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Tis the season of goodwill…

Many of you will have now finished your Christmas shopping and will be looking forward to the Christmas break. Tax planning, and making gifts on behalf of family members for whom you hold a power of attorney, will understandably not be at the forefront of most people’s minds at this...

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No inheritance tax changes at present but…

… the “death tax” is back The recent budget left the private client unscathed on the inheritance tax front, although the big guns may be delayed until the Office of Tax Simplification’s forthcoming report on inheritance tax. However, not long after the budget the government announced that it was resurrecting...

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Budget 2018

Calm before the storm? The first Monday budget since 1962 provided little excitement for those advising private wealth clients. Any changes made were largely tinkering round the edges, with major alterations perhaps being saved until the outcome on the review of trust taxation (which is still to take place) and...

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Inheritance tax planning and lasting powers of attorney

“the concept of best interests is not limited to self-interest” A property and finance lasting power of attorney (LPA) confers extensive powers on the attorney to deal with the financial affairs of the person granting the LPA (the donor). However, the attorney’s power to make gifts from the donor’s property...

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Inheritance issues for the LGBT community

What do LGBT families and individuals need to be aware of? Statistics from the Office of National Statistics show that in 2017 there were 190,000 same sex families in the UK of which over half were co-habiting couples rather than spouses or civil partners. In some ways the law is...

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Why make a Will?

What happens if you die without a Will Have you ever considered what would happen if you die without a Will? Research suggests that most people would rather go on holiday than make a Will, but making a Will is arguably one of the most important things you can do for...

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The importance of domicile

“Residence without intention or intention without residence will not do to establish a domicile of choice”. In English law domicile is a vitally important concept which can have important ramifications affecting the succession of assets, tax liabilities and whether an individual is entitled to pursue certain proceedings in the English...

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Rare victory for the taxpayer in holiday accommodation tax case

First Tier Tribunal rules on “unique venue” It is said that the determination of whether or not a particular business is wholly or mainly an investment business, and thus whether or not it qualifies for business property relief from inheritance tax (IHT), generates more litigation than any other area of...

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Three ways to legally save inheritance tax

It was reported recently that a woman has been sentenced to two years in jail for attempting to evade inheritance tax (IHT) by declaring that she had inherited assets from her aunt’s estate amounting to £285,000 rather than their true value of £1.5 million. Most of us would not consider...

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Death, tax and ISAs

Individual savings accounts have a number of tax advantages and recently these have been extended so that they apply during the administration of a deceased person’s estate. However, these advantages are sometimes misunderstood. We summarise the extent to which ISAs are tax exempt in the administration of an estate. Income...

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