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Briefing Notes

‘Game over’ Death in the Digital Age

In an increasingly digital world, Solicitors are increasingly being asked to discuss with clients what happens to their digital assets when they have died. If clients don’t raise the subject themselves, then as a profession we have an obligation to do so. Planning a client’s digital death involves practical consideration including everything from deleting their […]

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Digital Assets: game over – death in the digital age

Have you thought about what might happen to your ‘digital assets’ on your death? In an increasingly digital world, the issue of what might happen to your digital assets you die is becoming increasingly common. Digital assets can take many forms, and include your electronically stored photos, music or videos and emails and social media […]

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Unexplained Wealth Orders – Update

Unexplained Wealth Orders (“UWOs”) remain at the forefront of legal agenda following the judgment handed down by Justice Supperstone last week dismissing the application of Zamira Hajiyeva to overturn the UWO applied for by the National Crime Agency (“NCA”). By way of reminder, a UWO can be obtained if the High Court is satisfied that:  […]

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‘Requirement to Correct’ deadline 30th September 2018 – Are you compliant?

HMRC introduced “Requirement to Correct” (“RTC”) legislation to encourage those with undeclared offshore tax liabilities (relating to Income Tax, Capital Gains Tax or Inheritance Tax) to disclose such liabilities before 30th September 2018. The deadline coincides with the date by which more than 100 countries will exchange data under the Common Reporting Standard (“CRS”). It […]

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Unexplained Wealth Order

Since 31 January 2018, law enforcement agencies (including HMRC) have a new wide-reaching tool at their disposal – the Unexplained Wealth Order (“UWO”). Non-EEA Politically Exposed Persons (“PEPs”) and those suspected of involvement with serious crime may be targeted by UWOs and recipients of the same could potentially be stripped of properties exceeding £50,000 if […]

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The “residence nil rate band” one year on: What exactly is it?

On 6 April 2009, the government increased the tax-free allowance before an individual starts paying inheritance tax to £325,000.  Any assets over this are chargeable to inheritance tax at a rate of 40%.  This allowance known as the “nil rate band” has remained the same since that date.  As the law currently stands if the […]

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Lasting Power of Attorney Fee Refund Scheme

In order to register a Lasting Power of Attorney (LPA) or Enduring Power of Attorney (EPA) a registration fee must be paid to the Office of the Public Guardian. It has been announced that refunds are being offered to those who applied to register an LPA or an enduring power of attorney between 1 April […]

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The Importance of Lasting Powers of Attorney for Business Use

A Lasting Power of Attorney can be a useful tool for a business owner. If you own a business it is important to ask yourself what would happen to the business should you ever lose capacity through injury or illness. Having a registered LPA ensures that the person best positioned for looking after your business […]

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Trusts Registration Service

The Trusts Registration Service (TRS) is an online system to register trusts and complex estates to obtain a Unique Taxpayer Reference which replaces the current paper system. The responsibility of registering the trusts lies with the trustees but it is likely that they will appoint their accountants or other agents who maintain the trust, to […]

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