AUTUMN BUDGET 2021 Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech, he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. How does the budget affect people who are dealing with probate? Inheritance tax (IHT) nil rate bands The nil rate
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STOP PRESS: Finance Act 2021 (FA 2021) contains a number of measures, taking effect from Royal Assent on 10 June 2021, to take further action against those who promote and market tax avoidance schemes. These include strengthening information powers for HMRC’s existing regime to tackle enablers of tax avoidance schemes, enabling HMRC to act promptly
It is commonplace for people to appoint siblings or friends as their executors. When they do and they are of a similar age, there is a risk element that when the person who has made the will dies, the proposed executor will have predeceased them or possibly lack the mental capacity to act as executor.
Fewer people should have to pay tax on gifts given just before death, under proposals for a major overhaul of the inheritance tax system. At present, when someone dies within seven years of passing on money, property or possessions to loved ones, tax of up to 40% must be paid. The Office of Tax Simplification
People are encouraged to check if they could be eligible to claim millions of pounds money from unclaimed estates (Original Story Birmingham Mail) People could be sitting on a goldmine in Birmingham with 208 unclaimed estates. Birmingham has more unclaimed estates than other city in the UK with money running into millions of pounds up
A Bit of News from the USA. Executors undervalued Prince’s estate by $80m, IRS saysIRS believes Prince’s estate owes another $32.4m in federal taxStar’s death in 2016 created complicated court proceedingAssociated Press in MinneapolisMon 4 Jan 2021 09.14 ESTShare on FacebookShare on TwitterShare via EmailThe controversy over the money left behind by Prince when he
Exclusive research reveals: Brits fear a raid on their inheritance to pay for Coronavirus Four in 10 people fear the Government will increase the current 40 per cent Inheritance Tax (IHT) rate to help cover the cost of the Covid-19 pandemic. The findings, from research by Tower Street Finance among 2,000 UK adults, revealed more
An inheritance dispute between two stepsisters hingeing on which of their parents died first has been resolved by the High Court, which ruled that the younger parent legally outlived the older. John William Scarle, 79, and Marjorie Ann Scarle, 69, died from hypothermia at their Essex home almost three years ago. Given the law governing
A ‘striking shift’ in the number of people making or updating wills during the pandemic – but warned that the ‘overwhelming majority’ of people still do not have their affairs in order. In a survey conducted in late June, 7% of respondents said they had made or updated their will during the first UK-wide lockdown.
A probate specialist has highlighted a range of problems arising from virtually-witnessed wills, saying the multi-stage process is ‘pretty unattractive’ for practitioners. Professor Lesley King, professional development consultant at the University of Law, said the remote system can cause delays because the will has to be physically signed by three people – the testator and
HM Courts & Tribunals Service has pushed back the final deadline for probate applications on paper following complaints from solicitors about issues with the online system. The grace period for the use of paper-based probate applications has been extended until 11 January 2021. Online applications officially became mandatory for professionals on 2 November, but some
HMRC warns of potential probate delays caused by IHT400HM Revenue and Customs (HMRC) is advising executors and administrators not to submit their grant of probate or administration too early, as it could cause delays due to an issue matching up IHT400 and IHT421 forms. Inheritance Tax IHT400 When should you apply for a grant of