News Category: Tax Planning

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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…

A Statutory Will – What is it and when might it be useful?

Most will be aware of the role of a Will; the document in which the individual making the Will sets out their wishes in relation to how they would like their estate to be divided upon their death. It’s a pretty morbid thing to think about “what do I want to happen when I die?”…

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…

A simple Will?

When meeting a Will client for the first time, the phrase “I just want a simple Will” is often deployed early in the conversation.  Over the years I’ve come to accept that this defensive opening gambit is borne of the assumption that solicitors complicate everything because complexity means a higher fee. Searching questions are assumed…

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…