Private Client Issues - May 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.
Owning assets abroad – the impact of the EU Succession Regulation
If you own property such as a holiday home, in another European country this can raise difficult questions in respect of your Will and determining who will inherit the property on your death. The EU Succession Regulation aims to simplify matters.
Election causes delay to non-dom tax changes
Due to the election, the government has announced a delay enacting some areas of the Finance Bill 2017, including the UK taxation changes for non-doms. This will feel like a bolt from the blue to the non-doms who have wisely spent the last few months gearing up for substantial changes, but Blake Morgan doubt the plans have permanently been dropped.
New probate court fees to be abandoned… for now
The Ministry of Justice has abandoned controversial plans to substantially increase probate court fees, because there is not enough time for the legislation to go through Parliament before the general election. Due to come into effect in May, the increase would have seen, in the most extreme cases, beneficiaries of estates worth more than £2 million pay probate fees of £20,000 rather than the flat fee of £155.
Marriage and divorce – how will these life events affect my Will?
Certain big life events such as marriage and divorce, can affect your Will in different ways. It is therefore important to review your Will to ensure it is still going to take effect in the way you had intended. Read more about the consequences of marriage and divorce on your Will.