The Residence Nil Rate Band (RNRB) was introduced in April 2017 to enable families to leave, on their death, more of their estate to direct descendants without having to pay Inheritance Tax. With the amount about to rise once more in the coming tax year 2020/21, William Ware, Consultant in our Private Client team, here explains why it is important that families understand their rights regarding the RNRB, and why it can make all the difference when your home is registered jointly with your spouse or civil partner.
Sweeping reform of Inheritance Tax (IHT) has been recommended to cut complexity of the so-called ‘death tax’, but experts are warning that individuals will need to review existing planning if the changes go ahead. William Ware, Consultant and Wills and Trusts expert within our Private Client team, here reviews the proposed reforms and how you can prepare now for any changes.
Headline recommendations to Government from the Office of Tax Simplification (OTS), the independent adviser on simplifying the UK tax system, making recommendations and the consultation and subsequent reporting on IHT, include changing the rules surrounding gifts of cash, property and other assets made while someone is still alive, and an overhaul of the relationship between IHT and Capital Gains Tax for farm and business assets.
On the 26th June 2017 the Government introduced new requirements to be imposed on trustees of trusts requiring them to keep a register of certain information. William Ware, Consultant in our Private Client team, here explains why these requirements have been introduced and what Trustees now must do in line with the new directive.
Last week, a retired senior judge warned that Power of Attorney documents are not safeguarding people’s finances adequately and has declared he will never sign one himself. William Ware, Private Client Consultant, explains here how a Lasting Power of Attorney is still the most effective way of securing your wishes for the future if you lose capacity, but also gives some cautionary advice as to what steps you should take to ensure you are safeguarded.
Record numbers of inheritance disputes are going through the courts as modern family structures and rising house prices push more families to contest unfavourable outcomes.
Plans proposed recently by Government and supported by HM Revenue and Customs will see the amount of inheritance tax payable by individuals paying capital into trusts increase following the introduction of a change to the current seven year system. William Ware, Private Client Consultant, explains what these changes mean for you and how you can prepare for the future.
A survey conducted by HSBC and released in April this year has shown that people are becoming more reliant on receiving inheritance from their parents to fund their retirement, rather than saving during their lives. It was also in April that the Care Home Act 2014 came into force and with it will come greater scrutiny by local authorities on care home fee avoidance schemes.
British expats and people with foreign holiday homes must take stock to deal with the new tax regime that came into force this month. That’s the warning from William Ware, Private Client Consultant, as Capital Gains Tax (CGT) is extended to non-UK residents selling UK residential property.
The matter of inheritance should be top of the agenda for Chancellor George Osborne in the countdown to the general election. William Ware, Private Client Consultant, summarises here what the Chancellor had to say in his recent Spring budget statement, and explains why the subject of inheritance tax was also a hot topic.
Failure to report a cash gift from his late father has landed a carpenter with an £87,000 penalty from HM Revenue and Customs. William Ware, Private Client Consultant, explains why this case, the first to test the position in court, is a warning to anyone who fails to come up with the facts when asked questions by those handling the estate of someone who has died.
Many people looking to get onto the property ladder for the first time are struggling as they face hefty deposits and tough mortgage acceptance questions. Even with schemes such as Help to Buy the prospect is a daunting one, and some parents are stepping in to assist. William Ware, Private Client Consultant, here advises how parents can buy a second property for their children to live in while they save for their own home, and can do so without paying Capital Gains Tax (CGT).
The Private Client Team at Hampshire based law firm Warner Goodman LLP have recently undergone training to become Dementia Friends. With the Alzheimer’s Society predicting that over 1 million people will be living with dementia by 2021, it’s vital for community members to understand how they can support those living with dementia and their families, a campaign that is being highlighted this week with Dementia Awareness Week.
Hampshire based law firm, Warner Goodman LLP, were visited by the Secretary of State for Justice and Lord Chancellor, Chris Grayling, as the MP was in the area on Friday 21st March 2014 to meet with local lawyers, in particular to discuss the recent changes to the legal aid system.
With the number of remarriages increasing, consequently leading to complicated family structures in terms of wills and probate, William Ware, Private Client Consultant at Hampshire based law firm Warner Goodman LLP looks at the impact that this is having on inheritance claims and what this means for you and your family.
The recent case of Kloosman v Aylen highlights the need to obtain proper legal advice and to openly discuss intentions before making large lifetime gifts. Elderly parents wanting to benefit children or friends before they die need to consider the consequences, and be clear and open about their intentions if they want to avoid family fights and court battles advises William Ware, Private Client Consultant.
It is not often that a law report from the Court of Protection provides a chuckle for practising lawyers. This is precisely what happened this week however for a group of lawyers at Hampshire based law firm Warner Goodman LLP!
Experts warn householders to take care over asset protection schemes against future care home contributions. Following the long awaited announcement on the changes to residential care fee contributions, homeowners with higher value property are being drawn to routes to protect their assets, but experts are warning them to watch out for expensive schemes that will not work.
This week saw a milestone decision from Jeremy Hunt, the Health Secretary, when he announced changes to the funding arrangements for the elderly. William Ware, Private Client Consultant, has welcomed the plans that will see pensioners with savings of up to £123,000 receive state support for their care costs, a rise from the previous amount of £23,250.
Government plans to raise the proposed lifetime cap on care fee contributions by the elderly to £60,000 have been met with a storm of protest, but those who wish to provide for care in retirement are being encouraged to take steps to protect their assets now.