United Kingdom, Forsters LLP updates

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Contributed by Forsters LLP
Will the gift keep on giving? Office of Tax Simplification's inheritance tax review
  • United Kingdom
  • 22 August 2019

The Office of Tax Simplification recently published a report that made recommendations to the government to reform inheritance tax. The proposal that has received the most attention is the reduction of the period during which a lifetime gift remains subject to inheritance tax in the hands of the person making the gift (the donor) from seven to five years. A number of other changes have also been suggested – including in relation to agricultural property relief and business property relief.

Nuptial agreements and wealth protection
  • United Kingdom
  • 15 August 2019

Divorce can pose a significant risk to a family's or an individual's wealth. However, a nuptial agreement can reduce or mitigate such risk. A common perception of nuptial agreements is that they are designed to limit the extent of one party's financial claims. While they can be used in this way, their greater utility in this context is their ability to reduce uncertainty and therefore risk.

Court of Appeal allows out of time inheritance act claim
  • United Kingdom
  • 08 August 2019

The Court of Appeal recently overturned a first-instance decision and confirmed that the plaintiff can make a claim out of time for reasonable provision from her husband's estate. The court disagreed with the first-instance decision that to allow this claim would amount to forced spousal heirship, as each case depends on its own facts and the specific application of the factors set out in the inheritance act.

Judge rules that parties cannot be forced to engage in ADR procedures
  • United Kingdom
  • 04 July 2019

The High Court recently ruled that parties cannot be ordered to engage in early neutral evaluation or financial dispute resolution procedures where one party objects to doing so. The case in question centred on a claim brought by a widow under the Inheritance (Provision for Family and Dependants) Act against her late husband's estate and two lifetime trusts. The claimant sought variation of the trusts in order to meet her reasonable needs, but her stepson strongly resisted her claim.

Inheritance in the 21st century
  • United Kingdom
  • 27 June 2019

When planning for the transfer of wealth to the next generation, families and their advisers must consider the context in which it will take place. On current trends, planning for changes of domicile and to counter both electronic security risks and bouts of mental illness are likely only to increase in future importance.


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