INHERITANCE TAX – PLANNING Synopsis: Latest thoughts on the proposal to create a £175k “nil rate band” for the main residence. Prior to the election there were rumours in the press that the Conservatives were considering proposing an additional ‘main residence nil rate band.’ While there was nothing in the Budget, it did make the […]
WILLS/WILL TRUSTS Synopsis: A group of charities have asserted their right to a share of property left to them by an elderly woman and defeated the claim of the testatrix’s nephew to whom she had purportedly gifted the house in the interim period. Date posted: Monday, June 15, 2015 A group of animal charities have […]
SCHEDULE D CASE III/SAVINGS AND INVESTMENT INCOME Synopsis: The actor Tim Healy has lost his claim for tax relief on a flat he rented while working away from home because of his admission that the flat provided him with a spare room for guests. Date posted: Monday, June 15, 2015 Tim Healy, who lives in […]
UK LIFE POLICY TAXATION/TAXATION OF LIFE POLICIES/LIFE POLICY TAXATION Synopsis: It’s not often you see a favourable article on investment bonds, but there is one in the latest version of Investor’s Chronicle. Date posted: Thursday, May 28, 2015 Investment bonds have regularly received unflattering press coverage, often harking back to the level of commission which […]
WILLS/WILL TRUSTS Synopsis: HM Courts & Tribunals Service has launched a searchable online database which will allow the public to obtain copies of wills without having to visit the probate registry. Date posted: Friday, January 09, 2015 HM Courts & Tribunals Service has launched a new online database which will allow members of the public […]
SELF-ASSESSMENT Synopsis: Unless there is a genuine reason for failing to meet the online self-assessment filing deadline, action should be taken as soon as possible. Date posted: Monday, January 05, 2015 Last week we provided a reminder that the self-assessment online filing deadline was fast approaching. Today, the taxman has revealed the top ten terrible tax […]
Under the former ISA rules, on the death of an ISA saver, the income and capital gains tax benefits of the ISA were withdrawn. The value of the fund would, however, pass free of inheritance tax if left to a spouse/civil partner. Following an announcement in the Autumn Statement on 3 December, from 3 December […]
WILLS/WILL TRUSTS Synopsis: The question seems easy enough to answer, yet recent research carried out by the Law Society indicates that a large percentage of those aged between 16-54 do not have a will. Date posted: Monday, November 17, 2014 According to research carried out by the Law Society last month, 73% of 16-54 year olds do […]
INHERITANCE TAX – PLANNING Synopsis: New plans to introduce financial incentives for doctors for the early diagnosis of Alzheimer’s and risk-screening tests for the middle-aged may be effective weapons in the war on dementia; but what will an early diagnosis of dementia mean for wealthy clients who have not yet carried out inheritance tax planning […]
OVERSEAS MATTERS Synopsis: On 3 September 2014 the European Court of Justice ruled that the Spanish legislation that charges higher inheritance tax and gift tax rates to foreigners than it charges Spanish residents is discriminatory. Date posted: Friday, September 12, 2014 The European Commission referred the issue to the ECJ in 2012 after considering that […]
