Every individual is entitled to pass up to £325,000 inheritance tax free. This amount is known as the nil rate band. Prior to 2007 nil rate bands were not capable of being transferred between spouses. Gifts to spouses were and remain exempt from inheritance tax. This meant that often spouses were advised to incorporate a
Using a trust in a Will to pass on inheritance will mean that the intended beneficiary does not have full control of the capital or the income from the asset. It would be controlled by the Trustees. A Trustee is duty-bound to follow the terms of the trust and therefore they should be someone you
Capital Gain Tax for Separation and Divorce Prior to 6 April 2023, divorcing couples who were living together could transfer assets between them on a “no gain no loss” basis, meaning that a Capital Gains Tax (CGT) liability was not triggered immediately on transfer. Any gains or losses from the transfer were then deferred until
Trusts in the UK began when medieval monks wished to enjoy the benefit of land without infringing their vow of poverty by actually being owners of the land and when medieval landowners went abroad on religious crusades and pilgrimages, leaving behind their families and their lands. Since then trusts were always about holding the property
If you have been appointed as an attorney for an individual through a Lasting Power of Attorney (“LPA”), you have the authority to make decisions on their behalf. Dependant on the specific provisions contained within the LPA, you can make decisions on behalf of the Donor if they have lost capacity (i.e. if they are
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