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Opinions and insights from our private client team
A decision in the case of ‘C’ has been handed down, judging him to have the capacity to engage in sexual relations and to potentially engage a sex worker and identifying issues for those who may be asked to help make such arrangements for others ...
The Trust Registration Service (“TRS”) was originally set up in 2017 and only required trustees of express trusts with a relevant tax liability to register. The relevant taxes are: Income tax Capital Gains Tax Inheritance tax Stamp Duty...
We often get asked about the tax situation on divorce. Whilst there is no one size fits all, the following is a general outline of the common tax issues that arise on a divorce or separation . Advice should always be sought at an early stage and a...
In the lead up to the budget a number of economic commentators urged caution in respect of an increase in tax, so as not to stifle the economic recovery of the UK. That being said, with UK national debt the highest since 1963, it was still expected that...
Will and inheritance claims have been significantly increasing for many years now. According to the Ministry of Justice reporting in the Times last year, in 2016, the number of individuals seeking to claim a share or a larger proportion of a deceased...
A new tax on wealth is being considered and a report by The Wealth Tax Commission has been released this month making recommendations to the Government. To find out how such changes could affect you as a taxpayer and whether you should review your...
This week, the Office of Tax Simplification (OTS) has released a report on Capital Gains Tax (CGT). These follow a request by Rishi Sunak, Chancellor of the Exchequer, to “identify opportunities relating to administrative and technical issues as well...
In normal circumstances we strongly recommend a client making a will (“the Testator”) attends the office initially to take will instructions and again to execute their will and have their will witnessed by two members of staff. Given the...
The administration of a trust is becoming increasingly comparable to that of a company, with the Trust Registration Service (TRS) and the responsibilities of trustees in respect of that, comparable to those for Companies House. Trustees are required to...
Multiple Dwellings Relief (MDR) is an important relief for Stamp Duty Land Tax (SDLT), where a purchaser acquires more than one dwelling as part of a transaction, or where there is a single dwelling purchase, but it is linked to at least one other...
Whilst the requirement for execution of wills remains archaic and unchanged, the pandemic has led to various modernisations of the process surrounding the application for Grants of Probate (along with Grants of Letters of Administration and Grants of Letters...
In these strange and unprecedented circumstances Ministers have been urged to use their emergency powers to relax the laws governing the execution of wills during the coronavirus pandemic. Some campaigners argue those suffering from coronavirus should...
The effects of Covid-19 and the lockdown across the world is certainly not something that any of us could have ever envisaged or expected to happen during our lifetime. The effects are devastating and widespread, impacting the whole world beyond...
If someone dies without a will (or without one that is valid), the intestacy rules dictate how much of their estate their partner, children and other relatives inherit. Legislation passed yesterday – the Administration of Estates Act 1925 (Fixed Net...
The recent case of Charnley and another v HMRC [2019] has seen the law firmly placed on the side of the farmer in this important appeal against HMRC. Ben Taylor, solicitor at Roythornes Solicitors , looks at why this is significant. Grazing...
If you don’t have a will yet, you’re not alone. It was recently estimated that somewhere between 50% and 60% of adults in the UK do not have one. Many assume their loved ones will automatically inherit their estate - but...
A taxpayer has won an important victory over HM Revenue & Customs (HMRC) in a case involving a claim for principal private residence (PPR) relief. Had HMRC’s view been upheld it would have meant that it was possible to “occupy” a...
Whilst some of us were spending Halloween ‘trick or treating’, HM Revenue & Customs (HMRC) were carving out a Technical Note which sought the introduction of legislation to confirm the legitimacy of using automated processes for serving...
A chapter in the recent Office of Tax Simplification’s (OTS) report, “Simplifying Inheritance Tax”, is dedicated to the Residence Nil Rate Band. This was much anticipated by our Private Client team as it is a complex area of Inheritance Tax...
Trustees need to be aware of changes to HM Revenue & Customs’ existing Trust Registration Service (TRS) that are due to come into force early next year and which may have a wide-reaching impact upon trust compliance requirements. Background...
