Wealth, Health and Inheritance Briefing

March 2022 edition

This edition reaches you in uncertain and turbulent times but we hope you are well.

An upcoming issue of importance for those advising private clients is the expansion of the Trust Registration Service to express, nontaxable trusts. We examine how this will affect the type of trusts most commonly used by financial advisers in their planning.

Drawing up a Lasting Power of Attorney continues to be a useful tool for managing finances in the event of incapacity. Our case study illustrates, however, the need for attorneys to educate themselves about the extent of their powers, particularly in relation to making gifts.

Also in this issue: our Taunton team outlines three useful tax tips for farmers when passing on their farm to the next generation, while our later life commercial property team looks at forthcoming changes to ground rents that are likely to force retirement developments into new funding arrangements for communal facilities.

Our next issue will be in the summer. Please get in touch if you have any feedback on this edition or have suggestions for topics that you would like us to include.

Anthony Fairweather

In this edition

The Trust Registration Service: implications for financial advisers

The deadline of 1 September 2022 for registration of express, non-taxable trusts with the Trust Registration Service (TRS) is fast approaching. We look at what trustees need to do and which trusts that are commonly set up by financial advisers are likely to be affected. Read more

Limits of Lasting Powers of Attorney

Lasting Powers of Attorney (LPAs) are becoming increasingly important legal documents as people live to more advanced ages and the incidence of dementia increases. Read more

Three tips for gifts of agricultural property

The growth in property and land values in recent years, and concern about the long term availability of inheritance tax (IHT) agricultural property relief, may have encouraged farmers to consider making gifts to the younger generation. Read more

Changes to ground rent and service charges for later living developments

Changes to ground rent and service charges are expected to come into force this year and are likely to force retirement property developments to use new funding arrangements for communal facilities. Read more