Reminder: IHT reporting changes in January 2022
Following amendments to Inheritance Tax Regulations earlier in the year, changes to IHT reporting requirements will be effective from 1st January 2022. Changes that will be effective for the death of individuals from 1st January include the extension of some thresholds, meaning that more estates will fall within the excepted estates thresholds and use of form […]
Government announces record funding for adult social care
As part of its adult social care reform white paper People at the Heart of Care, the Government has announced that a total of £1.4 billion will be made available over three years to help increase the fee rates local authorities pay to care providers, meaning that providers, residents and staff will all benefit from […]
IHT receipts increase by £600m
Inheritance tax receipts for April to November were £4.1bn, a £600m increase compared with the same period in 2020, according to the latest set of official figures. HMRC said that it had expected higher receipts in October and November 2020 due to higher volumes of wealth transfers that occurred during the COVID-19 pandemic, and commenting […]
HMCTS reports increase in digital probate grant applications
HMCTS Q3 statistics show an increase in both the proportion of digital applications for probate grants and probate grants issued digitally. In July to September 2021, there were 52,750 applications for probate grants and 58,642 probate grants were issued in the same period. 79% of these applications and 82% of these grants issued were made […]
A third of retirees will rely on downsizing and inheritance
New research by Abrdn reveals that millions of retirees in the UK are relying on downsizing to a smaller property in addition to using their inheritance to finance retirement. The research, conducted on a pool of 2,000 people, indicated that a third (33%) were planning to sell-up and move to a smaller home, and a […]
Legacy Contact function introduced to Apple products
Apple’s newly released iOS 15.2 operating system and upgrade now includes a feature called Digital Legacy, a function that allows iPhone users to designate people as Legacy Contacts, who then have permission to access their account and personal information in the event of their death. A recent report, Digital Assets: A Call to Action, by […]