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WHOEVER WINS ON MAY 7 – UPDATE YOUR WILL NOW!

| Published on April 1, 2015

Ed Miliband recently got into hot water for using a deed of variation to minimise tax on his father’s estate.

Current law allows beneficiaries of an estate, in effect, to rewrite the deceased person’s Will to minimise their own inheritance tax and capital gains tax.

Wisely, the Milliband family chose to do that. But it looks as though that option may soon be taken away.

The Chancellor announced a consultation on deeds of variation in his recent Budget. This was widely interpreted as a jibe at the Milliband family. But the ability for beneficiaries to sign a deed of variation may well be removed soon after the next election.

That means that the option to rewrite a Will after death, be it for tax reasons or because the beneficiaries consider that the Will does not reflect the deceased’s wishes, would be taken away.  We advise you therefore to review your Will and tax position now and make sure that your Will is up-to-date and as tax efficient as possible. Not to review your Will and tax affairs urgently could put your family at risk of paying more tax in the long run.

For more information please contact Ann Corke or other members of the Private Client department here at Humphries Kirk LLP on 01929 423301

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The first glimmer of light…

The announcement this week that the construction industry and property market is once again open for business, is the first glimpse of light at the end of the lockdown economic tunnel.

HK is open for business and our specialist team of property and construction lawyers is ready to help those wishing to move home,  invest in property, refinance and undertake development.

In the following weeks more industries will reopen and our community will continue to revive. I believe that with positivity the Country can fight off, not only Covid 19, but also the economic recession that is anticipated.

We are all looking forward to a brighter future but are mindful of the sacrifices made by each and every one of us over the last few months.  I know that the  HK team are here for our clients to support them and their businesses on the journey that lies ahead.  I may not be certain of what the future holds but I am certain that we at HK are equipped to provide the advice you need. 

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