Did you know....

New Inheritance Tax Rules

It's official! Having received Royal Assent in July, there are now new Inheritance Tax rules for Married Couples and Civil Partners. Each of us can currently claim relief from Inheritance Tax upon death on the first £312,000 of the estate (the 'nil-rate band' for 08/09). Other reliefs can be claimed depending on circumstances, but previously, any part of that band which was not utilised on death was lost. Now, the unused portion of this relief can be carried forward and claimed by the estate of the surviving spouse or Civil Partner upon his or her subsequent death. Therefore, the second estate could currently claim relief from Inheritance Tax on the first £624,000!

Lasting Powers of Attorney are fast-approaching their first birthday! Despite that, many people are still experiencing difficulties in completing the forms, and delays in registering their Powers. Hopefully the recent appointment of Martin John as the new Public Guardian and the Chief Executive of the Office of the Public Guardian will help to see a change.

If you would like to discuss Wills, Lasting Powers of Attorney, or how the new Inheritance Tax rules might affect you, please contact Barrie Baker - bbaker@coleandcosolicitors.com (01603 756310)