Virtual witnessing of wills

The Wills Act 1837 (Electronic Communications) (Amendment) (Coronavirus) Order 2020 has come into effect this month making it legal for wills in England and Wales to be witnessed by means of ‘video conference or other visual transmission’. The new regulations have been backdated to 31 January 2020, with the effect that wills which have been […]

OTS Capital Gains Tax report released – What are the recommendations?

Back in July 2020, I wrote about the Chancellor commissioning the Office of Tax Simplification (OTS) to undertake a review into Capital Gains Tax (CGT) in this article OTS review of Capital Gains Tax. The OTS have duly now released the first of two reports – this one being focused on policy design. To be […]

OTS review of Capital Gains Tax

On 13 July, the Chancellor wrote to the Office of Tax Simplification (OTS) to request that a review is undertaken of Capital Gains Tax (CGT). Aspects he specifically mentions the review look into are allowances, exemptions, reliefs, losses, and how gains are taxed in comparison to income. His aim of the review is to assist […]

The difficulties of being an executor of a will – to deal or not to deal?

Executors can find themselves in a difficult position when faced with the prospect of purchasing assets from an estate, even when they are paying market rate for those assets and the other beneficiaries agree to the sale. Being an executor is often an onerous and largely unglamorous role, which involves hours of work usually with […]

Budget 2020: Key points

On 11 March 2020, the new Chancellor, Rishi Sunak, delivered his first Budget. It was also the first Budget since Boris Johnson became Prime Minister in July, the General Election in December and the departure from the European Union in January. A lot has changed!

APPG for Inheritance & Intergenerational Fairness published a report which recommended a ‘complete overhaul’ of IHT

At the end of last month the All-Party Parliamentary Group for Inheritance & Intergenerational fairness (APPGIIF) published a report which recommended a complete overhaul to the inheritance tax (IHT) system. It should be noted that the APPGIIF is an informal group, and whilst is contains members from both the House of Commons and House of […]

Considering Gifts and Inheritance Tax

Many people want to give gifts to family and friends during their lifetimes. Not only does this mean that you can see loved ones benefit whilst you are alive, it can also reduce the value of your estate for inheritance tax purposes. However, the rules surrounding lifetime gifts and estate planning are complex. If you […]