Private Client Issues - April 2017
Welcome to this month's edition of Private Client Issues, Blake Morgan's monthly round-up of the topics you may find of interest.
Care home fees: can costs be avoided?
With an ageing population and ever increasing care costs, social care is an issue for a lot of families. The government is concerned that many wealthy people hand over their property to their children in advance of their care needs, resulting in the NHS paying for their eventual care. Blake Morgan considers whether care home fees can really be avoided.
English and Welsh grants of probate for non-domiciles
Taxation reforms will hit non-domiciles in 2017/18 meaning individuals owning property in the UK, will be subject to inheritance tax on that property. Non-doms are also likely to be hit by the steep proposed increases in probate registry fees when applying to reseal a foreign grant in the UK or applying for a separate English and Welsh grant of probate. In our latest blog, Blake Morgan highlights the impact of the probate fees increase on non-doms.
SDLT 3% surcharge on inherited properties
The 3% Stamp Duty Land Tax surcharge on second homes, could also apply to inherited residential properties. Blake Morgan reviews the case study of Kirstie, who whilst buying her first home inherits a property, leaving her liable to the 3% surcharge. Don’t get caught out, read our tips on inheriting property and avoiding extra SDLT costs.
ATED: Time for returns, re-valuations and reviews
The Annual Tax on Enveloped Dwellings (ATED) initially impacted residential properties worth over £2m, held by corporate structures. It now applies to properties worth over £500k and as 2017 is the year for re-valuations, which may bring you in to the ATED 'net' or push you in to a new band, it could be time to review your situation. Blake Morgan considers the possible restructuring options including 'de-enveloping'.
Freezing assets in matrimonial proceedings
Unfortunately, in some matrimonial cases a spouse will not disclose their assets or will wilfully dissipate their assets to try to defeat their spouse's claim to a share. Although a very drastic measure, Blake Morgan looks at how to freeze assets.
11 Top Tips – Beware of holiday homes and villa rental scams
With summer around the corner and families starting to book their holidays, our travel team have compiled the top 11 tips to avoid bogus and fraudulent holiday home and villa scams.
If you are impacted by any of the above topics or you would like further information on how we can help you, please contact your usual Blake Morgan adviser.