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 […]
DIY Probate Pitfalls
During 2021, there were 283,352 applications made for grants of representation; that is for Probate where there is a Will, or Letters of Administration on intestacy or other reasons. The person taking the Grant is called “The Personal Representative “ (PR). The process of applying for a Grant of Representation can be relatively straightforward if […]
What happens if you do not have a Will ?
That is determined by the Inheritance and Trustees Powers Act 2014: If there are surviving children, grandchildren or great grandchildren of the person who died and the estate is valued at more than £270,000, the partner (married or civil partners NOT unmarried) will inherit: all the personal property and belongings of the person who has […]
Are you involved in a Trust in anyway?
Historically only taxable trusts needed to be registered. However, new rules introduced on 6 October 2020 require most UK trusts (and some non-UK trusts) to register via the Trust Registration Service (TRS) regardless of their taxable status. These rules apply to all express UK trusts. Common trusts included are Nil Rate band trusts and trusts […]
Need to Contest a Will, let us help.
Contesting a Will Heppenstalls offer a Fixed Fee service for assessing the merits of contesting a Will. For a fixed fee of £1200 (including VAT), we’ll complete an in-depth assessment of your case, and advise you if you have grounds for a claim or not. There are several grounds for contesting a will including: Lack […]
Real Life Problems and their solutions – Altering a Will
Real Life Problems and their solutions – altering a Will Mr B is 84 and his brother had recently passed away leaving everything to him. It was a sizeable inheritance. Mr B is widower with 2 adult children and several adult grandchildren and he himself had savings and property of considerable value. He was concerned […]