Edward Stone comments on STEP's latest market report – The Social and Economic Benefits of Trusts
WBD's private client partner Edward Stone, is working with STEP, the global professional association for practitioners who specialise in family inheritance and succession planning, to promote the beneficial role that trusts play in wealth planning across the world. Edward is also a member of the steering committee for STEP's International Client Global Special Interest Group.
Budget speculation - tax changes
There is (of course) speculation about what the Chancellor will announce in terms of tax changes as part of his Spring Budget scheduled for 3 March. Throughout the pandemic there has been speculation about how the Treasury will move to balance the books after massively increased government borrowing to fund the pandemic response.
Partnerships and Wills – working together in sweet harmony
We often come across partnerships in the context of farming families. These are usually general partnerships, although occasionally they are Limited Liability Partnerships (LLPs). The benefit of an LLP is that it limits the personal lability of the partners; however LLPs require more administration than general partnerships (for example annual accounts must be submitted to Companies House). An LLP might be particularly appropriate where trustees act as partners.
WBD's Alexander Dickinson recognised in leading private client guide
Alexander Dickinson, a partner at law firm Womble Bond Dickinson (WBD), has been recognised in the 2021 eprivateclient 50 Most Influential list published this week (1 February).
Powers of Attorney – registration fee refund scheme – refund applications required by 1 February 2021
If you registered a Lasting Power of Attorney (LPA) or an Enduring Power of Attorney (EPA) between 1 April 2013 and 31 March 2017 you are eligible for a refund of part of the registration fee from the Office of the Public Guardian (the OPG). Applications for a refund of fees must be made by 1 February 2021.
Reform of capital gains tax on the horizon?
The recently published Office of Tax Simplification (OTS) report on capital gains tax (CGT) went a lot further than simply proposing an increase in CGT rates. While it's important not to read too much into the report, rumours of changes to the CGT regime have been around for some time now. CGT raises only around £8bn in tax each year - compared to £180bn from income tax – but the present government's commitment not to raise income tax, National Insurance contributions or VAT definitely puts CGT in the firing line.
The main recommendations from the OTS are: