News & Publications - Private Client
New Brief from HMRC on Domicile
HMRC has recently issued a briefing note as to the circumstances in which it will raise an enquiry as to a person's domicile, in relation to inheritance tax. The note states that "in future HMRC will consider opening an enquiry where domicile could be an issue, or making a determination of Inheritance Tax in such cases, only where there is a significant risk of loss of UK tax,"
The Revenue have stated that the factors to be considered will include a review of all information avai... read more
Difficult press for heir locators
A recent article in The Times highlighted the practices of companies who trace missing heirs and beneficiaries of estates. Some of these companies operate on a fee-paying basis, whilst others operate on the basis of a contingency fee agreement, which in some instances can represent a significant proportion of the estate.
Unfortunately, there is no regulation of the industry. Constance McDonnell, a barrister who specialises in Probate work commented that "the problem is that none ... read more
Rochman Landau in the Summer
At long last the sun is shining and it seems that predictions of BBQ weather no longer seem so far-fetched.
Rochman Landau has been taking advantage of the long sunny days and warm temperatures to engage in plenty of different activities, including taking part in the City Run, morning tea in the office for Marie Curie Cancer Care, punting in Cambridge, tennis in Regent's Park and sailing in the Women's Open Keelboat Championship.
Long may the sun continue! 
Raising Money for Marie Curie
The sweet treats came at a price recently! The firm decided to raise money for Marie Curie Cancer Care by holding a morning tea for the staff. Some hidden baking talents were uncovered and thanks to the generosity of the staff, we were able to raise over £100 (and numerous cups of tea were consumed)!
Budget 2010
The Chancellor George Osborne announced his “tough but fair” emergency budget this afternoon.
The key points that arose from the budget were as follows:
- VAT to rise from 17.5% to 20% from 4 January next year
- Income tax allowance to rise by £1000
- No rise in alcohol, tobacco or fuel duties
- Child benefits frozen for three years; medical examination for all new claimants seeking the disability living allowance
- The link between the basic state pension and e... read more
Predicted Increase in CGT Rate
At the moment the rate of CGT is 18%. It has been announced that the forthcoming budget will increase this for non-business assets. Unfortunately, we have no further details but it is believed that the rate will increase to 40% or even 50% to bring it into line with Income Tax.
The Emergency Budget is to be held on 22nd June 2010 and it is assumed that the rise in CGT will take effect then or by 5th April 2011 at the latest. We think it unlikely that any rise will be backdated to... read more
Where do your internet footprints go when you die?
Many people have wondered, and some people have prepared for, what will happen to their house or their grandmother's favourite piece of jewellery when they die, but what happens to digital property and assets?
Our trust in the internet, and all things password protected, escalates by the day. But as our online assets and social networking identities are (or should be) so vigilantly protected, how do executors or personal representatives deal with these assets?
Without knowing pa... read more
Nil-Rate band frozen
With the announcement last week that the nil-rate band threshold is to be frozen at £325,000 for the next four years, commentators estimate that this could result in an extra £37,000 in inheritance tax being payable (in real terms) if inflation continues at current levels.
With that in mind, now might be an opportune time to consider whether there are more tax efficient investment structures to be adopted by trustees, and couples should consider whether their Wills are tax eff... read more
Budget Highlights 2010
Corporate Taxation
No change to small or main company rate of Corporation Tax
VAT
No change to current rate
Capital Gains Tax
Doubling of Entrepreneurs Relief to £2 million of qualifying gains
No change to rate of CGT (remains at 18%)
Personal Tax
No change to 50% rate on earnings over £150,000
Inheritance Tax
Nil Rate Band threshold "frozen" at £325,000 until 2014/15
Stamp Duty Land Tax
2 year abolition for SDLT for first time buyers on purchases up to £250,000
5% top rate for SDLT for properties over £1 million from 2011
Inheritance Tax and the Pre Budget Report
DIY Inheritance Tax planning - and the survey said...
Unicorns and common law wives
The so-called 'Secret Court' - the Court of Protection and Lasting Powers of Attorney
Increase in HMRC interest rates
HMRC and Offshore Accounts
Why make a Will?
Imagine a document that sets out in clear language what is to happen to your cherished possessions on your death, that;
• Appoints trusted individuals to take on responsibility for honouring your wishes;
• Provides for your spouse and children in a fair and sensible fashion;
• Can benefit your favourite charities;
• Appoints guardians for your young children;
• Passes on business assets in a tax efficient manner; and
• Does all of this within a framework that provides you wi... read more
Jersey Foundations
The Jersey government recently introduced a new type of legal entity, to be known as a 'Foundation'. Foundations are a distinct entity, which can sue and be sued in their own right. The law in relation to Jersey foundations came into effect on 17 July 2009.
What is a foundation?
A foundation is an incorporated body, which is able to conduct transactions, hold assets and to sue and be sued in its own name. A foundation does not have to have beneficiaries.
A foundation must have ... read more
Statutory Legacies
If a person dies without a Will, then legislation determines how much of their estate their surviving spouse or civil partner will receive. This is known as the ‘statutory legacy’, and the amount of the legacy has just been increased for the first time since 1993.
This is welcome news as the statutory legacy is now set at £250,000 or £450,000 depending on a number of factors.
The payment of the legacy is determined as follows:
- if the deceased died without leaving a valid w... read more
Advice for Executors when someone challenges a Will
What should you do if you are an Executor and someone challenges the Will?
It seems that claims against estates are becoming more common. If you are faced with such a claim, it is important to remember that your role as an Executor is to administer the deceased person’s estate in accordance with the terms of their Will. This can be difficult however if someone challenges the Will on the basis that they haven’t received anything from the Will or that they have but the gift is insuf... read more