Civil Partnership Tax Implications
Rebecca Steinfeld and Charles Keidan are celebrating their recent win in the Supreme Court. By a unanimous vote, the 5 judges ruled that the Government’s refusal to allow opposite sex couple couples to have civil partners was ‘incompatible’ with human rights law.
The long arm of HMRC?
The implications of the outcome following the Brexit referendum are still being finalised. However global financial institutions such as Goldman Sachs, Morgan Stanley, Deutsche Bank and others have said they will relocate workers to rival financial centres in Europe after March 2019. A survey by Reuters indicated up to 5,000 financial jobs could be moved, depending on the final terms agreed by the Brexit negotiators.
Could Inheritance Tax be abolished?
Rumours are swirling that Inheritance Tax may perhaps be abolished. It is tricky to navigate the current IHT regulations and many adults admit they find it baffling. Despite the ability for a couple to pass on £850,000 free of IHT, receipts this year increased by 8% to £5.2 billion.
Entrepreneurs Protect Your Wealth!
Entrepreneurs seeking to build and develop their businesses are understandably focussed entirely on their commercial objectives and too often forget about financial planning. It’s entirely understandable as cash is often tight in the initial stages. Spending money on lawyers to protect assets that may not be worth much at that stage could seem unnecessary.
Estate Planning: Where there’s a Will there’s a way …
The whole estate planning process is difficult for many clients. People often have a lot at stake financially and emotionally when they engage an estate planner. The fact that others often have an intense interest in the outcome of any estate planning doesn’t make it any easier either.
Being an Executor: Can you be liable for Inheritance Tax?
Before you agree to taking on the role of an Executor it’s important to be aware of all the potential responsibilities that it entails. Being asked to become an Executor for a friend or a relative can seem flattering, indeed quite an honour, but not everyone understands exactly what they are taking on.
The Cost of Poor Tax Advice
We were contacted recently by potential clients with an interesting situation. They wanted to review their likely inheritance tax position. In 2003 they had asked a solicitor to put their home into a trust in order to avoid possible care home fees.