The Eric Whitehead Partnership

Ever since 6th April a new Inheritance Tax (IHT) allowance has been available, the effect of which will be to reduce the amount of IHT payable in respect of certain estates. The new allowance, known as the Residence Nil Rate Band (RNRB), applies when residential property is left to direct descendants.  It will result in an additional £100,000 of IHT Nil Rate Band (the term for the IHT free allowance) in 2017-18, rising to an additional £175,000 in 2020-21. It is envisaged that a married couple who leave all of their estates to each other in the first instance will have two residential property allowances to add to their existing IHT Nil Rate Band of £325,000 each and will therefore eventually have a combined IHT Nil Rate Band of £1 million. There are restrictions on who can benefit from...

We are pleased to report two pieces of good news for a change! In a recent update, we outlined the Government’s proposed massive hike in Probate Registry fees, due to come into effect in May despite almost universal opposition. We are delighted to report that the Government has now scrapped the planned increase claiming that there is now not enough time for the legislation to go through Parliament before the General Election in June.  However, the Government has declined to say whether the proposed increases will be brought back if the Prime Minister is re-elected in June.  Hopefully they will not! In addition, the Office of the Public Guardian (OPG) has recently reduced its fee for registering Lasting Powers of Attorney (LPAs) and Enduring Powers of Attorney (EPAs).  Before 1st April...