A recent report published by the Office for Tax Simplification has suggested that the tax year instead moves to synchronise with the calendar year, so from 1st January to 31st December.

As the Government’s Covid-19 restrictions lift in England and Wales, it is important to note that safeguards and procedures do remain in place in relation to certain legal documents.

When a person receives a dementia diagnosis, this of course doesn’t automatically mean that they cannot make important decisions from that point onwards.

Inheritance tax receipts for the tax year 2020/21 saw an increase of £200 million from 2019/2020, reaching a total of £5.3 billion raised through this tax in this year.

A recent article on Today’s Wills & Probate shows that a freedom of information request by Quilter revealed “a 30 percent drop in the number of LPAs registered between April 2020 and February 2021, compared to the same period the previous year”.

There are many reasons why an individual may establish a trust, whether this is created in a person’s Will to protect assets or during a person’s lifetime.

If you have concerns about an elderly or vulnerable person, finding out whether they have an attorney or deputy to assist with their affairs may be crucial.

The Easter weekend will be a welcome break for some and, with the delights of Spring, comes the feeling of freshness and new beginnings. One such beginning is the new tax year, which commences on 6th April 2021.

The government have announced that, following recommendations by the Office of Tax Simplification, they are looking at ways of reducing inheritance tax reporting requirements. The government has now agreed to simplify the position so that, from 1 January 2022, over 90% of non-taxpaying estates each year will no longer have to complete inheritance tax forms for deaths when a grant of representation is required.

If you intend to leave savings, property or other assets to family or friends after you die, you need to consider the impact of inheritance tax (IHT). With the rate of IHT set at 40% for most estates above the thresholds, it is important to plan ahead, so that you can minimise IHT and ensure as much of your estate as possible reaches your loved ones.

With the UK Government’s current Covid-19 vaccination programme now well underway, the question of consent and whether or not to administer the vaccine to vulnerable loved ones is a particularly topical issue.

So, what happens when a person has neglected to update their Will and it therefore misses out on more favourable tax treatment? Is there anything which the beneficiaries or Executors can do about it?