Call for Evidence on Inheritance Tax
The Office of Tax Simplification (OTS) has published a call for evidence and an on-line survey to gather information about people’s experience and perceptions of Inheritance Tax. This is in response to an earlier request by the Chancellor of the Exchequer and the Financial Secretary to the Treasury that the OTS carries out a review […]
Disinherited Partner to Receive Share of Estate
In an interesting case from Wales, a judge in Cardiff’s High Court has taken the unusual step of overturning a deceased man’s will to award property and some money to his long-term partner, reports the Daily Mail. Wynford Hodge died in 2017 at the age of 94. He owned a farm and caravan park in […]
Lack of Awareness of Cohabiters’ Rights
New research has revealed a lack of awareness amongst cohabiting couples of what their legal rights would be should their partner pass away. According to the study, conducted by Direct Line Life Insurance, 38% of cohabiting couples say they are unaware of the legal position. One in ten (11%) believe that if they own a […]
Chancellor Requests Inheritance Tax Review
The Chancellor of the Exchequer, Philip Hammond, has apparently written to the Office of Tax Simplification (OTS) to request that it carry out a review of Inheritance Tax (IHT) in the UK. The OTS is an independent office of HM Treasury and is responsible for giving independent advice to the Government on simplifying the UK […]
Millennials to Receive Inheritance Boom
A new report from the Resolution Foundation has revealed millennials are in line to receive the largest and most wide-reaching ‘inheritance boom’ of any post-war generation. However, this won’t come in time to solve their home ownership and wealth inequality woes. The analysis finds that the large sums of wealth accumulated by older generations will […]
Inheritance Tax Projections Increase
The news that HMRC is projected to receive more inheritance tax (IHT) than initially forecast over the next five years should ring alarm bells for people with estates that are likely to be valued over the IHT threshold. IHT planning should now be a fundamental part of estate planning for everyone in this situation. Inheritance […]
The Impact of Technology on Will Making
The Law Commission for England and Wales recently conducted a public consultation exercise over reforms to the laws governing will writing in England and Wales. The consultation closed on 10th November, and a number of interested organisations have now published details of their responses to this consultation. One such organisation is the Institute of Legacy […]
Over-50s Prioritise Leaving an Inheritance over Personal Spending
New research has revealed that the over-50s are choosing to cut back on personal spending so they can build an inheritance pot for their loved ones. However, their children don’t share this view and would rather their parents spent their money on themselves during retirement instead of leaving it behind. The study, by Saga Money, found […]
The Importance of Updating Your Will
Charity will campaign Will Aid has highlighted the importance of keeping your will up-to-date to reflect any changes in personal circumstances. It recently conducted a study, which found that more than 46% of people who made a will five years ago have had a change in circumstances that might affect how they want their estate […]
Milestone Moments Prompt Will Writing
Only around half of UK adults have made a will, according to will writing campaign group Will Aid. When those with a will were questioned about what prompted them to write it, one of the most common reasons given was hitting a significant birthday. In fact, 20% of those interviewed said landmark birthdays, such as turning […]
