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Donors Able to Appoint Joint Attorneys with Survivorship: Miles & Anor v The Public Guardian [2015] EWHC 2960 (Ch)

October 27, 2016 | Wills and Probate

Justice Nugee of the High Court has found that a donor of a lasting power of attorney can appoint two attorneys to act jointly with the proviso that if one of them were unable or unwilling to act then the survivor should continue to act alone. This finding reverses an earlier decision of Senior Judge(Read more)

Transposition of 4 MLD

October 24, 2016 | Wills and Probate

HM Treasury have published a consultation paper on the transposition of the Fourth Money Laundering Directive.  Subject to negotiations on Brexit, it is proposed that new legislative provisions will come into force by 26 June 2017 to implement Article 30 of the directive requiring Member States to use a central register to hold information on(Read more)

Digital Lasting Powers of Attorney

October 06, 2016 | Wills and Probate

At the beginning of the summer, the Office of the Public Guardian (OPG) began consulting with those who draft Lasting Powers of Attorney (LPAs) about their experiences of the LPA service. Although the OPG is yet to publish its full findings, they have published some initial feedback on their blog. A key response from the(Read more)

HMRC: All Change, Please

September 27, 2016 | Wills and Probate

In early September 2016, HMRC published plans for a substantial restructuring. As part of its ‘Building Our Future’ initiative, HMRC has announced that the four existing Directorates will be reorganised into three new groups as of October 2016. These will be a Customer Strategy and Tax Design group, an enlarged Customer Service group, and a(Read more)

Failure to Correct a Mistake in a Tax Return

September 19, 2016 | Wills and Probate

Mr Mikhail completed his tax return to the best of his knowledge.  He was a member of the National Health Service Pension Scheme and the growth in value of his pension fund needed to be taken into account in computing the annual allowance charge.  The NHS Pension Scheme did not provide details until after Mr(Read more)

Case Summary (Challenge to Validity of Will): Elliott – v – Simmonds & Anr High Court of Justice (Chancery Division) [2016] EWHC 732 (Ch)

September 13, 2016 | Wills and Probate

In this case, an adult daughter of a deceased Testator intimated a challenge to the validity of the last Will on the basis of lack of testamentary capacity, want of knowledge and approval and/or undue influence by the sole beneficiary under that Will.  She entered a caveat but then did nothing either to commence proceedings(Read more)

A Rain Check on Income Tax

September 07, 2016 | Wills and Probate

In February 2016 Jonathan Padley appealed to the First Tier Tax Tribunal against a series of late payment penalties levied against him for failing to pay income tax on time totalling £5,448. The issue before the Tribunal was whether or not Mr Padley had a reasonable excuse for the late payments. For each of the(Read more)

Inheritance Tax, Bonds and IHT Disclosure Rules

September 06, 2016 | Wills and Probate

Inheritance Tax and Bonds  In 2006 the rules for discretionary trusts were changed.  The changes began to bite from April 2016.   Often salespeople of investment bonds advise that the product should be put into trust.  The problem is best illustrated by an example.   Freda bought an investment bond for £250,000 on 1st June(Read more)

HMRC Introduces a New System for Claiming Overpaid Tax

September 05, 2016 | Wills and Probate

From 1 August 2016, taxpayers have to specifically request a refund for any overpaid income tax. Before that date, HMRC would issue a taxpayer with form P800 informing them that there is an overpayment of tax, and a few days later the rebate would be issued. In a bid to encourage taxpayers to use their(Read more)

Pensions Exit Charges To Be Kept

September 05, 2016 | Wills and Probate

Exit penalties for savers wishing to exercise pension freedoms should be capped at 1% of the value of their fund says the Financial Conduct Authority (FCA) in a consultation document.  The cap would apply to personal, stakeholder and self-invested personal pensions.  It would apply to existing contracts if an exit penalty is applied, but only(Read more)