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UK Autumn Budget 2024
The 30th October 2024 UK Budget announced significant changes to inheritance tax in relation to pensions, agricultural and business property relief, and “non-doms”. It is important to review your will regularly.
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Inheritance Tax and Domicile
It is important to review wills regularly to take into account, amongst other things, any changes in legislation. Currently, UK Inheritance Tax is a domicile-based system. A government Policy Paper originally published on 29th July stated that the government intends to replace this with a new residence-based system from 6 April 2025. Another document published…
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UK Inheritance Tax – Autumn Statement 2022
Today, the Chancellor of the Exchequer set out that the inheritance tax nil rate bands will stay fixed at current levels until April 2028. The nil rate band will continue to be at GBP 325,000. The residence nil rate band will continue to be at GBP 175,000. The residence nil rate band taper will continue…
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6 occasions to review your will
What follows are 6 occasions on which you should review your English and Welsh will.
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3 things you can set out in your will (which aren’t about who benefits from your assets)
When thinking about making a will for the first time, a lot of attention will be paid to who will benefit from which assets. However, there are other things you can set out in your will. Here are three of them: The above points were written in relation to England & Wales.
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What does it mean to own property as joint tenants or as tenants in common?
With a joint tenancy, the co-owners own 100% of the property simultaneously. And if, for example, a property were to be owned by two joint tenants and one of those owners were to die, the surviving owner would become the sole owner: this is known as the ‘right of survivorship’. With a joint tenancy, the…
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What is a discretionary trust?
A discretionary trust is a type of trust where the trustees have complete discretion to pay or apply the income or capital of the trust fund for the benefit of one or all of the beneficiaries. No particular beneficiary has an interest in the trust or an entitlement to the trust funds – they only…
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Trust Registration – UK
It is important that trustees consider whether they need to register their trust with HMRC in the UK if they haven’t already. There is an important UK registration deadline for many trusts on 1st September 2022. This post will not go into any detail about which trusts must register: much has been written about that…
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Choosing an executor
An executor is someone appointed in a will to distribute the estate of the testator in accordance with the wishes set out in the will It is important to take care when choosing an executor. An essential quality of your chosen executor is that you trust them. If you are appointing more than one executor…
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