As the General Election approaches and polls indicate a strong Labour advantage, there is a lot of speculation about the implications of a new government for the UK, especially in terms of tax policies. If Labour do secure a victory, what is the likelihood of reforms to Inheritance Tax and Capital Gains Tax?

In a recent comment the Institute for Fiscal Studies (IFS), a think-tank, has claimed that eliminating and/or reducing Business and Agricultural Property reliefs, tax reliefs on pension schemes, and Aim share investments would make the tax system fairer, and raise up to £2.7bn in the current tax year. However, commentators have suggested that the IFS’ calculations ignore the potentially perilous wider economic consequences of the decision and practical implications for small businesses and farmers. 

The UK government has claimed that the probate service is now in recovery mode after replacing its senior management team following a series of delays and complaints.

The role of certificate provider was introduced by the Office of the Public Guardian as a safeguard for people signing Lasting Powers of Attorney (LPAs). LPAs are used to appoint attorneys to assist with a person’s affairs, which could include their finances and their personal welfare.

In September 2020, the UK Parliament passed an order that amended the Wills Act 1837, a law that dates back to the Victorian era. The order allowed people to make valid Wills by using video-conferencing or other visual transmission, as long as the witnesses could see and hear the testator (the person making the Will) in real time. This was a temporary measure to help people who were self-isolating or facing lockdown restrictions due to the Coronavirus pandemic. The order applied to Wills made on or after 31 January 2020, and was initially set to expire on 31 January 2022.

A discretionary trust is a piggy bank into which assets are placed and which are looked after by your trustees on behalf of a pool of beneficiaries chosen by you.

Making a Lasting Power of Attorney may seem like a task for another day, but as time goes on, our ability to manage our affairs may decrease or be prevented by an unexpected illness or accident. By making sure that you have the documents in place, and registered, this helps to ensure that a trusted person can step in to assist you when you need it most.

Lasting Powers of Attorney (LPAs) allow you to appoint people to manage your affairs, should you need some help or become unable to manage your affairs yourself.

Deputyship is a legal term that refers to the appointment of a person (called a deputy) to make decisions on behalf of another person who lacks the mental capacity to do so.

In the first part of this insight we discussed two of the main life changes which can necessitate changes to your Will being marriage and divorce.  We now consider other life changes which occur and can create situations which necessitate changes to your Will.

The importance of making a Will which reflects your wishes is therefore paramount but, after making your Will, when should you consider reviewing whether it still reflects your wishes particularly if your circumstances have changed.   

A Lasting Power of Attorney (LPA) can be put into place by a donor (the person appointing the LPA) at any stage of their life and it allows the LPA to make decisions about both the donors property and financial affairs should they lose the mental capacity to make those decisions themselves.