July 2010 Archive

Guide to Lasting Powers of Attorneys

Have you ever considered what would happen if you became physically and/or mentally incapable of managing your affairs? When you plan for the future it is sensible to plan for as many eventualities as possible. A Power of Attorney can help in many situations. For instance, it may come in useful if you are away from the country for long periods, or if you suffer an illness or accident which means you are not able to manage your own affairs.

Guide to inheritance tax

What is inheritance tax? Inheritance tax (IHT for short) is levied at a flat rate of 40% on the value of an estate, less certain exemptions. The most important of these exemptions is a tax-free allowance of £325,000 (known as the 'nil rate band'). A taxable estate typically includes the value of the family home. An estate is liable for tax on assets owned worldwide if the deceased was UK domiciled or deemed domiciled for IHT purposes. The government has decided that the nil rate band will be frozen at £325,000 until April 2015.
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