The recent news that a record high figure in excess of £5 billion was gathered by HMRC in inheritance tax during the most recent tax year is a timely reminder to bring up the subject of estate planning.
The record high figure, according to the Office for National Statistics (ONS), for 2016/17 of £5.1 billion, shows just what a vast amount the Government makes from this source of tax.
Whilst experts in estate planning such as ourselves at Pindoria Solicitors understand that average property prices have been rising around the UK, particularly in southern England, meaning a naturally higher figure, there is more behind the passing of the £5 billion barrier.
It is noteworthy that a new report has shown that those aged over 55 wish to exercise some control over how their children will spend their money, when they have died.
The report by the Prudential has shown 77 per cent of people in this age group want to have an element of control to ensure a lifetime’s wealth is not squandered.
The research has shown 12 percent of parents wish to specifically set out how the money is spent, whilst many more have said that they will instruct their children as to the best method of ensuring the money is protected. Read More
Recent news that the ex-wife of an oil and gas trader has been awarded £453m in one of the biggest divorce settlements ever agreed by a UK court has certainly made the headlines.
Stories attached to incredible wealth make the media sit up and take notice, but the recent case has confirmed London’s status as the preferred location to bring divorce claims against super-rich spouses.
The couple in this case were not identified by the family court judge but both the man, 61, and woman, 44, herald from Eastern Europe and were raised in Russia Read More
In this post Brexit world, as individuals and businesses, many of us find ourselves wondering what steps we need to take to adapt to a changing landscape.
For those new to the UK, for businesses setting up a workforce here, and many others, the questions are even more pressing.
After all, as the UK extrapolates itself from Europe there are many businesses and individuals having to make key changes, all decisions which need expert legal advice. Read More
The importance of ensuring the legal work for property transactions is carried out to the highest quality has been illustrated recently with the prosecution of a law firm who didn’t take their responsibilities seriously enough.
The solicitor, who will not mention by name, had overlooked indicators of money laundering and accepted he had been ‘sloppy’ when he appeared at the Solicitors Disciplinary Tribunal, where he was fined £7,500.
This man has now had to deal with the shame amongst his fellow professionals as the news has been published in the legal media. It has been a sobering experience. Read More
Confidence is a state of mind, which drives forward the wheels of industry.
The right words or wrong ones from the influential can have a huge bearing on all our lives, so with this in mind news that agreed property sales are at a peak not seen since 2007 is reason for optimism.
Being conveyancing experts in London and the South East we find ourselves very much at the hub of the property market, which is a key indicator of the nation’s health, and it’s good when we hear news to help keep the economy ticking along nicely. Read More
News that the current Tory government has extinguished plans to massively increase probate fees before the upcoming election, has raised the possibility that the proposals could be completely scrapped.
Probate Solicitor in London and elsewhere were very vocal about the hugely controversial Ministry of Justice scheme to raise £300m a year extra by charging up to £20,000 for large estates was authorised by the justice secretary.
However, now that the Government has confirmed that the relevant form of legislation that allows a parliamentary act to be made or altered without a vote by MPs, will not now be completed before the election. Read More
The attitude towards cohabitation has changed substantially in the past generation, and we at Pindoria Solicitors have said before how frustrating it is that often the law is playing catch up on life’s changes and this is certainly the case in this instance.
It seems clear from a recent survey showing that the majority of people in the UK believe that civil partnerships should be open to all couples.
The survey organisation Populus’s findings said 57 per cent of people surveyed believed that all couples should be allowed the right to obtain a civil partnership. Read More
Never in history has there ever been a time when the passing on of wealth been so important to people’s lifestyles.
It’s probably something most of us with maturity in life are aware of, but especially so for those of us who make our lives here in the South East of England and London, which is unquestionably one of the most exciting places in the world to live, but also one of the most expensive.
There was much publicity over the recent battle of a woman to get an increased sum of her mother’s estate, following a battle with three well-known animal charities.
As wills and trusts experts in London, we at Pindoria Solicitors had a special interest in the case of Heather Ilott who had been left out of her mother’s Will.
She had been awarded more than £160,000 by the Court of Appeal in 2015 after her mother, Melita Jackson, with whom she had nothing to do with, left most of her £486,000 fortune to charities. Read More