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Tax and Trust changes afoot

Author headshot imagePosted by , Partner

Partner and head of our Private Client team James McNeile examines two important notices issued this month: the first one signalling potential changes to taxation of chargeable gains, and the second concerning the final regulations regarding the UK Trust Register.

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Capital Gains Tax changes April 2020

Author headshot imagePosted by , Associate

Calculating tax

New rules in respect of capital gains tax (CGT) will come into force, for UK residents, affecting all disposals of property from 6 April 2020.

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The tale of Covid-19, the Statutory Residence Test and “Exceptional Circumstances”

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Travel in coronavirus

The Covid-19 pandemic has caused great uncertainty for many clients, including those who have found themselves stuck in a jurisdiction, unable to leave on the date they intended. It has triggered particular concern for non-UK resident individuals whose tax status may be impacted by a longer stay in the UK.

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Change a Cometh: the modernisation of the Lasting Power of Attorney process

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Lasting Power of Attorney

The Office of the Public Guardian (“OPG”) ramps up its effort to modernise and digitalise its service.

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To apply or not to apply to the Court of Protection?

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Power of Attorney

That is the question… which many Attorneys should be asking themselves when spending a Donor’s money, and a question many advisers should be aware needs to be asked.

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Is it time to review a lockdown Will?

Author headshot imagePosted by , Associate

One area where there has been much debate in the legal sector over the past few months is in relation to the preparation and execution of Wills. Many firms saw a huge increase in demand for will instructions in March and April and it is inevitable that there will also have been an increase in the number of Wills that were made at home, without professional assistance.

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Frontline carers exempt from inheritance tax

Author headshot imagePosted by , Senior Associate

Doctor

The families of frontline carers are to be exempt from inheritance tax should they die as a result of Covid-19 through the course of their work thanks to an exemption to legislation first created for serving personnel and emergency services.

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The valuable domicile election – don’t miss out

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valuable domicile election

Domicile is the keystone to inheritance tax (‘IHT’). Where a married couple or registered civil partners are both UK domiciled or both non-UK domiciled, the full spousal exemption applies.

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Why now is a good time to consider lifetime tax planning with gifts

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Quotable shares

With the FTSE 100 down by around 20% on the start of the year, the current situation presents valuable opportunities for lifetime tax planning.

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Is your LPA fit for purpose?

Author headshot imagePosted by , Trainee Solicitor

Lasting Power of Attorney

Mollie Sturgess-Webb examines issues around Lasting Powers of Attorney and measures you need to take to make sure donors’ financial affairs can be fully looked after.

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9 April 2020 0 Comments Posted in Opinion, Private Client, Private Wealth

Planning and creating a Will during coronavirus lockdown – your questions answered

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Will writing

The demand for Wills is, understandably, high. However, the requirement for two independent witnesses is proving challenging when the country is in lockdown. The Law Society and the Ministry of Justice are discussing ways to make the signing of Wills and powers of attorney easier and quicker.

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24 March 2020 2 Comments Posted in Opinion, Private Client, Private Wealth

Will witnesses during the Coronavirus – does the requirement need to be waived to save time?

Author headshot imagePosted by , Partner

As Coronavirus cases increase so does, understandably, the demand for will services. But, as self-isolation and social distancing requirements are raised, how is the way in which wills can be witnessed and processed likely to change? Should we be looking to the government to bring in new legislation to mirror the process of wills for those in the armed forces or merchant seamen at sea?

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