Blog
The FCA’s Enforcement Watch 2 and what it means for the financial services industry
James Alleyne
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?
9 March 2023
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.
9 March 2023
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.