Probate fee increases: a death tax by any other name?

25 February 2016

Probate fees do not, on the whole, cause much consternation. After someone dies, an application to the Probate Registry is often needed to obtain a grant – proof acceptable to English financial institutions that they can safely pay over the deceased’s assets to the personal representatives (PRs) named on the grant. This exercise, one of […]

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Best Will for…..providing for minor children

11 February 2016

Parents, in particular, face a bewildering choice of structure options when it comes to making provision for their children in their Wills. Often the prospect of their child inheriting a large sum of money at age 18 does not appeal. Instead, being able to delay a child taking control of their inheritance until age 21 […]

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Executors: it’s time to turn detective or risk a penalty

28 January 2016

An essential part of any executor’s job is to work out the assets and liabilities of the estate that they are administering. An executor also owes a statutory duty to HMRC to correctly report the value of the estate to it so that, if any Inheritance Tax is due on the estate, the right amount […]

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New Stamp Duty Land Tax proposals – a market changer?

14 January 2016

In the Autumn Statement last month, the Government proposed that purchases of additional residential properties in England, Wales and Northern Ireland should be subject to an extra 3% Stamp Duty Land Tax (SDLT) on top of the standard SDLT rates. All types of residential property will be caught – second residences, buy-to-lets or furnished holiday […]

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Changes to business investment relief: a sop to non-doms?

10 December 2015

Business investment relief (BIR) has been a feature of the UK tax system since April 2012 and it is unusual, being the only exception to the remittance basis of taxation that is ‘purpose-specific’. BIR allows UK resident non-doms to bring into the UK untaxed foreign income and foreign gains without making a taxable remittance of […]

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Transparency and trusts: an update

26 November 2015

Many of you will know that the UK has now passed legislation requiring the beneficial ownership of UK registered companies to be held on a publicly available register by June 2016. The exact detail of what has to appear on the register at Companies House is yet to be confirmed. With companies in the spotlight, […]

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UK residential landlords – significant tax changes may lie ahead

11 November 2015

The Government has passed legislation which will increase UK tax bills for most individuals (whether UK resident for tax purposes or not) owning UK residential let property, where the property has been part financed through mortgage debt. The changes take effect from 6 April 2017. Those with high gearing and significant interest payments will be […]

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Will your client’s choice of executor mean more tax?

15 October 2015

How do your clients choose the executor(s) of their Will? Being married to the will-maker is often the only qualification needed to secure an appointment! Otherwise it might be the person’s suitability to the demands of the role, or their willingness to act. Tax efficiency is often overlooked. However, a will-maker’s choice of executor (and […]

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IHT Same Day Additions – where are we now?

1 October 2015

Does using multiple trusts save Inheritance Tax (IHT) still, or has IHT planning with multiple trusts been effectively abolished? When the second Finance Act of 2015 comes into force later on this autumn, we will finally have the answer. Those with enough spare memory to remember shelved legislation will recall that this time last year, […]

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Losing the plot over CGT principal residence relief

17 September 2015

In the UK, we take for granted that if we sell our main home, we don’t have to pay Capital Gains Tax (CGT). Yet, selling a home is still a disposal for CGT purposes. The main thing that prevents a CGT bill from being triggered by a sale of the home is CGT principal residence […]

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