Read jargon-free articles and guidance pieces written in-house by our solicitors and keep up to date with what's happening at Neves.
There is no doubt that in the UK Inheritance Tax is not a universally popular tax.
Many taxpayers are unhappy that the wealth they have accumulated during their lifetimes will already have been taxed as it was earned, and there is a strong feeling that to tax assets twice is simply not fair.
We were quite shocked earlier this week to read that Denzil Lush has declared that he himself will never draw up a Lasting Power of Attorney.
Denzil Lush was the senior Judge in the Court of Protection for some 20 years (the Court of Protection is the Court in England and Wales which is responsible for financial and welfare matters for people who cannot make decisions themselves).
Many people aren’t aware that any existing Will they have will be automatically revoked on marriage, unless it was drafted in a specific way to prevent this from happening. A lot of people make the incorrect assumption that because they are married, they don’t need a Will, thinking that all will pass to their spouse on their death.
I was interested to read this week that there is another new initiative to try and reform the laws of intestacy to include cohabitees.
It was Benjamin Franklin who said in 1789 “in this world nothing can be said to be certain, except death and taxes”. Recent research suggests that in the UK we are likely to be faced with more deaths and consequently more taxes over the next decade.
