Category: Private Clients

HMRC withdraw appeal in £1.8 million pension court case, opening the door for UK savers to take action

HM Revenue & Customs (HMRC) has dropped a court case centred on an individual exceeding their lifetime allowance, potentially opening themselves up to legal challenges from savers.

Supreme Court to review a long-running Inheritance Tax case against HMRC

The Supreme Court is set to review a long-running Inheritance Tax (IHT) case against HM Revenue & Customs (HMRC).

Fewer than half of people understand Inheritance Tax rules – HMRC

Fewer than half of people that are giving assets or large sums of money through inheritance understand Inheritance Tax (IHT) rules, according to research by HM Revenue & Customs (HMRC).

Increase in probate disputes down to DIY Wills

The increase in the number of probate disputes being heard at the High Court is being blamed on the increasing number of DIY Wills.

Government announces lasting power of attorney safeguards

The Government has announced new safeguards for lasting power of attorney (LPAs).

Rise in cost of probate delayed due to Brexit

Proposals to increase the costs associated with probate for families sorting out the wills of loved ones who have died have been delayed due to lack of Parliamentary time to debate the proposed fee increase as a result of Brexit debates, following a widespread backlash against their implementation.

Last year saw surge in over 45’s asking for IHT advice

The number of over-45s seeking estate planning advice has risen sharply in the past year as many struggle to understand inheritance tax (IHT) rules, research has shown.

Millions of Brits prepared to contest loved ones’ wills in court

Over 12.6 million people would be prepared to go to court to dispute a will of a family member if they disagreed with the division of their estate, according to Direct Line Life Insurance research.

Britons at a loss when it comes to property inheritance tax

The lack of awareness around inheritance tax (IHT) in the UK has increased in the last year, with half (50 per cent) of liable over 45-year-olds admitting to being unaware their main property could be subject to IHT.

Important: UK citizens need to be aware of lasting power of attorney

Lasting power of attorney (LPA) allows UK citizens to choose someone to act on their behalf in case they are incapacitated – whether it be through illness, an accident, or a lack of mental capacity – but only 14 per cent of people have set it up.