WillPack

Looking ahead in 2019 – Important Changes and Dates for Estate Planners

Looking ahead in 2019: Important Changes and Dates for Estate Planners

We’re now a couple of weeks into 2019 and have hopefully cleared any Christmas holiday backlogs, so now is a good time to look ahead at what’s to come over the course of the next year. Below is an overview of events to look out for: Probate Fee Changes It is expected that the new … Read moreLooking ahead in 2019 – Important Changes and Dates for Estate Planners

Office of Tax Simplification Inheritance Tax Review – First Report

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Last year, the Office of Tax Simplification (OTS) was asked by the Chancellor of the Exchequer to conduct a review into Inheritance Tax (IHT). Their call for evidence received a record amount of responses from both professionals and members of the public. The OTS’s findings are being published in two reports. The first report, covering … Read moreOffice of Tax Simplification Inheritance Tax Review – First Report

Finding the ‘pur’fect solution for pets

Finding the 'pur'fect solution for pets

In the lead up to Christmas, we are reminded of the famous Dogs Trust slogan that ‘a Dog is for life, not just for Christmas’. A pet’s life may of course last longer than its owner, particularly if they own animals with long lifespans such as certain types of parrot. It is important therefore that … Read moreFinding the ‘pur’fect solution for pets

Business Property Relief (Continued)

Why use a Business Property Relief Discretionary Trust?

Following on from the article last week, this article will cover the remaining conditions that must be met for a business to qualify for business property relief (BPR). Please note that the following should only be intended as a brief introduction to BPR. BPR is a complex area with several pitfalls. When it comes to … Read moreBusiness Property Relief (Continued)

Business Property Relief – Qualifying Businesses

Why use a Business Property Relief Discretionary Trust?

What is Business Property Relief? Business property relief (BPR) is a relief from inheritance tax (IHT) for certain business assets. When its conditions are met, the value of gifts of the business assets are reduced for IHT purposes by either 100% or 50%. The main aim of BPR is to reduce the risk of IHT … Read moreBusiness Property Relief – Qualifying Businesses

Flexible Life Interest Trusts and the Residential Nil Rate Band

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Ever since the Residential Nil Rate Band (RNRB) was announced, one of our most common queries has been how it relates to Flexible Life Interest Trusts (FLITs). What are FLITs FLITs are essentially a life interest for a person (usually the surviving spouse), with an underlying discretionary trust that will arise when the surviving spouse … Read moreFlexible Life Interest Trusts and the Residential Nil Rate Band

Options for Inheritance Tax Planning

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Continuing from last week’s article, there are options available to the testator(s) when it comes to Inheritance Tax (IHT) planning. Some planning can simply be done by a well drafted Will, whilst others will require lifetime planning. The best approach will depend on the factors covered in last week’s newsletter. What options are available with … Read moreOptions for Inheritance Tax Planning

Probate Fee Changes

Probate Fee Changes

The Ministry of Justice announced this week that the government will move forward with a new branded structure for probate fees. This system was announced last year but put on hold before the snap general election. It has been stressed that all money raised from these new fees will be spent on running the courts … Read moreProbate Fee Changes