Budget 2015 – Deeds of Variation Warning

Taken together, all the new measures against tax avoidance and evasion will raise £3.1 billion over the forecast period.

I can also tell the House that we will conduct a review on the avoidance of inheritance tax through the use of deeds of variation. It will report by the autumn.

We will seek a wide range of views.

Mr Deputy Speaker, my RHF the Chief Secretary will tomorrow publish further details of our comprehensive plans for new criminal offences for tax evasion and new penalties for those professionals who assist them.

Let the message go out: this country’s tolerance for those who will not pay their fair share of taxes has come to an end.

So – fair warning that deeds of variation are scheduled for revision.  It’s one of those things that is constantly under threat – but now seems to be very definitely a target.

So, all estates currently in administration should endeavour to get variations completed before election day, to be on the safe side,,,

And those affluent children with elderly parents really need to encourage them to think about changing their wills, now more so than ever before.

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Developments in the courts from 2014 | STEP

Developments in the courts from 2014 | STEP.

This is lifted completely from the STEP pages written by Nicholas Le Poidevin QC TEP  (a Barrister at New Square Chambers) and Toby Graham TEP (a Partner at Farrer & Co)

The main interest right now for me is Marley -v- Rawlings, as I wrote about this a little while ago and it had such a bearing on  a case for rectification I was dealing with at the time.

It must be me – because I found a couple of lines in this to be truly amusing.  I wonder whether the writers are entertaining speakers?

When William died he left £300,000 but his son never saw a penny: Why you must write a will | Daily Mail Online

When William died he left £300,000 but his son never saw a penny: Why you must write a will | Daily Mail Online.

There’s a lot about this article that really rings true – and I don’t think that about most things that the DM publishes.

The terrible fact is that although most adults have home insurance and service their cars regularly, few have wills.  And really, the cost of a will might be far less than a car service in the short term, let along the longer term.

I still find it hard to understand why people can get married (which costs usually several thousands of pounds even for more modest arrangements) and not spend a few hundred pounds on sorting out their financial futures, now they are legally bound to each other.

With all the costs of a new house or a new baby, I can see why you might not want to spare the budget for doing your will in the short term as well – but thinking about how much I pay in childcare costs for after school club now, a will is less.  And there is absolutely nothing more important in my life than my child, whose future I want to take care of.  As for the new house – well, the smallest fraction of the purchase price could be set aside for a quick brush up of your will.

 

So – moving house might mean moving jobs, perhaps half way across the country, far away from your previous home and associates – meaning that the likelihood of your will being actually found diminishes, even if you made a will in the first place…  a good reason to update it, and also to register it with a service like Certainty.

 

Why does it have to be so much harder if a person dies without a will?  When it costs so little (compared to a night out in London, a car service, a new igadget,) to make it straightforward?