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Pension Pot Holders Fail to Take Advice

If you are approaching pension age, unless you are one of the increasingly few with a salary-related pension scheme, you would be wise to take professional advice before you take any irrevocable action. The decisions taken at certain points in managing your...

HMRC Stick to Limited Period for CGT Payment on Residential Property Gains

Despite strong representations from the professional community, HM Revenue and Customs (HMRC) have decided that they will stick with a 30-day initial payment requirement for Capital Gains Tax (CGT) on residential property gains for disposals after April...

New Guidance on Care Home Charges After Death

It is a stressful and unhappy enough time when a loved one dies, but the anguish of those mourning the loss can be compounded when there are complications over payments to care homes which seem excessive. Recently, the Competition and Markets Authority...

Hacking Episode a 'Reasonable Excuse' for Late Filing of Tax Returns

Taxpayers are personally responsible for filing their tax returns on time, and failing to do so can lead to stiff financial penalties. However, in one case, the First-tier Tribunal (FTT) ruled that a self-employed website developer whose accountants lost all...

A Little Too Much Knowledge Can Be a Dangerous Thing

There are special rules for people working in the UK on short-term secondment from employers based abroad. Many do not become taxpayers under the UK tax system. When one such person contacted HM Revenue and Customs (HMRC) to clarify his position, he was...

Inheritance Tax - 'Hope Value' Relevant to Property Valuations

When valuing a property for Inheritance Tax (IHT) purposes, is it legitimate to take into account its potential for enlargement or improvement – so-called 'hope value'? In a guideline ruling, the Upper Tribunal (UT) has answered that question in the...

Under Financial Pressure? Don't Fall Into Dodgy Lenders' Arms!

Financial pressure can easily lead the unwary into the arms of unscrupulous lenders. One High Court case, in which numerous borrowers found themselves in legal limbo , shows how unwise it is to enter into such transactions without professional advice. A...

Be Careful Who You Trust With Your Finances

Giving someone else power of attorney over your finances can be a useful means of ensuring that your affairs will be properly managed if you lose the capacity to do so yourself. However, one case in which a war veteran's money was plundered by a man he...

Judge Criticises Council and DWP for Usurping Attorney's Powers

When a person is not capable of looking after themselves, the Secretary of State has the power to appoint someone else to do so. A recent court case shows that failing to do so in a balanced way can have adverse consequences and saw a judge condemn the...

Who Owns the Balance on the Joint Account?

Sometimes, what seem to be quite simple questions have to be decided in court. In a recent case, the issue was who owned the money in a joint bank account when one of the account holders died. Simple question or not, it was argued all the way to the Court...
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