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Archive for the: Private Client category

How To Reduce Your Inheritance Tax Bill

Posted by on January 5th 2016 in Blog Posts, Private Client

“We all want to see a system where it is only the very rich that pay inheritance tax, and not hard working people” – these were the words of David Cameron.
 

Despite these intentions, an increasingly large number of people will leave their loved ones with a hefty tax bill when they die.  The current “IHT” threshold is £325,000 and the additional nil rate band will not begin until the 6th April 2017 at £100,000 increasing in £25,000 increments annually, up to £500,000 in 2020/2021. Anything over these limits is subject to a 40% tax bill.   How then can you...

Kitsons Launch Charity Will Scheme in aid of FORCE Cancer Charity

Posted by on September 1st 2015 in Kitsons News, Press Releases, Private Client

Above: Charlie Siegle, Partner and Head of the Kitsons Private Client Team in Exeter (Left) with Peter Payne, Trust/Grants Researcher at FORCE Cancer Charity (Right). 

Devon law firm Kitsons has teamed up with FORCE Cancer Charity to offer supporters the opportunity to make or update their Will, in return for a donation to the charity.

Through the scheme, for every new Will completed by the Private Client Team at Kitsons Solicitors in Exeter, the firm will donate a proportion of its fees for those Wills to FORCE.

The Will Scheme for FORCE will start on Tuesday...

Barclays Faces Will-Writing Battle

Posted by on July 16th 2015 in Blog Posts, Private Client

The recent case involving Tinoula Aregbesola and Barclays, as reported in the Law Gazette and the Daily Telegraph, highlights the importance of having an up to date will in place and one that is tailored to meet your particular circumstances.

In the case Tinoula’s father made use of Barclays’ £90 will writing service when he made his Will. In that Will her father left her half of a property worth £800,000. However when her father died the property passed automatically to her father’s wife as the surviving joint owner. Tinoula claims that Barclays failed to sever the...

Summer Budget Highlights for Personal Tax

Posted by on July 14th 2015 in Blog Posts, Private Client

Summer Budget Highlights for Personal Tax:

The Personal tax Allowance will rise to £11,000 for 2016-2017.

The rate before paying tax at 40% will rise to £43,000 for 2016-2017.

Buy to Let Landlords the mortgage interest relief is to be restricted to basic rate with the change to be introduced over 4 years from April 2017.

Finally there is a big shake up of the way the taxation of dividends will be treated.

Currently dividends are treated as having had 10% tax deducted at source.

From April 2016 everyone will receive the first £5000 of dividend income tax free and then above the £5000 you will...

Summer Budget 2015

Posted by on June 29th 2015 in Blog Posts, Private Client

There is an Emergency (or some are calling it the Summer) Budget announced to take place 8th July 2015.

There is a lot of speculation as to what will be featured in this.

In a previous Emergency Budget held 22nd June 2010 the Capital Gains Tax Rates were changed from midnight the same day.  So make sure that you keep up to date and watch the Budget.

For highlights of personal tax implications after 8th July 2015, please return to the Kitsons website.

If you need any advice on your personal tax matters please contact me by email at emma.thomas@kitsons-solicitors.co.uk or on 01803 202052.

 

Lasting Powers Of Attorney - Are You Covered In Your Lifetime?

Posted by on January 28th 2015 in Blog Posts, Private Client

Last Friday evening on ITV, Money Expert Martin Lewis highlighted the importance of preparing Lasting Powers of Attorney. He talked about what would happen if you lost capacity without putting something in place to ensure that someone trustworthy can step in to manage your financial affairs or act on your behalf concerning your health and welfare.

Everyone knows it is important to make a Will to ensure assets are passed to the beneficiaries of your choice when you die, but what about protecting the assets when you are alive?

Illness or accidents can happen suddenly and without warning.  Common conditions relating to...

Beneficiaries Beware

Posted by on January 27th 2015 in Blog Posts, Private Client

A recent case (Hutchings v HMRC) involving the beneficiary of an estate has highlighted the importance of beneficiaries being open with Executors about gifts. In this particular case the beneficiary, Clayton Hutchings, failed to disclose to the Executors of his Father’s estate that his Father had gifted him around £450,000 from his Swiss bank account to Mr Hutchings’ Swiss account in April 2009. The Executors reportedly asked Mr Hutchings and the other beneficiaries on two separate occasions whether they knew of any gifts made by their father prior to his death and as no disclosures were made the Executors submitted...

Kitsons Launch Charity Wills Scheme at Exeter City Football Club

Posted by on January 22nd 2015 in Kitsons News, Private Client

Above: Jamie Vittles, Head of Exeter City Football in the Community (left) with Charlie Siegle, Associate at Kitsons (right) at Exeter City Football Club.

Devon law firm Kitsons has teamed up with Exeter City Football Club to offer supporters of Exeter City the opportunity to make or update their Will, in return for a donation to the Club’s charity arm, Football in the Community.

Through the scheme, for every new Will completed by the Private Client Team at Kitsons Solicitors in Exeter, the firm will donate a proportion of its fees for those Wills...

Inheritance Claims - Changes On The Horizon

Posted by on September 18th 2014 in Blog Posts, Contentious Probate, Private Client

The Inheritance and Trustees’ Powers Act 2014 will come into force on 1 October 2014.

From this date, the law surrounding claims made under the Inheritance (Provision for Family and Dependants) Act 1975 will change. This blog focuses upon the changes that will apply to claims for financial provision against the estate of deceased persons.

Set out below are some of the key changes that will come into play from the beginning of next month:-

1.     Grant no longer key to claim

It will now be possible to bring a claim against an estate without having to wait for the personal representatives of the...

Kitsons Appoints Contentious Probate Specialist

Posted by on September 18th 2014 in Kitsons News, Press Releases, Private Client

Devon law firm Kitsons has appointed a new Solicitor in its Litigation Department.

John Clarke is a Contentious Trust and Probate Specialist and his appointment is a reflection of the firm’s growing reputation in this niche area of legal practice.

John has a wealth of experience in dealing with challenges to the validity of wills, claims for financial provision from deceased persons’ estates and disputes between executors and beneficiaries concerning the administration of estates and trusts. John also deals with disputes regarding powers of attorney and Court of Protection applications. His specialism is complimented by his experience...

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