Thousands 'ripped off' by unregulated will-writers 22nd July 201
The first Chief Legal Ombudsman, appointed in 2010, has reported that thousands of people are being ripped off by companies providing unregulated services including will writing. more
Tax Benefits of Marriage 23rd June 2011
Marriage can bring various financial benefits, including flexibility with regards to tax... more
Tax Residence in the UK Now Re-defined 21th June 2011
The Treasury has launched its consultation on a new statutory test of tax residency in the UK. Tax residence is an essential prerequisite for determining an individual's tax liability however the Government has agreed that the current system lacks certainty and efficiency, that also deters investment in the UK. Some however consider that the current system has a degree of permissiveness that could be lost in the changes... more
Claiming for Reasonable Financial Provision Under a Will 21th June 2011
Melita Jackson, died in 2004 aged 70, leaving the bulk of her estate to The Blue Cross, the RSPB and the RSPCA, charities that she had shown no interest in during her life and that she gave no reasons for choosing. In a letter attached to her will, the deceased did however explain to her executors why she had left nothing to her only daughter, and her grandchildren... more
Offshore Income Bonds- An Antidote to Higher UK Taxes 30th November 2009
Offshore bonds are still a highly appropriate investment vehicle for a wide variety of circumstances, and this article explains the attractions of offshore bonds for four specific types of investor. Private investors Higher-rate taxpayers directly invested in Open Ended Investment Company (OEIC) funds such as fixed-interest... more
Estate Planning- Normal Expenditure out of Income 18th November 2009
An under utilised exemption from IHT is gifts that qualify under the normal expenditure of income rules. For those taxpayers with relatively high income (or business owners who have an element of discretion as to whether to retain profits, within the business, or pay out as annual dividends or salary); it be can be advantageous to... more
Guardianship- A Crucial Appointment in your Will 17th November 2009
The court can appoint guardians under the Children's Act 1989 if you die leaving young children surviving and without a surviving parent. It is sensible to consider who should be appointed in the knowledge that a spouse or partner does not survive the first spouse to die. The appointment can be made by two or more persons acting... more
Qualifying Recognised Overseas Pension Schemes (QROPS) - A Solution to Rising Taxes 13th November 2009
The income tax rate increases and reduction in tax relief for pension contributions have prompted an increasing number of people to consider leaving the UK to live elsewhere. If individuals do decide to leave the UK, or are already living abroad, they should consider whether they should leave any UK pension rights here, or move them... more
Estate Planning - Varying Provision on Death 11th November 2009
By far the most common method of varying a will or the provision on intestacy is the execution of an instrument of variation - particularly when tax efficiency is a consideration. However, in some circumstances a simpler and equally efficient method may be available. This article looks at two such methods - disclaimers by beneficiaries... more
VAT Rate Change - 21st January 2010 10th November 2009
The 15 per cent rate of VAT introduced by the Government to help alleviate some effects of the recession, will come to an end with effect from 1st January 2010. HM Revenue & Customs (HMRC) has issued guidance stating an increase in the rate to 17.5 per cent. VAT will be chargeable according to the normal tax point rules. Where... more
Discretionary Trusts - Still an ideal tool for estate management 10th November 2009
For the death of a surviving spouse or civil partner occurring after 7th October 2007 the transferable nil-rate band has meant that the previously popular nil-rate band discretionary trust is no longer required to ensure that there would be £650,000 (at current rates) passing free of Inheritance Tax to the next generation. However... more
