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The Residence Nil Rate Band
The Residence nil rate band The ‘Residence Nil Rate Band’ (RNRB) aims to remove more family homes from the inheritance tax (IHT) regime. The RNRB is now available for individuals who leave their main residence to direct descendants such as children or grandchildren (and this can include step-children). Where available, the RNRB will serve as a…
Public Guardian issues updated guidance on gifting for attorneys & deputies
To gift or not to gift… A dilemma often faced by an individual’s (“P”) attorney/deputy. Pressure to gift P’s assets can result from the financial difficulties of P’s friends and family, a wish to save inheritance tax, misguided attempts to avoid paying for long term care fees or even directly from P. An attorney/deputy considering…
Powers of Attorney: Public Guardian fee refund scheme
The Office of the Public Guardian’s (“OPG”) is offering a partial refund of fees to those who paid their registration fees when applying to register lasting or enduring powers of attorney between 1 April 2013 and 31 March 2017. During this period, the OPG’s operating costs came down as more people applied to register a…
Probate fees to increase by up to 12,900%
The Government has published the results of its recent consultation on probate fee reform. Full details of the consultation can be found at http://bit.ly/2lApYvW. The following sets out a brief overview of the proposals and our view of the implications. Grants of Representation A Grant of Representation (‘Grant’) is the generic name for the formal…