IHT hits £800m… with more tax rises in store?
Inheritance Tax receipts published by HMRC reveal April 2025 income stood at £97m higher than April 2024 at £800m continuing the recent upward trend driven by the ‘prolonged freeze’ on IHT thresholds and rising property prices. Many continue to be ‘caught out’ says Tim Snaith, Partner at Winckworth Sherwood, due to the nil-rate band (NRB) […]
‘Complex’ tax affairs of wealthy makes HMRC’s job even more difficult – NAO
The ‘complex’ tax affairs of wealthy individual makes it difficult for HMRC to identify the tax they owe; but the agency says it has doubled the tax revenues it has collected over the past 12 months, from £2.2 billion in 2019-20 to £5.2 billion in 2023-24. HMRC defines ‘wealthy individuals’ as those earning more than […]
‘No relief’ from AML fines as SRA highlights £100,000 in penalties
The Solicitors Regulation Authority has said it will continue to ‘ratchet up the consequences’ of non-compliance with anti-money laundering regulations, as it released details of fines totalling almost £100,000 in the first two weeks of May. In a media briefing last week, the SRA’s chief executive Paul Philip acknowledged that non-compliance with AML rules ‘is […]
Profession reacts to Law Commission’s Modernising Wills Law Report
‘Welcome’, ‘critical’ and ‘impactful’ are just three of the descriptions practitioners have used in response to the proposals put forward by the Law Commission in its long-awaited report on modernising wills law. Welcoming the report Minister for Courts and Legal Services Sarah Sackman KC MP said the 1837 legislation had ‘stood the test of time’, […]
Consultant model ‘a fundamental part of the UK legal fabric’
Alternative legal platform providers, otherwise known as consultant-model law firms, continue to demonstrate ‘importance that lawyers are placing on autonomy, work-life balance, and the ability to build a practice supported by strong infrastructure’ say the authors of a report into the size and structure of the market. The sector hit over 4,000 practitioner last year, […]
Only 15% of parents discuss inheritance with their children
A survey has identified just 15% of parents discuss inheritance with their children, leading to warning of even more litigation in the future. A survey conducted by Irwin Mitchell suggests one in six parents over the age of 55 discuss inheritance with their children; although women (19%) are twice as likely as men (10%) to […]
Building a national brand in end-of-life planning
In this episode of the Today’s Wills and Probate Podcast, host David Opie welcomes Sam Grice, founder of Octopus Legacy (formerly Guardian Angel), to discuss the origins, evolution, and future ambitions of one of the fastest-growing companies in the end-of-life planning and bereavement support space. Sam’s journey into the wills and probate sector began with […]