Deeds of Variation: useful – yes. But get it right.
MoneyWeek recently spotlighted both the forthcoming Budget and the renewed interest in Deeds of Variation (DoVs). With speculation circling around possible inheritance-tax tweaks (particularly lifetime-gifting rules) families are understandably asking how best to future-proof estates. DoVs are part of that toolkit, but they’re precision instruments, not blunt tools. What a DoV can do (when done […]
Why Accurate Records Matter in IHT Planning
One of the most common issues we encounter in Inheritance Tax (IHT) and estate administration is the loss of key records, especially around the death of the first spouse or civil partner. It’s not unusual for clients, often children or close relatives of the deceased, to be unsure of when or where their loved ones […]
Let’s Not Waste Valuable IHT Reliefs
It’s surprising how often I meet people—ordinary individuals who’ve worked hard, saved carefully, and built up enough wealth to need some tax planning—who haven’t come across the Residence Nil Rate Band (RNRB) or aren’t sure how to make the most of Business Property Relief (BPR) or Agricultural Property Relief (APR). These aren’t obscure technicalities reserved […]
Jesamine Somerville Recognised as a Lifetime Lawyer
We are thrilled to announce that Jesamine Somerville, our Private Client Solicitor and Director, has been awarded the Lifetime Care in Practice Award by the Association of Lifetime Lawyers, earning her the distinguished title of Lifetime Lawyer. This accreditation recognises not only Jesamine’s legal expertise but also the empathy, care, and dedication she brings to […]
What Is Inheritance Tax, and How Does It Work in the UK?
Until it affects you directly, you may not know what inheritance tax fully means or how to approach it. Heppenstalls solicitors are experts in IHT as well as other tax-specific protocols. In this blog post, we’ll walk you through what inheritance tax is in the UK and how it works, giving you the ability to […]
What is the 7-Year Rule in Inheritance Tax?
Inheritance Tax (IHT) is paid on an estate before assets are passed to beneficiaries. It’s usually due within six months of death, though there can be exceptions. IHT adds up over time, considering past gifts when working out how much tax is owed, although there may be exceptions. While IHT is typically paid upon death, […]
Major Leasehold Law Changes: No More 2-Year Wait for Lease Extensions & Freehold Purchase
Recent changes to leasehold law in the UK have introduced significant reforms that will greatly benefit leaseholders. From 31 January 2025, leaseholders will no longer be required to wait two years from the date of purchasing their property before they can serve notice to extend their lease or purchase the freehold. The introduction of the […]
Thinking of Gifting Property to Save on Inheritance Tax? It’s Not That Simple!
Last week a client contacted me to ask about putting a share of his home into the names of some of his children. He wanted it done as soon as possible in case the Chancellor made more changes to tax laws. On discussing with him, he revealed the house is in the names of himself […]
SDLT Changes for First Time Buyers from April 2025
From 1st April 2025, new Stamp Duty Land Tax (SDLT) rules will come into effect, directly impacting first time buyers. As part of the changes, the nil-rate band for First Time Buyer Relief will be reduced from £425,000 to £300,000. This means that from April 2025 first time buyers purchasing properties above £300,000 will face additional […]
Real Life Problems and their solutions – 2nd marriages & Wills
It is recurring theme that many people when they come to see us are married for a second time with children from the first marriage and are concerned to make provision for everyone in their Wills. Mr A had just such a problem and we helped him resolve it. Mr A wanted to ensure that […]