Problems with the new ‘Residence Nil Rate Band’…
The new Residence Nil Rate Band (RNRB) that came into effect on 6th April is good news for many – but not for everyone. In summary, the new tax-free allowance…
The Cost of Dying is Increasing…
The Government is introducing a new fee structure that will affect the cost of accessing an estate when someone dies. Fees for Applications for Grant of Probate – or Letters…
Many more ‘ordinary’ families face paying Inheritance Tax – are you prepared?
HMRC collected a record £4.56bn in Inheritance Tax (IHT) in 2015/16, a 21% increase in IHT payments from the previous year and an enormous 70% increase since 2010/2011. The reason…
The number of LPAs granted has tripled – do you understand the benefits of having an LPA?
The number of lasting powers of attorney (LPAs) registered annually has tripled between 2010 and 2015. The increase in the number of LPAs being registered may be due to a…
Grieving families face a significant rise in Probate fees
The Financial Times reported recently that Government proposals unveiled earlier in March; could result in a hundredfold increase in probate fees for some families. This came to light when the…
Inheritance Tax Update
“Inheritance Tax is paid by people who distrust their heirs more than they dislike the Inland Revenue!” These words from a former Chancellor are now far from reality due to…
Why divorced parents must have a valid up-to-date Will
The act of marriage invalidates an existing Will, unless it was written in contemplation of marriage, as you have become a ‘different legal entity’. Divorce does not have the same…
Can I now leave £1m to my children free of Inheritance Tax?
In the run up to the 2010 general election, the Conservatives pledged to raise the tax-free threshold on death to £1m per person if they got into power. In 2015…
Why the Taxman loves Death-in-Service benefits
Ironically, you may be worth substantially more dead than alive! In many cases this is due to Life Assurance – the one kind of insurance you buy that you will…
The implications of gifting assets to a foreign spouse
This Spring brought a welcome change to the inheritance tax (IHT) regime for foreign domiciled individuals living in the UK and married to a UK-domiciled spouse. A regime which had…