Under the principal of 'testamentary freedom' we are all free to leave our assets as we wish by making a Will. If we do not make a Will our assets will be distributed to our nearest relatives in accordance with the intestacy rules. However,...
In March 2005, the rules relating to approaching people regarding financial promotions were relaxed so that so called ‘sophisticated investors’ and high net worth individuals (HNWIs) could be more easily approached with a view to making...
A firm of solicitors is always going to tell you to instruct them over a cheaper alternative, but this time we have independent backing! You may have seen the recent BBC Panorama programme looking at Will writing companies. Will writers frequently...
We have recently welcomed Anna Wensley Stock back from maternity leave, she appears in the September edition of Wiltshire Life magazine. The link below to the article is reproduced with the kind permission of Wiltshire Life. Click here to...
Inheritance tax (IHT) is payable at 40 per cent on the net value of a person’s estate above (2011/12) rates) £325,000 (the current nil rate band). It affects an increasing number of people owing to the rise in house prices in recent years. One...
Ownership of two homes in the UK is becoming more commonplace as couples who both own houses marry, houses are inherited, parents buy houses for their children to live in, or people just buy a place in the country, either to let or to escape to at weekends. ...
As Christmas Day approaches, you might be considering making cash gifts to your relatives. With this in mind, this newsletter hopefully provides a useful outline of how you can make these gifts in an inheritance tax effective way. Annual...
Managing an active retirement can present significant problems for the many people who are blessed with good health but cursed by the effects of the poor performance of pension funds and low annuity rates over the last two decades. This combination of...
Video Wills There has been news coverage recently of ‘video Wills’, whilst these might be an attractive idea to some people, they are not a replacement for a properly prepared written Will. What is a video Will? A video Will is a...
If you have children going away to university there are money saving options worth considering, if you are in a position to take advantage of them. The cost of accommodation is a financial burden for any student. If you can provide funds to buy a home near...
Following changes in the tax legislation governing the income tax payable by non-domiciliaries, and some relevant tax cases, HM Revenue and Customs (HMRC) have issued a guidance booklet (HMRC 6) . This replaces the old guidance, which was contained in...
For people who have money tied up in their homes who wish to release capital for expenditure, or possibly to give to family members, the drawdown lifetime mortgage (DLM) is a possible vehicle. A DLM is simply a mortgage, but one which is drawn down over...
Inheritance Tax (IHT) is paid on your estate when you die and also when money is transferred into some trust funds. Some other transfers during one’s lifetime may also be subject to IHT. The first £325,000 (at 2011/12 rates) of the estate is...
HM Revenue and Customs (HMRC) offer useful guidance on the mechanics of the transfer of the unused IHT ‘nil rate band’ between spouses or civil partners and gives several examples of this complex relief. One important point for executors is...
In recent years, Inheritance Tax (IHT) has affected more and more families, largely due to rising house prices. IHT is payable at 40 per cent on the net assets of an estate where these exceed £325,000 – the current (2011/12) nil-rate band....
If my spouse is not UK domiciled, does that matter for Inheritance Tax? An individual who is UK domiciled is liable to inheritance tax (IHT) on his worldwide assets if he gives them away or leaves them under his Will. A non-UK domiciled individual...
Until recently there was a great deal of confusion about the status of pre-nuptial and post-nuptial agreements in the Courts and whether they were binding on a divorce. The recent case of Radmacher v Granatino in the Supreme Court has substantially...
Is that still the question? You will no doubt have seen the recent press coverage about the case of Ilott v Mitson which focused on Melita Jackson who died leaving an estate worth approximately £486,000. Aside from a few cash legacies, Mrs...
As widely predicted, the Chancellor increased the rate of capital gains tax in his June Budget. As from 23 June 2010 a new 28% rate has been introduced. Individuals For individuals, the 18% CGT rate remains where total income and capital...
If you own business or agricultural property you may be able to use this to make significant inheritance tax savings on your death. We can help you ensure that you structure your Wills to ensure that you crystallise the relief available and arrange the...
Inheritance Tax The ‘nil rate band’ – that first part of an individual’s estate which does not attract inheritance tax – has been frozen at £325,000 for the next 4 years (until 2014/2015). For couples,...
Recent case law has raised the issue of ensuring that couples fully understand the extent to which the wills that they have signed may bind one another in the future. Often couples ask for identical wills in which on the first death, they leave their entire...
Making financial or welfare decisions for someone without capacity Many people now find themselves in the position of needing to look after the finances or wellbeing of a friend, neighbour or relative who is not able to make decisions for themselves...
The cost of a good education Private school fees have risen by an average of over 40% in the last few years, and university fees are set to increase, too. How can you fund your child's education? The message to parents is to start saving as...
Baked beans Bread Pasta Flour A new Will In recent years insurance and banking services have been added to the ever-growing list of products and services that can be purchased at your local supermarket. It now seems inevitable that the big brands will...
