Articles by Ian Bradshaw

Private Client: Autumn Budget review

On 22 November the Chancellor of Exchequer, Philip Hammond introduced to Parliament his Autumn Budget. This time, there are no significant changes in the Private Client sector; although, yet again there is a promise of putting the Inheritance Tax rules under review. Perhaps the most significant change is the headline-snatching announcement of abolishing Stamp Duty […]


Update: government announce drastic increase in probate fees

The personal representatives, who are responsible for administering the estate of someone who has died, generally require a Grant of Representation to allow them to collect in, sell and distribute the deceased’s assets, with the exception of jointly held assets which pass automatically on death to the surviving owner. Currently a flat fee of £215 […]

Joint bank accounts – the survivor takes it all?

Joint bank accounts are common and can provide for a useful way in which to manage finances. Accounts held between spouses or civil partners allow for bills and other household expenses to be paid more easily and those held between parents and children allow for the children to assist with the affairs of their parents […]


Married or in a civil partnership? Taking the ‘individual’ out of ISAs

On 6 April 2015, new rules came into effect concerning Individual Savings Accounts (“ISAs”). This update focuses in particular on the new transferable ISA tax benefit on the death of a spouse or registered civil partner. Under previous rules ISAs, like any other asset, could be passed via your Will to beneficiaries but would lose […]

General Election 2015: Inheritance Tax Proposals under the Conservative Manifesto

The Conservative Manifesto 2015 sets out the party’s proposals to effectively increase the Inheritance Tax threshold to £1million for married couples and civil partners. The cost of the scheme is expected to be £1billion, which will be funded by reducing pension tax relief for those earning over £150,000 per year. At present, Inheritance Tax is […]


Budget 2015: Summary of Key Tax Provisions

On 18th March 2015, George Osborne delivered his sixth budget as Chancellor and the last of the current Parliament. Amongst the announcements were a number of developments relevant to tax planning, the key points of which are summarised below: Capital Gains Tax – Entrepreneurs’ Relief Entrepreneurs’ Relief (ER) reduces the rate of CGT to 10% […]

Beneficiary Held to be Liable to a Penalty for Inaccurate Inheritance Tax Declaration

If you make gifts of money or items of value to other individuals these gifts are chargeable transfers for inheritance tax purposes. At the point when the gift is made there is no charge as the gift constitutes a potentially exempt transfer (PET). A PET only becomes chargeable if the donor dies within seven years […]


Capacity and Decision-Making

In the event that a person becomes unable to manage their own affairs it is very difficult for those around them to deal with assets and interact with institutions on their behalf unless that person has appointed attorneys in a Lasting Power of Attorney (“LPA”). Without a LPA it is necessary to gain the permission […]

Intestacy Rules: Change on the Horizon

The Inheritance and Trustees’ Power Bill received Royal Assent on 14 May, to become the Inheritance and Trustees’ Power Act 2014 (“the Act”). In this update, we revisit our article from last August to provide a reminder of the changes that are due to come into force in October 2014. The Act changes several issues […]


Third Time Lucky for HMRC? Reform of the IHT Rules Applying to Trusts

Last year, HMRC proposed that an individual’s IHT tax-free allowance (the nil-rate band) should be split across all trusts that he or she set up. At the time, the plans attracted some criticism and did not make the cut when the Finance Bill 2014 was unveiled. But now the plans have resurfaced in slightly amended […]

Residential Property and Capital Gains Tax: Changes Afoot for Non-UK Residents and Multiple Home Owners

Capital Gains Tax has found itself in the spotlight in recent weeks, owing to two significant changes to the CGT and residential property landscape. Firstly, the government has moved to limit the final period exemption that allowed those owning more than one residential property to reduce CGT on second homes. Secondly, looking forward, plans to extend the CGT regime to non-UK residents selling UK residential property appear to be going ahead, and are set to be in force from April 2015. We take a look at these reforms in more detail.


The Budget 2014 – New Taxation Developments

On 19 March, the cameras gathered outside 11 Downing Street as George Osborne raised his red briefcase. Alongside the changes exercising the tabloids (bingo duty and the price of a pint) there were some rather significant announcements affecting the tax and personal finance landscape. Five of the most important are summarised below. 1. Personal allowance […]

Why Your New Year Resolution Should Be Making a Will

It is not surprising that most people find it quite difficult to get around to making a Will. It can be hard to face up to one’s own mortality and often when people are considering making a Will it is after somebody close has died. However, if you do not make a Will then you […]


Finance Bill 2013 now in force – inheritance tax; taxation of trusts for vulnerable beneficiaries; new statutory residence test; general anti-abuse rule

The Finance Bill 2013 received Royal Assent on 17 July 2013 triggering a number of private client measures to come into force. Please read on for a summary of the changes.

Prest v Petrodel: Spouses Cannot Hide Wealth in Companies to Avoid Losing it upon Divorce

On the 12 June 2013 the Supreme Court laid down a marker by unanimously allowing an appeal by Yasmin Prest and allowing her to get her hands on assets held by her ex-husband in numerous companies in his name.


Digital Inheritance

Ever thought about what will happen to your online assets once you die? Consider leaving a digital legacy.

Statutory Residence Test

The new statutory residence test came into effect on 6 April 2013 to determine an individual’s liability to pay income tax, capital gains tax and (if applicable) inheritance tax. Those currently thought to be non-UK residents but who intend on spending some time in the UK during the tax year 2013/14 may be affected by the new rules. Read more.


Live or Let Die

The advantages and disadvantages of putting in place an Advanced Directive or Lasting Powers of Attorney