The new relief is welcome but far too complicated
Source: Draft Finance Bill 2016: IHT residential nil rate band and downsizing
Gosh, I’m glad the main professional body for accountants finds this complicated. Because, lets be honest, the new legislation is quite mind bogglingly complicated anyway – and the new legislation – it’s *horrible* to read.
Jurat definition, Law. a certificate on an affidavit, by the officer, showing by whom, when, and before whom it was sworn to. See more.
Source: Jurat | Define Jurat at Dictionary.com
If one is to be picky about these things, this is the place where the solicitor/administrator of oaths is *supposed* to put their details, not where they indicate that the deponent is supposed to put their signature.
Source: Affiant dictionary definition | affiant defined
I always thought a person swearing an affidavit was a deponent. Now I understand that they are an affiant…
It’s more cumbersome to say “someone who gives an oath for legal purposes” but probably the message gets across more easily. Cumbersome good/jargon bad…
PDF The draft clauses dealing with the downsizing element of the new RNRB are out today.
The RNRB is available from 6 April 2017 and the relief for downsizing or disposals will apply for deaths after that date where the disposal occurred on or after 8 July 2015.
So, working out, with the aid of a cold towel, what the calculations might actually mean is going to be important – particularly if this is potentially an area where not only the estate planning department need to know what they are talking about, but need to find a way of recording the information through the conveyancing department for most residential property sales that took place since the summer, where it is anticipated that the clients have a total estate value exceeding £650,000 (or £325,000 for non married persons).
I hope Professor Lesley King will do another talk with worked examples – that would help.
Roll on Friday reminds me that there are benefits in not working for a large law firm anymore – I am no longer a slave to the timesheet.
Why does some part of me still crave that simplicity of work- where time spent justifies existence?
I’m thinking about putting up some basic information sheets – these are the sorts of things that do not give specific legal advice, but more generic ones.
Sometimes it feels like I am explaining the same thing over and over again – and that although suitable for each client, it is not unique to each client. It’s rather like saying “you need to wear a jumper, a cardigan or a coat” rather than “you need to get a light blue silk scarf with images of cornflowers measuring x by y”.
Should there actually be any readers of this blog out there, by all means say what helpnotes you would like to see (that relate to wills, inheritance tax, and that sort of thing) I am thinking about putting them up as separate pages on the side of the screen here.
Not sure about this: I think it is not a breach of confidence to confirm that a will exists, but it is definitely a breach of confidence to reveal anything of its terms.
O
ne of the recent debates on the Trust Discussion Forum has been about the circumstances in which a lasting, enduring, continuing power of attorney can properly be handed over. To whom does such a power of representation belong? When does ownership pass from the granter to the grantee? One solution can be to agree with the granter — at the time of the creation of the power — the circumstances when the power can be given to the grantee.
We do of course have similar problems with wills and other documents. In many civil-law jurisdictions, the original will is not released by the holding notary, but he produces an inheritance certificate based on it. In jurisdictions where executors or administrators are appointed, the will may well belong to these Personal Representatives (PRs) once the testator has died. Professionally, what information is it proper to release? Once we have seen…
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Another look at the hobbyhorse – why don’t people make wills?
Is it:
Seriously – it gets easier to make a will once you have the first one out of the way. It somehow makes it into a chore and not full of existential angst. And it saves you from being caught up in the moment, and letting fate take control – like making a shopping list *before* you go to the supermarket.
Wills and the rest 