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Wealth, Health and Inheritance Briefing

Winter 2024 edition

Inheritance tax has received a lot of attention recently, only to be ignored in the Autumn Statement, although we may hear more in the next Budget. We look at the future for the unpopular tax.

Also, in this issue we summarise the changes set to be made to Lasting Powers of Attorney once the Powers of Attorney Act 2023 comes into force.

We also bring you news of the Law Commission’s supplementary consultation on the law relating to Wills and look at a recent IHT case on “home loans” IHT planning.

Anthony Fairweather

In this edition

What’s in store for Inheritance tax?

Inheritance tax (IHT) has been in the spotlight recently with suggestions that the Conservative Party may include its abolition in their General Election manifesto, although despite rumours to the contrary no mention of IHT was made in the Autumn Statement. In this article, Paul Davies, specialist in inheritance tax mitigation, considers the future of IHT and how it may affect your clients.

Powers of Attorney Act 2023 brings LPA changes

The Powers of Attorney Act (the Act) received royal assent in September 2023, with the majority of the Act coming into force at an unspecified time in the future. Our expert Lasting Powers of Attorney (LPA) partner, Anne Minihane, covers the main changes to LPAs that advisers should be aware of.

Home loan planning unsuccessful

The recent case of Elborne v HMRC will be of interest to advisers who act for clients who have put in place a form of inheritance tax planning (IHT) known as the “home loan scheme.” In this article, Claire Johnson, Partner in the Private Capital team specialising in tax, reviews the details of the case and the Tribunal’s decision.

Reform of the law relating to Wills on the agenda again

In 2017 the Law Commission published a wide-ranging consultation reviewing the law relating to Wills and how the law established by a Victorian statute could be modernised for the 21st century. After various delays, the Wills project began again last year, and the Law Commission recently published a supplementary consultation. Tom Chiffers summarises the supplementary consultation in this article.

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Your key contacts

Paul Davies

Partner

Manchester
Paul is a Partner and head of the private capital team in Clarke Willmott’s Manchester office. Paul specialises in estate planning, Wills, & trusts for clients with complex family and finance arrangements.
View profile for Paul Davies >

Claire Johnson

Partner

Bristol
With almost 30 years legal and tax experience, Claire is a Partner in the Private Capital team specialising in tax, trust and estate planning for individuals, business owners and trustees including in the context of high and ultra-high value estates, complex family scenarios and tricky trust issues.
View profile for Claire Johnson >

Tom Chiffers

Partner

Taunton
Tom is a Partner in Clarke Willmott’s Taunton Private Capital team, specialising in inheritance tax and succession planning for private individuals, farmers and other business owners.
View profile for Tom Chiffers >

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Buy-to-let properties and inheritance tax planning – case study

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Read more on Buy-to-let properties and inheritance tax planning – case study
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Reform of the law relating to Wills on the agenda again

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Read more on Reform of the law relating to Wills on the agenda again

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