Article Category: Trusts – Insight & Opinion

Property in a Trust: Responsibilities and Considerations for Trustees

Taking care of property in a trust

Putting property in a Trust is a great way to safeguard the property and avoid a lengthy and costly probate process on death. For the trustees who hold the property, it is important to consider any potential risk factors, your obligations and the health and wellbeing of the beneficiary residing in the property. There is… Read more »

Tax Returns Deadline Extension Announced by HMRC

HMRC announces tax returns deadline extension

The HMRC have recently announced that  people required to file self-assessment tax returns will not receive a penalty if submitted late, provided that the tax return is filed online by the 28th February 2021. The deadline extension follows the realisation that many people required more time and were struggling to complete their tax returns by… Read more »

Trust Registration Service: New Regulations

man with a pen signing his expression of wish form

Trusts can affect individuals and families in a number of ways, often occurring where there are second marriages, for tax planning or for the protection of vulnerable beneficiaries. The role of Trustee and the position of Trusts can be daunting with various duties and regulations applying and new rules being implemented. What is the Trust… Read more »

Do I Qualify for Business Property Relief?

Business Property Relief (BPR) provides relief from inheritance tax on the transfer of relevant business assets. It was established to provide the UK’s SME sector with some protection in the event of the death of the principal business owner. It aims to help businesses and beneficiaries to continue trading when faced with an inheritance tax… Read more »

Why a Commercial Lasting Power of Attorney is Important for Your Business

Running a business involves planning for the future and setting goals. Unfortunately, illness or incapacity is not something we can predict. A Commercial Lasting Power of Attorney (LPA) can help to ensure your business continues to run smoothly should you lose capacity or be unable to run your business due to ill health. What is… Read more »

The Future of Entrepreneurs’ Relief

What is Entrepreneurs’ Relief? Entrepreneurs’ Relief (ER) reduces the rate that Capital Gains Tax (CGT) is paid, from 20% to 10%, when some or all of a business is sold. It is available to most individuals, qualifying beneficiaries and some trustees of settlements. However, this is subject to certain conditions including a lifetime limit of claims… Read more »

MPs Propose Overhaul on Inheritance Tax

A group of MPs have called on the government to re-think Inheritance Tax (IHT) by removing almost all reliefs available, including the residence nil rate band (RNRB) which was introduced in April 2017. On 28th January 2020, the All Party Parliamentary Group (APPG) on Inheritance Tax and Intergenerational Fairness urged the government to consider an… Read more »

Ageing Well Without Children: How can a Professional Attorney Help?

A new organisation AWWOC (Ageing Well Without Children) has been launched to provide advice and guidance to those who are concerned about growing older without children. Their aim is to provide information and support which people can turn to for help with the tasks that become increasingly difficult as we age. Whilst having children is… Read more »

GDPR for Trustees and Executors: How have they been affected?

We’re five months on from the implementation of GDPR (General Data Protection Regulation) and many people have been asking what effect the new data protection rules have had for those acting as Executors and Trustees, and is there anything they should be doing going forward? The effects of GDPR for Trustees and Executors: As part… Read more »