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 »
The recent case of Wales v Dixon 2020 highlights the importance of giving clear instructions when making a Will to ensure that your wishes are carried out following death and it is clear who inherits your estate. Helen Gowin, Head of Estate Administration at SAS Daniels LLP outlines the case. Mr Wales died in 2015… Read more »
Common sense would suggest that there will probably be a spike in contentious probate disputes following the COVID-19 pandemic, due to the higher numbers of deaths than usual. Research suggests that, in light of the Government’s social distancing rules, many people may have written a Will and had it witnessed ‘remotely’. Section 9 of the Wills… Read more »
Failure to plan for death can have catastrophic consequences for a spouse or partner, both emotionally and financially, which go far beyond what the deceased may have intended to happen. The remedy for the family left with no protection due to the deceased not writing a Will, would be that they are forced to apply… Read more »
If you own a business or have farmland which may qualify for reliefs from inheritance tax, it is a good idea to have a Will in place in order to maximise this generous tax saving. HMRC have specific rules about apportioning the relief between chargeable and exempt beneficiaries; so without a Will, or if you… Read more »
In April 2017, the Government introduced the Residence Nil Rate Band (RNRB) which provides an additional allowance for married couples where the surviving spouse leaves their property to direct descendants (i.e. children, grandchildren, step-children). The intention was to reduce the burden of inheritance tax for families and make it easier to pass property down to… Read more »
Making a Will can be one of those things that you easily put off, however, it’s a really important document to ensure that your estate is dealt with as you would wish and your loved ones are protected after you die. Below are five reasons why a Will should be made or reviewed: 1. Division… Read more »
It is a common misconception that if you are an unmarried couple, then your partner will automatically inherit your estate when you die. If you do not leave a Will, the Government’s intestacy rules apply and your partner is not entitled to anything under these rules. What are the estate inheritance rights for unmarried couples… Read more »
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 »
The great British public, long heralded as a nation of animal lovers, will frequently pamper their pooches and care for their cats in a variety of ways that may seem extravagant to some. With 49% of UK adults owning a pet and so many pets being a much-adored member of the family, it makes practical… Read more »
