In the fourth part of our series on contract management pitfalls, we look at the risks arising out of varying the terms of construction contracts.
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.
A local authority recently received a "roasting" by the Pensions Ombudsman for their delay in processing an employee’s ill-health retirement pension, following her diagnosis with advanced cancer.
The Times is looking for three or four charities to feature in their editions running in December 2019 and early January 2020.
Cliff Mills defines and talks about the importance of social value in his blog, and its potential within Greater Manchester.
Following a power outage at Anthony Collins Solicitors’ (ACS) Birmingham office, our employees and partners currently have limited functionality, including no access to emails.
Joint ventures present an opportunity for housing associations to build organisational capacity, the revenues from which could help deliver on wider social housing commitments.
Residents are now unable to make applications to prohibit landlords from seeking to recover the cost of legal proceedings through the service charge on behalf of other residents, without consent.
Natalie Barbosa summarises some of the legal challenges facing fundraisers in the charity sector.
We hosted a breakfast roundtable with Insider Midlands magazine that had attendees from a range of organisations addressing housing needs in the Midlands. The discussion explored JVs in more detail.
The decision of the Court of Appeal in The Harpur Trust v Brazel & Unison has made clear that employers can no longer legally calculate part-time holiday based on 12.07% of hours worked over a year.
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