Technical Corner: HMRC reliance statement
STEP has recently published a briefing note[1], advising professionals to carefully consider HMRC’s reliance statement[2], as the taxpayer could suffer adverse consequences if the guidance is later found to be inaccurate. The Institute for Fiscal Studies’ Tax Law Review Committee (TLRC) urged HMRC last year to update its reliance statement which has not been substantially […]
The challenges of online will and video witnessing, and the risks associated with mental capacity
Over the course of the last two years the number of British adults with reduced mental capacity has increased dramatically, and there are now more than two million UK adults who could be identified as having capacity issues. This has, of course, been further exacerbated by the impact of the pandemic, so much so in […]
New report sets out best practice for e-signatures
The expert Industry Working Group on Electronic Execution of Documents has today published their interim report, which sets out analysis of the current situation in England and Wales, identifies simple best practice guidance based on existing technology (including for vulnerable individuals), and makes recommendations for future analysis and reform. The Industry Working Group was convened […]
LSB rejects ACCA application to exit as regulator of probate services
The Legal Services Board (LSB), has rejected the Association of Chartered Certified Accountants (ACCA)’s application for termination of its status as a regulator of non-contentious probate services on the grounds that some ACCA members are still offering services without having transferred to an alternative regulator. The LSB said that it was rejecting ACCA’s application to […]
Equity Release Council introduces penalty-free repayments on lifetime mortgages
Guaranteed right to make partial repayments on new lifetime mortgages marks 30 years of consumer standards for the equity release sector. New equity release customers will be able to mitigate the costs of borrowing in later life through a new product safeguard announced by the Equity Release Council (the Council), the representative industry body. From […]
Judge rejects argument that cheap will-writing deal caused poor service
A solicitor responsible for the drafting of a client’s will in which provisions were made for a £100 million estate, has been criticised and dubbed as “reckless” and “dishonest” by Mr Justice Michael Green. In the case of Reeves v Drew & Ors the judge found that solicitor Daniel Curnock had given untruthful evidence during the […]