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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)

Court of Appeal Allows Creditor of Beneficiary of an Estate to Bring Probate Claim

August 31, 2016 | Dispute Resolution, Wills and Probate

In Randall v Randall [2016] EWCA Civ 494 (Randall) the Court of Appeal overturned a 2014 High Court decision and ruled that a creditor of a beneficiary had an interest in the estate that gave him sufficient standing to challenge the validity of a will. Part 57 of the Civil Procedure Rules deals with contentious(Read more)

The Pitfalls of Gifting Your Property to Family Members

August 30, 2016 | Wills and Probate

Belinda Harvey from our Private Client team discusses the pitfalls of gifting property to family members in a blog written for the Solicitors for the Elderly website.  Solicitors for the Elderly is an independent national organisation whose members provide specialist legal advice for older and vulnerable people, their families and carers.  http://www.sfe.legal/public/blog/gifting-your-residence-to-family-members--the-pitfalls(Read more)

Tribunal Cancels Late Payment Penalty Because HMRC Owed the Taxpayer a Repayment

July 22, 2016 | Wills and Probate

Both the taxpayer and H M Revenue & Customs accepted that a VAT return was received on time on 6 November 2015 but when HMRC originated a direct debit on 11 November 2015 it was returned unpaid because the amount of £27,000.71 exceeded the balance of cleared funds available in the account by £1,784.61 and(Read more)

Careless Inaccuracy - Steady v HMRC [2016] UKFTT 0473 (TC)

July 21, 2016 | Wills and Probate

In Cambridge County Court in June 2016, the First Tier Tribunal Tax Chamber sat to give their verdict on the fate of Mr Steady. Mr Steady filed annual tax returns under the self-assessment regime each year. At the end of each tax year, he would contact the various banks and building societies with which he(Read more)

H M Revenue & Customs Issue Revised Charter

July 20, 2016 | Wills and Probate

H M Revenue & Customs have published an updated Charter which explains what taxpayers can expect from H M Revenue & Customs and what they expect from tax payers.  The charter is set out below:  1. Your rights - what you can expect from us 1.1 Respect you and treat you as honest We’ll treat(Read more)