17 Jul 2017

Ex-wife given permission to challenge terms of order agreeing sale of family home to repay mortgage

The UK Supreme Court has granted a divorced woman permission to challenge the terms of her undertaking, given in a 2010 consent order, that she would release her ex-husband from paying the mortgage on the matrimonial home within two years, if necessary by selling it. Mrs Birch seeks to postpone her obligation to secure the husband's release from the mortgage, being reluctant to move home because her children go to schools nearby.
01 Mar 2017

ISA assets to be free of tax until estate is distributed

The government has published draft legislation extending individual savings account (ISA) tax advantages to investments held in an account after the death of the accountholder, as promised in the 2015 Autumn Statement. It means that personal representatives and beneficiaries or legatees should not face income tax or capital gains tax on investments retained in an ISA during the administration of a deceased saver's estate, subject to certain time limits.
21 Feb 2017

Supreme Court grants pension to cohabitant despite lack of nomination

The UK Supreme Court has ruled that the cohabitant of a member of the Northern Ireland local government pension scheme is entitled to a surviving spouse's pension, even though her deceased partner had not nominated her as beneficiary. In a judicial review hearing brought by Denise Brewster (2017 UKSC 8), the court ruled that the scheme's formal requirement for nomination did not add anything to the existing evidential requirement concerning cohabiting relationships.
07 Dec 2016

INHERITANCE TAX: IHT is 'double tax' say over-50s

More than 70 per cent of people considered inheritance tax to be a form of double taxation in a survey of over 1,000 Gransnet and Mumsnet users over 50 years old. The tax should be abolished, say 42 per cent of respondents, while 55 per cent say they think only estates worth more than GBP1 million should be subject to the charge.
05 Dec 2016

Wealth Gap: People in their 30s see wealth 'halved in a decade'

A report published by the Institute for Fiscal Studies has found that those born in the early 1980s have significantly less wealth than those born in the previous decade did at around the same age. 'In their early 30s, the early 1980s cohort have average household wealth per adult of GBP27,000
18 Oct 2016

Current UK tax system 'not fit for purpose'

The Institute for Government (IfG), Institute for Fiscal Studies (IFS) and the Chartered Institute of Taxation (CIOT) have called on Chancellor Phillip Hammond to improve and simplify the making of tax policy in the UK. The proposed reforms include: returning to a single annual fiscal event, to stop Autumn Statements becoming second Budgets; and starting the consultation for tax changes earlier.