is a single dwelling purchase, but it is linked to at least one other...
The effects of Covid-19 and the lockdown across the world are certainly not something that any of us could have ever envisaged or expected to happen during our lifetime. The effects are devastating and widespread, impacting the whole world beyond...
