The following Private Client guidance note provides comprehensive and up to date legal information covering:
This year’s annual round-up reviews some of the most significant developments of 2017 and previews what is on the horizon for 2018. The key developments of 2017 include the highly publicised case of Ilott v The Blue Cross, which has been closely followed by contentious probate lawyers, the raft of new anti-avoidance legislation that has led to a heightened regulatory climate for high net worth individuals, trustees and their advisers, and the residence nil rate band, introduced in April 2017, which is still causing practitioners headaches due to its complexity. Key developments anticipated for 2018 include the Law Commission’s Wills Consultation, which could potentially result in a radical change in the way Wills are made, further changes to the rules on the deemed domicile of individuals, and a new consultation on the taxation of trusts, announced at Autumn Budget 2017. Also included are updates on LexisNexis®’s content, including news of exciting developments from the past year and what is coming up in the next 12 months.
The residence nil rate band (RNRB) came into effect on 6 April 2017. The RNRB is an additional allowance (in addition to the basic nil rate band) which may be available to reduce the value of a deceased person’s estate for inheritance tax (IHT) purposes. The
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