Consultation over Proposed Will-Writing Reforms
The Law Society of England and Wales has welcomed the launch of a public consultation exercise by the Law Commission over proposed reforms to the laws relating to will-writing. The consultation seeks views on a range of issues around how wills are made in England and Wales and how the law protects will-makers from fraud. […]
Study Predicts Greater Demand for Inheritance Tax Advice
New research from Prudential has revealed that financial advisers are forecasting a sharp rise in demand for inheritance tax (IHT) advice. The study found that around seven out of ten (69%) advisers expect demand from clients for advice on IHT planning to grow over the next 12 months, with 37% forecasting a significant increase. However, […]
Calls for VAT Exemption for Wills Containing Charitable Bequests
Charity consortium Remember A Charity has called on the UK Government to do more to encourage legacy giving by making the cost of writing a will containing a charitable bequest exempt from VAT. According to the consortium this could lead to a 100% increase in the number of people choosing to include charitable bequests in […]
The Importance of Having a Living Will
A charity has launched a new campaign highlighting the importance of people officially recording their medical care and treatment wishes in case injury or illness leaves them unable to make these decisions for themselves in future. Recent research by Compassion in Dying found that a third (32%) of people worry about the care they would […]
Scottish Village Receives Bequest from Former PoW
A German man, who had been held as a Prisoner of War (PoW) in Scotland, has left a generous bequest to the Scottish village where he was detained, reports the BBC. Heinrich Steinmeyer had been a soldier in the Germany army during World War Two. He was captured by the allied forces while taking part […]
Calls for Incentives to Encourage Earlier Transfer of Wealth
A new report has highlighted the extent of the pensions and savings gap in the UK, with many adults failing to save enough money to provide for a comfortable retirement. According to the report, one possible solution is to bring about an urgent change in attitudes towards inheritance planning, with a focus on the earlier […]
Study Gives Insight into Views on Inheritance
A recent study from Canada has given an interesting insight into the older generation’s views on spending all their money verses leaving an inheritance for their children. According to the study, which was conducted by HomEquity Bank and Ipsos Canada, 86% of respondents said they are unwilling to forgo doing, achieving or acquiring something in […]
Nation Acquires Another Painting through Acceptance in Lieu Scheme
A major full-length portrait by Sir Joshua Reynolds of the 5th Earl of Carlisle has been accepted in lieu of inheritance tax for the nation. The Acceptance in Lieu (AIL) scheme is administered by Arts Council England, and enables taxpayers to pay inheritance tax by transferring important works of art and other important heritage objects […]
Over-50s Plot £50,000 Pension Giveaway
New research by Saga Investment Services has revealed that a growing number of over-50s are planning to hold back savings in their pension to pass on their wealth tax-efficiently. According to the research, 25% of those surveyed with a private, ‘defined contribution’ pension who were currently using flexible drawdown with their savings said they were […]
Family Changes Trust Rules on Inheritance
A wealthy family has changed the inheritance rules linked to the estate that has been in the family for generations, to ensure that the same-sex partner of any gay descendants will be entitled to a life-interest in the property, reports the Daily Mail. Trumpington Hall was acquired by the Pembertons in 1675, and in 1965 […]
