Wealth Health and Inheritance Briefing – Spring 2018

Welcome to the Spring 2018 issue of WHIB

Recent data breaches have highlighted the requirement for businesses to protect their clients’ data, so in this issue we look at what your organisation needs to do to be ready for the introduction of the General Data Protection Regulations next month.

We look at first time buyers’ relief from stamp duty land tax and find that, like much tax legislation, it is not as simple as it could be. We also consider what might be included in the forthcoming review of inheritance tax by the Office of Tax Simplification.

If you or your clients have registered a lasting power of attorney in the last few years you may be owed a part refund of the fee paid and our article tells you how to claim this. We also look at the important subject of who should be appointed as executor of your client’s Will and consider how a family business agreement could help your client protect their business.

If you have any comments on anything in this issue, or wish us to cover a particular topic in a future issue, then please do contact us. We are on Twitter (@CWPrivateClient) if you would like to follow us or to tweet your comments.

Anthony Fairweather

Contents

The inheritance tax review: what would be on your wish list?

In January the Chancellor wrote to the Office of Tax Simplification asking the OTS to review inheritance tax (IHT).

Powers of attorney: registration fees refund due to some

If your client registered an Enduring Power of Attorney (EPA) or Lasting Power of Attorney (LPA) between 2013 and 2017 they may be able to claim a refund of part of the registration fee paid.

The devil’s in the detail: first time buyer’s relief from SDLT

The November 2017 Budget re-introduced SDLT relief for first time buyers (“FTBs”). To qualify for FTB relief the buyer (this means all of them, if more than one) must be people who have never acquired a major interest in a dwelling before and must intend to occupy the dwelling on which relief is claimed as their only or main residence. Total relief from SDLT is afforded if the price is £300,000 or less; partial relief if the price is £500,000 or less, but more than £300,000. An FTB paying £300,000 will save £5,000 in SDLT; and so will an FTB paying £500,000. FTB relief is of no help at all to a buyer paying more than £500,000 or to a body corporate.

Are you ready for GDPR?

The clock is ticking down to 25 May 2018 when the General Data Protection Regulation (GDPR) comes into effect.

Family business agreements: protecting a business for the future

Family businesses account for two jobs in five in the UK private sector and account for almost a quarter of UK GDP.

Who should your clients appoint as executors?

A Will is one of the most important documents that your clients will draw up during their lifetimes as it disposes of all the assets owned by them at the date of their death.

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