Out of the blue and without consultation the Finance Bill 2013 when published contained a shocking provision tucked away in Schedule 34. It is a devastating provision for many farmers and business people BUT there appears also to be a harsh outcome for many other clients too, which may be unintentional. It will affect a large proportion of your clients.
To-day I am sad to report that the Minister of Justice, Chris Grayling, has refused to accept the Legal Services Board recommendation to regulate Will writing – http://bit.ly/12s94hZ
It is hard to appreciate the kind of evidence which the Minister believes is required to justify the regulation of this most fundamental of legal services. I suspect that it is yet further evidence of the lack of appreciation of the role the legal profession plays in providing services which are in the best interest of the client and not themselves; as opposed to Bankers and supermarkets who supply services in the interests of their shareholders whether or not it is what the consumer requires, as we have seen with the mis-selling scandals.
What does your portfolio say about how the money is going to be spent? It should say something, because that is what money is for. A portfolio is not there to provide you with a regular supply of pieces of paper with numbers on them.
A review of the 39 conventions that have been signed at The Hague that are important for you to know some of them that apply to the advice that you receive from your lawyer.
HMRC are looking closely at income tax loss claims and this is emphasised by the capping of income tax losses from 6 April 2013 to £50,000 per annum or 25% of an individual’s total income (whichever is the greater).
Double portions sound greedy and in a way they are. If someone makes a lifetime gift and there is a gift in a Will to the same beneficiary was it the intention of the deceased to provide for them twice?
This case is another interesting enquiry into the domicile of a testator in the context of a claim under the Inheritance (Provision for Family and Dependants) Act 1975. As in the recently reported Holliday v Musa 2010 EWCA 335 the testator’s domicile of choice was found to have displaced their domicile of origin.
Curiously for the English lawyer a child can hold legal title to real property in France. A fact largely irrelevant for the English lawyer – until that is an English minor domiciled and resident in the UK suddenly inherits a share of French real estate under French succession laws. So what should you do?
George Osborne recently presented his 2013 Budget . In it, he updated some of these previous announcements and proposed further measures. Some of these changes apply from April 2013 and some take effect at a later date. The Budget proposals may be subject to amendment in a Finance Act, but for now here is a summary.
“I and eight of my team viewed the [Reduced Rate of IHT] video this morning and were very impressed, not only with Gill’s presentation and the helpful add-ons but with the complicated nature of the subject matter! ”
- Finance (No.2) Bill 2013 – Changes to the deduction of liabilities for IHT – Are they fair? May 15, 2013
- Government refuses to regulate Will writing May 14, 2013
- LinkedIn- Networking The Modern Way May 13, 2013
- What Does Your Portfolio Say? May 13, 2013
- French Property Article – The Hague Conventions May 13, 2013
- Have We Access To Free Statutes Yet? February 26, 2013
- Vulnerable Beneficiaries After Finance Bill 2013 April 4, 2013
- 5 Practical Things You Need To Know In Private Client Practice Today April 5, 2013
- Welcome To The Private Client 2013 Budget Summary April 8, 2013
- Procedure For Dealing With Minor Children Inheriting French Property April 10, 2013