Why business owners need Wills

Why do business owners need Wills? As a business owner, whether you are a sole trader, in a partnership or own shares in a limited company read on. You may need to take some action. We believe that if you own assets or have children, you need a Will. There are some people, like business…

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Inheritance Tax limit goes up

Change of Inheritance Tax rules likely

The increased allowance – The ‘Residence Nil Rate Band’ The new tax year has brought with it some welcome good news for those with larger estates with some new Inhertiance Tax allowances. The Residence Nil Rate Band has risen from £150,000 to £175,000 per person. The allowance is transferable between spouses and civil partners, so…

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New Death Tax doesn’t need approval of MPs

Change of Inheritance Tax rules likely

A new tax? The substantial increase in probate fees announced yesterday is unusual in that it didn’t need Parliament to vote on it. Instead, The Fourteenth Delegated Legislation Committee voted on the new proposals surely you’ve heard of them). The new rules squeaked in with the vote being 9 to 8 in favour. So can…

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Let’s not start Civil Partnering just yet

This week a The Supreme Court ruled in favour of Rebecca Steinfeld, 37, and Charles Keidan, 41, from London. The couple were bidding for the right to become Civil Partners instead of having to get married. Currently, the Civil Partnership Act 2004 only applies to same-sex couples who are not closely related. So will the…

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Why Executors may be in for a nasty shock

What are the dangers of acting as an Executor? Most people are not aware that acting as an Executor of a Will carries with it many personal liabilities. For example, if you’ve distributed all the money and then a creditor or long lost relative comes forward, you can be personally liable to pay the debts.…

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Why the taxman likes Death in Service benefits

Many of our clients are worth more dead than alive. We find this fact to be completely unfair. HMRC, who collect Inheritance Tax, might take a different view. Life insurance is the culprit in many cases – the one kind of insurance that you hope never to make a claim on. However, we often overlook…

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The new Inheritance Tax rules – It’s Time to Review your Will

What you need to know From April this year some homeowners will be entitle to an additional £100,000 free of Inheritance Tax. As the allowance is transferable between spouses and Civil Partners, this can effectively mean that couples have an allowance £200,000. When added to existing allowances they could leave assets worth up to £850,000…

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How Estate Planning Can Change Lives

A study by the Institute of Fiscal Studies has reminded me why I think estate planning is so important. The study found that people who were born in the 60s and 70s will be poorer than their parents – unless they inherit from them. I often discuss with my clients the massive difference that their…

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