Open letter calls on government to take action over secondary transfer IHT liability for compensation victims
Two high profile membership bodies have petitioned the government to address a ‘critical flaw’ in inheritance laws that subject the estates of families in receipt of compensation payouts to inheritance tax (IHT). Earlier this year the Society of Trust and Estate Practitioners (STEP) and The Association of Lifetime Lawyers (ALL) identified a gap which subjected […]
Reeves may target limited liability partnerships in budget to raise public funds
Chancellor Rachel Reeves may target limited liability partnerships (LLPs) as part of her plans to tax ‘those with the broadest shoulders’ in the upcoming budget. Tasked with filling a sizeable hole in the public finances, in part due to the unexpected longer term impact of Brexit and austerity, the chancellor is reported to be considering […]
AML regime responsibility to pass to FCA amid ‘blitz on pointless admin’
Chancellor Rachel Reeves has announced the Financial Conduct Authority (FCA) will become the Single Professional Services Supervisor (SPSS) for anti-money laundering (AML) as part of her ‘blitz’ on ‘pointless admin’ In an effort to save £6bn per year by 2029 the chancellor has announced sweeping changes to business bureaucracy at a Regional Investment Summit in […]
‘Familiar trend’ to IHT liabilities with £100m rise in receipts
The ‘fiscal drag’ which draws more estates into inheritance tax liabilities is evident in the latest receipts figures published by HM Revenue and Customs. With the nil-rate band frozen at £325,000 since 2009 and the residence nil-rate band static at £175,000, thousands more families are being ‘dragged’ into the IHT net as asset values increase […]
SSB case reflects ‘deeper vulnerabilities’ in legal services with regulatory overhaul needed
The Solicitors Regulation Authority (SRA) must ‘overhaul its complaints handling and risk assessment processes,’ introduce better safeguarding measures for clients, be more proactive about redress for consumers, and embed a consumer culture for better outcomes as the fallout from the report into the failure of SSB Group continues. A report published by the Legal Services […]
‘Lost’ proceeds of family farm nets beneficiaries £629,000
A law firm identified £629,000 of lost assets held in multiple bank accounts following a hunch over the proceeds of sale of a farm. National firm Anthony Collins, acting on a probate case, identified the monies despite little information regarding the estate and the passing of both a mother and her daughter. Lindsey Bohanna, a […]
Interview: David Masterton, Premier Solicitors
Today’s Wills and Probate sits down with Premier Solicitors’ Chief Revenue Officer David Masterton to discuss his time in the wills and probate sector. David shares his thoughts on the good, the bad and ugly of wills and probate; from dynasty to digitisation and everything in between. Hi career has taken him from financial services […]
Defending Inheritance Act Claims: A guide for private client lawyers
Claims under the Inheritance (Provision for Family and Dependants) Act 1975 (IPFDA) are on the rise – and often land on the desks of executors and beneficiaries who were never expecting a legal dispute. For non-contentious private client lawyers, understanding how to navigate and pre-empt these claims is now an essential skill, particularly when advising […]