Wealth, Health and Inheritance Briefing

August 2021 edition

As the harvesting of cereal crops reaches its peak, this month we look at some of the changes and uncertainties affecting farming clients, from reduction of subsidies to possible capital tax changes.

Capital gains tax is in fact featured several times in this edition. With possible reform on the horizon, and as rates might be rising, we outline some basic CGT planning. In the first of a series of two articles on divorce, we examine some capital tax consequences of divorce settlements, and consider the reforms to CGT and divorce recommended by the Office of Tax Simplification.

Turning away from tax, we also look at the vital topic of business lasting powers of attorney and when and how these can be used.

Our next issue will be in the autumn but in the meantime we hope that you enjoy the rest of the summer and any holiday that you may be planning.

All feedback and comments on this edition are welcome and you can also follow us on @CWPrivateClient.

Anthony Fairweather

In this edition

A perfect storm?

Farmers are often characterised, for entirely understandable reasons, as being fixated on the weather and those not familiar with farming will have been given a taste of the reasons why if they have watched the recent Prime television show “Clarkson’s Farm”. Read more

Capital gains tax planning

Rumours have been circulating for some time about changes to capital gains tax (CGT) fuelled by both the Office of Tax Simplification’s (OTS) report on CGT and the general awareness of the looming necessity to finance the costs of the pandemic. Read more

Divorce: tax, Wills, lasting powers of attorney and estate planning (part one)

When clients are going through a divorce their minds will understandably be focussed on arrangements for any children and a financial settlement. However, divorce has significant possible ramifications for capital taxes, your client’s Will and estate planning and their lasting powers of attorney. Read more

Lasting powers of attorney for business owners

All clients should consider how their financial affairs will be dealt with in the event of their incapacity, and, as everyone has been reminded over the past year, old age is not the only cause of incapacity; accidents and devastating illness are also possibilities that should be borne in mind. Read more