Private Client Law Blog

14 August 2020

“Hello, can you hear me?” – video-witnessing of wills to be made legal in England and Wales

Big news was announced by the Government at the end of last month: legislation will be introduced to allow remote electronic witnessing of wills – including for some that have already been made – in a significant amendment to the long-standing requirements. However, it will only be temporary.

Diva Shah

17 July 2020

Capital Gains Tax – Take steps now to avoid a likely “tax grab”?

Chancellor  Rishi Sunak has asked the Office of Tax Simplification to review Capital Gains Tax (“CGT”). CGT is charged on the profit/increase in value on sale or gift of assets. The rates are 18%-28% on disposals of residential property and 10%-20% on other assets.  There’s an annual exemption of £12,300 per taxpayer. Disposal of your main residence is tax free and “Entrepreneurs Relief” may see the first £1million of the gain on the sale of a business charged to CGT at the lower rate of 10%.

Jim Sawer

16 July 2020

Lost Will - Lost Inheritance?

On the death of a person known to have made a Will, it’s pretty rare that the Will can’t be found...

Jim Sawer

16 June 2020

Company Succession Planning: Death of a sole director – now what?

Company succession planning is critical to ensure that a company can continue to run in the unfortunate event that a director (or shareholder) dies. If there are other surviving directors, they are able to step in and run the company, but what happens when a sole company director dies?

Diva Shah

12 June 2020

Executors Briefing - Tax and the Family Home

In many estates, the deceased’s home is the principal asset whose value often tips the estate over the inheritance tax (IHT) threshold. The status of the deceased’s house/flat as “family home “attracts little special tax treatment beyond the additional “residence nil rate band” for IHT purposes if it’s left to “direct descendants”. But a house within an estate does illustrate well the main issues of valuation for IHT on death and Capital Gains Tax (CGT) implications when the property is sold by the Executors.

Jim Sawer

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