A group of Anthony Collins Solicitors (ACS) experts from across our various client sectors have gazed into their crystal ball and given us a view on how 2021 is looking.
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.
Luton Borough Council was prosecuted by the HSE late last year following an incident at a high school in which an assistant headteacher was attacked by a pupil and left with life-changing injuries.
This ebriefing looks at the proposal to set out 'public procurement principles' in the proposed procurement legislation.
Happy New Year - our first newsletter of 2021! Throughout this year we will continue to bring you news and developments relating to the charities sector.
Local authorities should be wary of reserving contracts for local suppliers, as recommended by Procurement Policy Note (PPN) 11/20. Other contracting authorities may want to maximise their use of this
Most housing practitioners have perhaps been waiting for this news since the latest lockdown was announced by the Prime Minister on 4 January 2021.
Climate change and biodiversity is an area where significantly faster changes are needed on a global and local basis.
Chris Lloyd Smith, Adrian Leonard and Lisa Whitehouse discuss the planning opportunities available to owners of businesses and how to prepare for unforeseen events.
In their 3rd podcast of the series, Chris Lloyd-Smith and Maria Ramon discuss a number of problems with and difficulties that can arise in mediation and the mechanisms they use to overcome them.
Our previous round-up began by sharing the news that two vaccines had shown very promising test results. Here we are, not even a month later, and the first vaccines have already been administered!
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