Author: Saara Patel

When it comes to owning property jointly, especially for married couples and civil partners, grasping how beneficial ownership influences tax liabilities is crucial. While the legal owner of a property is easily identifiable, it’s the beneficial ownership that often determines who is taxed on income generated from the property. This can become complex, particularly when…

Inheritance tax is a hot topic in the UK, affecting more and more families over time. But why do we pay this tax, and what is it really for? (Read Time: Approx. 3 minutes) Topics Discussed: What is Inheritance Tax? Inheritance tax, originally introduced in 1894 as Estate Duty, was first meant to tax only…

Transferring your home to your children might seem like a smart move to avoid inheritance tax or simplify estate planning. However, this decision often leads to significant tax implications and other financial pitfalls that can outweigh the perceived benefits. (Read Time: Approx. 4 minutes) Topics Discussed: The Inheritance Tax Trap A common motive for transferring…

Inheritance Tax (IHT) often hits hardest where it’s least expected, particularly among siblings, nieces, nephews, and friends who inherit property. Unlike parents and married couples, who benefit from specific tax reliefs, these groups find themselves facing substantial tax liabilities. (Read Time: Approx. 6 minutes) Topics Discussed: The Sibling Trap Under current inheritance tax rules, the…

In a recent landmark case, Nina Angelova succeeded in amending her late fiancé Peter John Bryant’s Will, rectifying a solicitor’s clerical error. This decision by the High Court sets a precedent for addressing mistakes in legal documents, particularly Wills, highlighting the importance of accuracy in reflecting a person’s final wishes. (Read Time: Approx. 5 minutes)…

Creating a Will is a crucial part of estate planning, but opting for unregulated Will writers can pose significant risks; potentially jeopardising your estate’s integrity and your heirs’ rights. Recent findings by the Competition and Markets Authority (CMA) highlight the dangers in the unregulated legal services market, particularly concerning Will writing and pre-paid probate services.…

Estate planning and making a Will are often considered tasks for later in life, perhaps closer to retirement. However, it is crucial to understand that it’s never too early to start this process. (Read Time: Approx. 4 minutes) Topics Discussed: The Importance of Making a Will Early There is a common misconception that making a…

Inheritance Tax (IHT) is a significant concern for many, especially when it comes to family homes. To alleviate some of this burden, the Main Residence Nil-Rate Band (RNRB) was introduced on 6 April 2017, providing valuable relief to individuals passing their home to direct descendants. (Read Time: Approx. 7 minutes) Topics Discussed: Introduction to the…

Planning for the future can be complex, especially when considering tools like a Deed of Variation (DOV). This powerful instrument allows beneficiaries to alter a will’s provisions posthumously, providing flexibility in asset distribution. Here, we delve into what a Deed of Variation entails, its tax implications, and why it might be a strategic choice for…

When charitable gifts are incorrectly named in a Will, the High Court’s intervention can ensure that the gifts are properly allocated. This happened recently when the court identified suitable recipients for several misnamed charities, ensuring the intended donations were fulfilled. (Read Time: Approx. 3 minutes) Topics Discussed: High Court Ensures Charitable Gifts Are Honoured Case…