News

Recent Articles

Inheritance Tax, Bonds and IHT Disclosure Rules

September 06, 2016 | Wills and Probate

Inheritance Tax and Bonds  In 2006 the rules for discretionary trusts were changed.  The changes began to bite from April 2016.   Often salespeople of investment bonds advise that the product should be put into trust.  The problem is best illustrated by an example.   Freda bought an investment bond for £250,000 on 1st June(Read more)

HMRC Introduces a New System for Claiming Overpaid Tax

September 05, 2016 | Wills and Probate

From 1 August 2016, taxpayers have to specifically request a refund for any overpaid income tax. Before that date, HMRC would issue a taxpayer with form P800 informing them that there is an overpayment of tax, and a few days later the rebate would be issued. In a bid to encourage taxpayers to use their(Read more)

Pensions Exit Charges To Be Kept

September 05, 2016 | Wills and Probate

Exit penalties for savers wishing to exercise pension freedoms should be capped at 1% of the value of their fund says the Financial Conduct Authority (FCA) in a consultation document.  The cap would apply to personal, stakeholder and self-invested personal pensions.  It would apply to existing contracts if an exit penalty is applied, but only(Read more)

Court of Appeal Allows Creditor of Beneficiary of an Estate to Bring Probate Claim

August 31, 2016 | Dispute Resolution, Wills and Probate

In Randall v Randall [2016] EWCA Civ 494 (Randall) the Court of Appeal overturned a 2014 High Court decision and ruled that a creditor of a beneficiary had an interest in the estate that gave him sufficient standing to challenge the validity of a will. Part 57 of the Civil Procedure Rules deals with contentious(Read more)

The Pitfalls of Gifting Your Property to Family Members

August 30, 2016 | Wills and Probate

Belinda Harvey from our Private Client team discusses the pitfalls of gifting property to family members in a blog written for the Solicitors for the Elderly website.  Solicitors for the Elderly is an independent national organisation whose members provide specialist legal advice for older and vulnerable people, their families and carers.  http://www.sfe.legal/public/blog/gifting-your-residence-to-family-members--the-pitfalls(Read more)

Tribunal Cancels Late Payment Penalty Because HMRC Owed the Taxpayer a Repayment

July 22, 2016 | Wills and Probate

Both the taxpayer and H M Revenue & Customs accepted that a VAT return was received on time on 6 November 2015 but when HMRC originated a direct debit on 11 November 2015 it was returned unpaid because the amount of £27,000.71 exceeded the balance of cleared funds available in the account by £1,784.61 and(Read more)

Careless Inaccuracy - Steady v HMRC [2016] UKFTT 0473 (TC)

July 21, 2016 | Wills and Probate

In Cambridge County Court in June 2016, the First Tier Tribunal Tax Chamber sat to give their verdict on the fate of Mr Steady. Mr Steady filed annual tax returns under the self-assessment regime each year. At the end of each tax year, he would contact the various banks and building societies with which he(Read more)

H M Revenue & Customs Issue Revised Charter

July 20, 2016 | Wills and Probate

H M Revenue & Customs have published an updated Charter which explains what taxpayers can expect from H M Revenue & Customs and what they expect from tax payers.  The charter is set out below:  1. Your rights - what you can expect from us 1.1 Respect you and treat you as honest We’ll treat(Read more)

Dispensing With Service

July 15, 2016 | Wills and Probate

Senior Judge Lush heard an appeal in June against an order allowing a statutory Will to be executed without an affected party being notified. A statutory Will can be applied for when someone has lost capacity to make a Will themselves. The Court will consider the submissions of parties as to what should be in(Read more)

Post ‘BREXIT’: The Only Certainty is…Uncertainty?

July 12, 2016 | Residential Property, Commercial Property, Employment, Dispute Resolution, Business Services, Wills and Probate, Family Services, Motoring and Road Transport, The Arts

Although there has been huge political fallout in the last fortnight as a result of the BREXIT vote, the long-term effect on British jobs, business and individuals is unclear. From an economic perspective, after an initial plummet from 6338 to under 6000, the stock market appears to have recovered to near pre-vote levels (FTSE 100(Read more)