Blog
What is your duty to co-operate with your regulator?
Zoe Beels
4 October 2024
Estate & Tax Planning for LGBTQ+ Private Clients: Civil Partnership v Marriage – what’s the difference?
It is reported that same sex couples are statistically more likely to live together without marrying or entering into a civil partnership than heterosexual couples, and there is a mistaken belief that ‘common law spouses’ or ‘common law marriages’ exist in the UK. There is no such thing as a ‘common law marriage’ and, subject to any future changes to cohabitation laws (laws relating to couples who live together but are not married/in a civil partnership), cohabitants do not have the same legal rights as married couples or civil partners upon divorce or dissolution.
19 March 2024
Relax on Grant on Credit IHT rules
With the recent Spring Budget came a relatively small update to Inheritance Tax (“IHT”) whereby applications for a ‘Grant on Credit’ no longer require Personal Representatives (“PR”) to seek commercial loans to pay IHT before they are able to apply for the Grant.
15 February 2024
No children – I don’t need to think about succession and wealth planning, do I?
A growing number of couples live a DINK (“dual income, no kids”) lifestyle instead of the historically ‘traditional’ family structure that includes having children. There has also been a rise in the “single income, no kids” (SINK) lifestyle.
12 July 2023
Plan early when exiting a business
Two out of five business owners in the UK are planning to sell, wind up, or crystallize assets within the next year. According to a recent poll conducted by Censuswide, 40% of the 504 surveyed business owners with revenue exceeding £5 million expressed their intention to exit within the next year. Additionally, 23% of UK business owners have expedited their plans to sell or wind down their businesses in the past 12 months.
12 April 2023
Capital Gains Tax – What do the changes mean for you?
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%.