Bulletins
Budleigh Salterton Private Client Seminar
Crediton businesses are warmly invited to attend an informal seminar where we will outline the current and impending legislation on Inheritance Tax, Enduring & Lasting Powers of Attorney, and Money Laundering.
We will outline the above topics in further detail and provide examples of how failure to comply with this legislation could have serious consequences that could affect your business.
Click here for more information...
It was announced by the government on the 22nd November that
all properties marketed for sale from the 14th December 2007 will
need a Home Information Pack.
Since the implementation date of the 1st August SR&L have compiled
a large number of HIPs for estate agents with very few problems and
usually within 5 working days for registered freehold properties. Local
estate agents and clients have been impressed by the speed, efficiency and convenience of the SR&L service.
The announcement that all properties will need a HIP means that many
more leasehold properties will be effected than have been to date. Whoever
the pack provider the preparation of a HIP for a leasehold property is likely to
take considerably longer and cost substantially more than a HIP for a
registered freehold property given the number and the nature of documents that the government has directed must be in the HIP. However using SR&L’s
local knowledge and contacts we are able to produce a leasehold HIP quicker
and more competitively.
Contact our HIP’s teams in each office for further information.
Since the 1st October making a Lasting Power of Attorney (LPA) has been the only way of appointing someone to manage your affairs. Enduring Powers of Attorney properly completed on or before the 30th September 2007 are effective.
There are two types of LPA as follows :
(1) Personal Welfare LPA under which you can give your attorney the power to make decisions about any or all of your personal welfare matters including medical treatment or your living arrangements. Subject to certain safeguards you can also give your attorney the power to make decisions on your behalf about “life-sustaining treatment”. Such an LPA can only be made by the donor when he/she has lost the mental capacity to make such decisions
(2) Property & Affairs LPA under which you can give your attorney the power to manage your finances and property whilst you still have the mental capacity to manage your own affairs.
Unlike the Enduring Power of attorney the LPA cannot be used by the donor unless and until it has been registered with the Office of the Public Guardian
The regulations relating to LPAs are complicated and it is important that all those involved with LPAs whether the person making the LPA, the attorney accepting the appointment or the professional drafting the deed taking appropriate legal advice.
Useful link: www.publicguardian.gov.uk
Settling family & matrimonial disputes
The traditional method of settling such disputes is by way of court proceedings. Sometimes this turns out to be the only way. But it can be a very costly exercise - both emotionally and financially - for the parties involved and therefore it is sensible for the parties to consider the options at all times.
Mediation is a mechanism for couples to reach a resolution of any issue arising out of their relationship including children and finance and is now becoming an increasingly popular method of resolving matrimonial difficulties whether before or after a separation or divorce. It does not cut out the need for legal advice and it is important that those involved in mediation have access to their own legal advice at all stages of the mediation process.
The family judges in England & Wales have now [ see The Times 4th October } thrown their weight behind another initiative called “collaborative law” in an effort to encourage parties to settle their differences without recourse to the courts. The initiative is designed to influence parties to enter into structured discussions with the assistance of their legal advisers in the hope that seemingly insoluble difficulties can be settled without the considerable strain and stress of lengthy court proceedings.
In his pre-Budget report on 9th October 2007, the Chancellor made a number of important tax announcements including crucial changes to the Inheritance Tax rules affecting married couples and civil partners. In summary this means that:
- If a married person or civil partner does not use the whole
of his/her £300,000 tax free allowance on death the unused
amount can be transferred to the surviving spouse or civil partner.
Therefore if a husband leaves all his estate to his wife on her
death the wife’s tax free allowance will be £600,000 which is
double the current limit for a single person.
- The above rule will also apply to existing widows, widowers
and bereaved civil partners.
The changes to the rules may mean that the details of your existing Will are incorrect or inappropriate. For instance, it would no longer be necessary for a spouse to set up a Discretionary Nil-rate band trust in a Will if the reason for doing so was to save tax. Furthermore, if the surviving spouse or civil partner has made certain tax planning arrangements it may make sense for those arrangements to be reviewed as they might now be wholly unnecessary.
If you would like more information or advice on either of the above changes or think that you might be affected in any way, please contact either Don Middlemost at our Budleigh office (01395 445581) or Martin Justice at our Crediton office (01363 775566) for a free initial telephone consultation.
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Exeter Office 16 Southernhay Exeter, Devon, EX1 1PJ t: 01392 270867 f: 01392 411286 |
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Crediton Office Manor Office, North Street Crediton, Devon, EX17 2BR t: 01363 775566 f: 01363 772706 |
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Budleigh Salterton Office 51 High Street, Budleigh Salterton, Devon, EX9 6LG t: 01395 445581 f: 01395 446248 |
