Under most construction contracts, the contractor takes on the ground conditions risk. However, a recent case has demonstrated that the risk can fall on the employer.
Last year the Government received £3.4 billion from inheritance tax receipts and this figure is expected to rise year on year. This is in part due to the fact that the inheritance tax threshold has remained unchanged since 2009. For many people who have invested in their property, the double-edged sword of increasing house prices means that their estates are now likely to attract inheritance tax when they die. As part of the run up to the general election, there have already been suggestions of increasing the threshold; however, there is no guarantee that the tax free allowance will rise for some time yet.
Currently, each person can pass on a maximum of £325,000 from their estate tax free. Lifetime gifts may form part of this. Where an individual leaves their estate to their spouse or civil partner, the tax free limit which can be passed on from the joint estate doubles to £650,000. Various reliefs are available for business assets and gifts to charities for example, but in most cases, the chargeable estate above the inheritance tax threshold incurs a tax bill liability of 40%; unless at least 10% of the estate is being left to a registered charity.
Whilst it can be daunting to think about what happens on death and what those left behind have to sort out, it can be a comfort to ensure that they will not be faced with an unexpected inheritance tax bill. Efficient use of exemptions and reliefs during your lifetime can have a significant impact.
For more information
If you are considering drawing up a will, we can assist you to maximise the potential of your bequests and to protect your estate with confidence. Please contact our Personal Planning and Management Team on 0121 212 7404 for more information.
The UK Government has been consulting on how it should promote social value in its procurements. Here is our response that we submitted to the consultation...
The Tenant Fees Act 2019 came into force on 1 June 2019.
A recent case in the Court of Appeal will no doubt bring a sigh of relief for employers, but a corresponding sigh of disappointment may be uttered for equality and gender balance in the workplace.
This briefing assists response to the consultation paper by outlining the consultation questions, providing some background information and prompting some thoughts and potential answers.
A report published on 29 May by the Institute for Fiscal Studies (IFS) has found that since 2009-10, local government spending on services has fallen on average by 21% in real terms.
A long-awaited decision of the Court of Appeal has clarified that a lower standard of proof should apply than previously thought before an Inquest can return a conclusion of suicide.
New regulations come into force on 1 June 2019, amending the Section 21 (s21) prescribed form template for use with assured shorthold tenancies.
In a challenging economic climate with continuing budget cuts and increasing expectations of staff, sickness absence remains an ongoing problem that is important to address.
Social housing providers will routinely have a number of construction projects underway at any one time. It is essential for client teams to understand and avoid key contract management pitfalls.
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