Blog
Rayner my parade! The importance of specialist advice.
Jemma Brimblecombe
2 May 2023
Will Trusts – Who to appoint as trustees
An increasing number of people choose to leave their assets to a trust created in their Wills; rather than outright to various family members. This choice is often less driven by Inheritance Tax considerations and more by the desire to ensure that assets are protected for future generations.
24 April 2023
American taxpayers and their family home in the UK
Where income or capital gains are taxed in both countries, the tax paid by one country, with appropriate planning, can be offset against the tax payable in the other; to avoid double taxation. But there’s very real financial pain for a US Person living in the UK when a tax free receipt here still falls to be taxed in the USA.
17 April 2023
Issues with using joint bank accounts
Once a deputy/attorney is appointed, whether this be a professional or lay (non-professional), one of the first steps is to register all known accounts held by the person to whom the deputyship/LPA relates, known as “P”.
The deputyship Order or registered LPA is sent or taken to the bank and the details for the new deputy/attorney are added to the bank’s system. The account is then registered in the name of the deputy/attorney and P. The new deputy/attorney will have access to the account to use the funds for P and in P’s best interests. The funds do not legally belong to the new deputy and P is still the owner. The account name should be registered as such:
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%.
20 March 2023
No Will - No Worries?
A large part of my career as a Private Client lawyer is properly advising on the need to have a considered and effective Will. But for some of us, would dying without a Will really be a complete disaster for our assets and our family – or would things work out okay?
