Private Client
The Winds of Change are Cold
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The General Economy
Following Jeremy Hunt’s first budget back in October the changes, or lack thereof, of previous Chancellors will really begin to bite for taxpayers in 2023. The UK, and global, economy is still recovering from the major impacts of a global pandemic and the ongoing war in Ukraine. Although we may manage to stave off a technical recession it is likely the UK economy will contract for at least one quarter. Inflation, the measure which tracks the general price of goods and services over time, remains one of the highest in Europe, threatening to push more people into poverty and erode wealth for those with significant assets.
Succession
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Nominated for 25 Emmy Awards this year, the HBO series ‘Succession’ has captivated audiences and may well have prompted clients to contemplate how best to plan for succession to their estates.
Drafting a Will for lead character, Logan Roy, would require a bespoke approach, to take account of his vast wealth across multiple countries. Here we consider an appropriate Will structure, together with some other key points to explore when creating a fitting testamentary writing for Logan.
Calling all Trustees – Three Week Deadline
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What is The Trust Registration Service?
The Trust Registration Service is an online service which assists Trustees to adhere to their registration obligations under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
New regulations came into force in October 2020. The new regulations mean that there is an increase in the number of trusts that fall into the ‘need to be registered’ category.
Gifting the Shelby Estate
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By order of the Peaky Blinders ... beware, spoiler alert
Following Tommy Shelby’s terminal diagnosis, those watching BBC’s final season of Peaky Blinders might be wondering how Tommy intends on distributing his estate and preserving his wealth by mitigating potential inheritance tax (“IHT”) liabilities. There are various options to explore when looking to mitigate a future IHT bill, a common one being lifetime gifting.
Let’s fast forward 90 years and assume Tommy passes away on 30 April 2022. Despite being unaware of his imminent diagnosis, Tommy had been mindful of mitigating a potential IHT bill and made various gifts to family over the years. As he no longer benefitted from those gifts and he’d hoped to survive at least the required 7 years, he’d assumed the gifts would be out with his estate on death. Let’s look at how Tommy’s gifts would be treated from an IHT perspective taking into account taper relief and various exemptions/allowances.
Our Opinion - AGCC Bulletin August 2021
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Move beyond the Collection Tin … make Charitable Giving work for you too
Karen Oliver, Senior Associate in our Private Client team, is featured in the latest edition of AGCC's Bulletin. She looks at Charitable Giving and the potential benefits - both for recipient and the donor.
Mixed Sex Civil Partnerships
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As of today, 1 June 2021, amendments to the Civil Partnership Act 2004 by the Civil Partnership (Scotland) Act 2020 allow mixed sex couples in Scotland to enter a civil partnership.
By virtue of the 2004 Act, two people of the opposite sex have not previously been eligible to register in Scotland as civil partners of one another.
This has, however, changed. Prospective mixed sex civil partners are able to submit a notice of intention to enter a mixed sex civil partnership to their local registrar from 1 June.
Where there’s a Will, or a Court Order …
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Where there’s a Will … or a Court Order … there’s a Way : Provision for Cohabitants on Death
What is the Issue?
The number of couples choosing to cohabit without marrying or entering a civil partnership has continued to rise in recent years. As a result, it is important to be aware of the legal position of cohabitants under Scots law, particularly as there has been some public confusion on the matter.
Our Opinion - AGCC Bulletin March 2021
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Is flexibility the key to your future?
Jaclyn Russell, partner and head of our Private Client team, features in the latest edition of the Bulletin published by Aberdeen & Grampian Chamber of Commerce and explores alternative options that may give familes more flexibility when considering what they want to happen to their assets after their death. A subject that many would prefer not to deal with and frequently is still put off until it's too late.
