Private Client

Accessing Your Own Land
Prior to the introduction of revised procedures (set out in regulations under section 68 of the Countryside and Rights of Way Act 2000 , which came into effect in July 2002), people who had to cross common land in order to reach their homes were sometimes...
Are You a Sophisticated Investor?
In March 2005, the rules relating to approaching people regarding financial promotions were relaxed so that so called ‘sophisticated investors’ and high net worth individuals (HNWIs) could be more easily approached with a view to making...
Asset Valuation Problems - Chattels
When dealing with an estate, an increasing problem for executors is the valuation of assets in the form of the chattels of the deceased. In probate terminology, chattels are the ‘everyday’ assets such as furniture and ordinary possessions, as...
Avoiding Inheritance Tax with Discounted Gift Schemes
Inheritance tax (IHT) is payable at 40 per cent on the net value of a person’s estate above (2009/10 rates) £325,000 (the current nil rate band). It affects an increasing number of people owing to the rise in house prices in recent years. One...
Buying Abroad - Considerations
After another cold, wet summer and with dull economic prospects at home, you might be thinking of buying a property abroad or even making a permanent move to foreign climes. If so, as well as it being essential to take independent and high quality legal...
Buying a House and Consumer Protection
With the advent of Home Information Packs (HIPs), the appointment of an Ombudsman for Estate Agents (OEA), the laying down in statute of the duties of estate agents and the recent passing of the Consumers, Estate Agents and Redress Act 2007 (CEARA), a...
CGT and Shares in Estates Valuation Trap
In the UK, there are quite generous exemptions from Inheritance Tax (IHT) which apply to business assets. One problem with making use of such exemptions is the effect this may have on the subsequent value of the relevant assets for Capital Gains Tax (CGT)...
Capital Gains Tax for Owners of Two Homes
Ownership of two homes in the UK is becoming more commonplace as couples who both own houses marry, houses are inherited, parents buy houses for their children to live in, or people just buy a place in the country, either to let or to escape to at weekends. ...
Changing Wills For Benefit
A will expresses the final wishes of the deceased person and it is commonly thought that a will is irrevocable after death. However, provided everyone agrees, it is normally possible to vary a will provided that the application is made within two years of...
Charity Donations Through the Tax Return
From 2003-4 Self-Assessment Tax Returns have included a facility to enable individuals to donate some or all of any tax repayment to a chosen charity. Participating charities have signed up with the Inland Revenue and been allocated a unique code, which is...
Charity Trustees - Guidance
The regime governing charities has been progressively tightened up over the years, making the sort of scandals that were once not uncommon much more of a rarity. This means that trustees now have to adopt a more professional attitude to the management of a...
Check Your Home Insurance Policy
Increasing numbers of people are spending substantial periods of time away from their homes on account of working away, having a second home or for any of a number of other reasons. Houses can also frequently be empty for substantial periods after the death...
Cohabitees and Death - Who Can Claim?
When one member of a cohabiting couple dies, it can come as an unpleasant surprise to the bereaved partner to discover that not all of their late partner’s estate will pass to them in the absence of a will. It is only when this happens that many people...
Compensation for Loss of a Chance
Most claims for damages are claims for damages or losses which have actually happened. For example, if a lorry mounted the pavement and smashed a garden wall, the claim would be for the cost of restoring the wall to its former condition. The law relating to...
Correcting Your Credit Rating
Most people require credit at some time, whether it is in the form of a credit card, a loan or an overdraft. However careful you are, it is possible to find yourself blacklisted for credit purposes. When you apply for credit, the lender will apply to either...
Current Laws on Electrical Work
Since 1st January 2005, all electrical work carried out in dwellings has had to comply with part P of the Building Regulations and be carried out by a person who is competent to do the work. All work which involves adding a new circuit to a dwelling needs...
Equity Release
Managing an active retirement can present significant problems for the many people who are blessed with good health but cursed by the effects of the poor performance of pension funds and low annuity rates over the last two decades. This combination of...
Estates - What Happens if Values Fall
One of the biggest problems now facing executors is that as the recession progresses, most assets, other than cash, are falling in value, which can mean that the value of an estate for Inheritance Tax (IHT) purposes is greater than the market value later on....
Fact Sheet - Disclosure to Mortgage Lenders of Incentives for Buyers
This fact sheet provides guidance for those involved in the development of residential properties whether new builds or conversions of existing properties . On 1 September 2008, the Council of Mortgage Lenders (CML) introduced new procedures in...
Falling Asset Prices and Inheritance Tax
When an estate includes assets whose values can fluctuate, such as shares or property, a situation can arise where the value of an estate for Inheritance Tax (IHT) purposes is greater than the market value later on. This is currently one of...
Faulty Goods: Know Your Rights
In the UK, customers have various rights in respect of faulty goods. The Sale & Supply of Goods to Consumers Regulations 2002 were introduced in the UK on 31 March 2003. These also apply to "non-retail" transactions, such as hire purchase...
Fiscal Help for your Student Children
If you have children going away to university there are money saving options worth considering, if you are in a position to take advantage of them. The cost of accommodation is a financial burden for any student. If you can provide funds to buy a home near...
HIPs - Frequently Asked Questions
Here are some 'frequently asked questions' (FAQs) on Home Information Packs (HIPs). These FAQs are based on information released by the Government on 1 August 2008.
HMRC Guidance on Tax Residence
Following changes in the tax legislation governing the income tax payable by non-domiciliaries, and some relevant tax cases, HM Revenue and Customs (HMRC) have issued a guidance booklet (HMRC 6) . This replaces the old guidance, which was...
Heir Hunters - Take Advice!
Until the recent publicity afforded by television shows on the subject, many people might not have realised that ‘heir tracing’ companies exist, let alone that they research ‘promising’ estates by looking at public records and then...

Private Client Library

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