Posted by Catherine Hawkes, Solicitor
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What does the General Election mean for your pocket?
Posted by Laura Kearns, Solicitor
The country is facing its first December General Election since the 1920s. But which party will play Scrooge to the other’s Santa this Christmas?
Wasting assets and tax – there’s nothing to wine about!
Posted by Laura Kearns, Solicitor
Hawksmoor’s recent error – accidentally serving a £4,500 bottle of wine instead of a £260 bottle of the same vintage – wasn’t ideal for the restaurant. But if a similar mistake had been made by a wine investor, he or she might have lost out on a tax-efficient return
Non-UK residents now subject to tax on gains on commercial property
Posted by James McNeile, Partner
A significant change to the taxation of non-UK residents came into effect on 6 April 2019 which means gains on all UK property* (commercial as well as residential) are subject to UK tax. Gains on disposals by individuals and companies will be within the scope of UK tax. The changes are wide reaching as the rules can apply to direct disposals but also to disposals of shares in property rich companies.
Positive news for divorce law reform
Posted by Simon Bassett, Partner
Despite the country and government’s preoccupation with Brexit, this week heralded good news for the reform of divorce law following the results of a public consultation last year. The Ministry of Justice will introduce ‘no-blame’ divorce “as soon as parliamentary time allows” with the need for evidence of adultery, desertion or unreasonable behaviour to be replaced with a statement of irretrievable breakdown. The changes will also be reflected in the dissolution of civil partnerships.
What’s the latest on Income Tax for Furnished Holiday Lets?
Posted by Laura Kearns, Solicitor
There are a number of income tax advantages for Furnished Holiday Lets (FHLs) which are not available to owners of regular buy-to-let properties – these advantages are making FHLs an increasingly attractive option for landlords.
6 ways charities should protect themselves from disreputable donations
Posted by Jacqui Lazare, Solicitor
Following the National Portrait Gallery’s public refusal to accept a significant donation from the Sackler family, the Tate and the Prince’s Trust also announced their intentions to refuse any future donations from the family. These are the latest in a series of charities making difficult decisions regarding so called ‘tainted’ donations. We look at the importance of the need for trustees to understand their responsibilities in relation to fundraising.
Inheritance Act claims: More uncertainty over time limits
Posted by Calum Campbell, Associate
In the recent case of Cowan v Foreman a widow attempted to make a claim on an estate 17 months after the relevant deadline had passed. The judge refused to give permission for her late claim, suggesting a stricter approach should be adopted by the court in the future. However, a recent decision in the case of Bhusate v Patel, to allow a widow to make a claim over 25 years out of time, suggests that this strict approach may not be adopted for every case.
A rare successful undue influence case
Posted by Amy Light, Paralegal (ACILEx)
It has long been established that a Will can be challenged on the grounds of undue influence. However the evidential threshold to prove undue influence has been set high by the courts so successful cases are few and far between. This week one of these rare cases has been reported in the context of three daughters contesting their mother’s Will on the grounds that their father and brother pressured their mother to leave her whole estate to their brother.
Tax and legal issues for emigration from the UK
Posted by James McNeile, Partner
With the uncertainty around Brexit and talk of a potential general election, some are considering their options as to whether to remain in the UK or leave. We look at the some legal and tax issues that people may want to consider to make sure their affairs are in order in the UK before leaving.
A Will is burnt or destroyed so was it revoked? Not necessarily…
Posted by Calum Campbell, Associate
The recent case of Blyth v Sykes brought up some interesting issues regarding conditional revocation of a Will. There is little case law in this area of Contentious Probate and establishing whether or not a Will has been effectively revoked is not always as straightforward as it might seem.
What’s the latest on Capital Gains Tax for Furnished Holiday Lets?
Posted by Laura Kearns, Solicitor
In our previous article we focused on the uncertain inheritance tax treatment of furnished holiday lets (FHLs) and whether they can be classified as business assets which attract business property relief.
The position in relation to income tax and capital gains tax (CGT) is however much clearer – qualifying FHLs are considered to be trading businesses for both income tax and CGT purposes.