FORTHCOMING CHANGE: In the Budget on 30 October 2024, the Chancellor of the Exchequer, Rachel Reeves, announced that from 6 April 2027, unused pension funds and death benefits will be treated as part of an individual’s estate for inheritance tax purposes. The government published a consultation document on 31 October 2024 and invited responses by 22 January 2025 about the mechanism for achieving this measure. The summary of responses to the consultation was subsequently published.
Life assurance can be an important tool in estate planning and there are various types of life assurance policies available:
a whole life policy—this type of policy will pay out a sum on the death of the life insured, whenever that death occurs, in return for a premium
a term assurance policy—this type of policy insures a person’s life for a specific sum and for a specific length of time, typically for a period up to 20 years. If the insured person dies within the term of the cover, the life assurance company will pay out the sum. This type of life assurance provides protection...
To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.
**Trials are provided to all LexisNexis content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisNexis services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
Law360, London: Prime Minister, Andy Burnham, has been urged to introduce a tax on 'extreme wealth' in the upcoming Autumn Budget 2026, a coalition...
Private Client analysis: The Court of Protection held that continuing clinically assisted nutrition and hydration (CANH) for TB, a 19-year-old man in...
This week’s edition of Private Client highlights includes: (1) the Family Division issues a limited grant to arrange cremation in accordance with the...
Tax analysis: In Cogefin, the First-tier Tax Tribunal (FTT) held that a Bermudian company was UK resident because its central management and control...
Death in service benefitsOverview of the types of death in service benefits and their tax treatmentThere are three types of death in service benefit (also known as ‘life assurance’ benefit or ‘life cover’ benefit) which employers may provide by way of a life policy:•the registered group life
Priority between loss reliefs in loss making companiesWhy does it matter?A company that is a member of a group and has incurred any of the types of losses available for surrender by way of group relief may, without any further rules, have more than one way in which to use the loss. There are a
Strike out—making an application to strike out a statement of caseA strike out order can be made either following an application by the parties or on the court's own initiative. This Practice Note deals with the scenario of the order being made following a party's application.Making an application
Can shares in a limited company that have not been paid-up at all be cancelled?A limited company having a share capital may not alter that share capital, except in the ways listed in section 617 of the Companies Act 2006 (CA 2006). Shares in a company cannot simply be cancelled without following an
0330 161 1234