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Transferable Nil Rate Band

At a recent Tolley Tax planning conference William Begley spoke about the transferable nil rate band and affirmed some of the issues that have been raised previously. He made some interesting points on the practical implications relating to the fact that the transferable nil rate band must be claimed within two years of the second death.   This highlights the importance of having relevant information relating to the first death available and the necessity for clients who can potentially use the transfer to retain the documents relating to the first death. The most important of these being the death certificate, marriage certificate, HMRC returns including IHT 200, the Will and the Grant of Probate.....

Bizarre Wills

Mr Zink was a lawyer in Iowa who died in 1930. In his Will he left $75,000 in trust for 75 years at the end of which time he hoped the fund would have swelled to $3 million, enough to found the Zink Womanless Library. The words No Women Admitted were to mark each entrance. No books, works of art, or decorations by women were to be permitted in or about the premises. "My intense hatred of women," he explained in the will, "is not of recent origin or development nor based upon any personal differences I ever had with them but is the result of my experiences with women, observations of them, and study of all literatures and philosophical works." His family successfully challenged the........


IWC Newsletter Issue 4

Stories Include: Details about Thin Lizzy guitarist Gary Moore who died intestate i.e with no will. Also with regards to the Solicitors body pulling the plug on its genealogy tracing services. 

IWC Newsletter Issue 3

Stories Include: Details with regards the estate of the late Michael Winner plus an update with regards our Genealogy services. 

IWC Newsletters Issue 2

Stories include: Can my iTunes collection form part of my estate Communication is the key Lord Chancellor urged to regulate Will writing Issue Two of the IWC Briefing Newsletter. 

IWC First Newsletter

Stories include: "How an Heir can save time and Frustration" Cohabittee's do not have to have the same address If your Will may cause upset. Issue One of the IWC Briefing Newsletter. 

Vulture Syndrome

This week the Telegraph reported that the aptly name ' vulture syndrome' is to be blamed for the increase in disputes by families over a deceased's Will. As study has been carried out by leading London law firm Seddons on 3000 adults which reveals that one in ten of those surveyed have been, or are currently involved in, a dispute following a death in the last six months. Marvin Simons, the head of Dispute Resolutions at Seddons blames the rise in disputes on the current economic climate. He states that "with people being so much more concerned about money and property values being so depressed [it] is only likely to result in an escalation of these problems"................


Statutory Wills

When making decisions about the property and welfare of a person lacking mental capacity the overarching principle pursuant to the Mental Capacity Act 2005 is that any decision made on behalf of that person must be made in his best interests. The case of Re P [2009] shows that guidance given under the Mental Capacity Acts 1959 and 1983 about the making of settlements or Wills could no longer be directly applied to a decision made under the 2005 Act. Judge Lewison sitting in the Court of Protection directed that a statutory Will........


Tax Avoidance

As we know it is not illegal for a taxpayer to attempt to minimise or avoid tax by arranging their financial affairs in a certain way. It is only illegal to evade paying tax by failing t o d e c l a r e transactions or by declaring false amounts of income or capital. Where a tax payer evades the payment of tax the person could be open to both civil and criminal penalties. The revenue has previously challenged tax avoidance scheme, especially those which are complex and technical as they view them as artificial. Provisions have been put in place to deal with specific cases of tax avoidance, many of these schemes were designed to prevent income profits being treated as capital profits and therefore taxed at a lower rate. The Government has undertaken a wide review of the tax system to prevent further 'leakage' by avoidance schemes. Historically, before 1965, the approach of the courts to tax was that every man was entitled to arrange his affairs to minimise tax


Trustees Duties

In a recent case the Court has made it obvious that it will not condone actions where trustees under a will do not discharge t h e ir duties properly. In this case the trustees were removed by the court and professional trustees were appointed in their place. The case arose because of a dispute over a Will, the last of several made by the testator, who was a multimillionaire. He made his final Will just four days before he died. The Will left his estate, which consisted mainly of shares in family companies (which were put in trust) and his home, to be distributed by his executors. The trustees were a solicitor, the man's son and two old friends who worked for a family business. The Will provided for a very unequal distribution of the estate between the man's children. The trust was a discretionary trust, giving the trustees the ultimate right to distribute income and capital . A codicil


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