MINIMISE INHERITANCE TAX
Inheritance tax (IHT) is a charge on your assets on death. Lifetime gifts made in the seven years before your death can also be brought back into account for tax purposes.
IHT is also charged where an asset appears to have been given away but where, in fact, you retain the use of that asset.
When you die, the IHT charge on your estate is at 0% on the nil rate band at 40% on the remaining balance.
The nil rate band is currently £325,000. However, the nil rate band available on your death can vary as it can be used up by lifetime gifts made in the seven years before your death.
At The Commercial Law Practice we pride ourselves on our friendly, open approach and effective communication is a vital part of how we work. When you consider that a typical property conveyance may involve the purchaser, seller, estate agent, bank or building society, surveyor and two firms of solicitors then it’s possible for things to go wrong unless everyone understands the same meaning for any words or phrases that may be used. For example, two words, ‘subsidence’ and ‘settlement’, are commonly used in property reports to describe cracking in the walls. However, particularly with reference to property insurance in England and Wales, subsidence and settlement are two different things and the words cannot be used interchangeably. Technically, cracking may be the result of either subsidence or settlement (but not necessarily either of them!). Please read on, we’ll explain the differences and why they may be important to you, below.
Do I really need a house survey?
If you are buying a house or flat in England or Wales then probably, yes. With all the other costs associated with moving home then, at the time, the cost of a survey can look like an unnecessary expense but, for most buyers, a pre-purchase survey is a good idea.
If you do commission a decent quality survey at least you will be aware of any problems there may be with the property so that you can make an informed decision about the price you have agreed to pay and, if necessary, budget for any repair work that may be needed.
The Commercial Law Practice supports our local community to help clean up as part of the country’s biggest mass-action environmental campaign
Our team from The Commercial Law Practice turned out on Saturday 30th March 2019 to support this year’s Great British Spring Clean, run by environmental charity Keep Britain Tidy.
The campaign, which runs from March 22nd to April 23rd, will see over half a million people taking action to clean up streets, parks and beaches across the country.
The Commercial Law Practice team will be meeting at the Borough Gardens band stand at 10 am on Saturday 30th March 2019 to help with the Dorchester Spring Clean (litter picking, but differently….). If you want to help too then come along and join in, be part of the pick, or just come and say hello.
Why do I need a Lasting Power of Attorney ?
If the subject ever comes up, you may ask yourself what is the point of having a Lasting Power of Attorney (LPA) in place. The answer to this conundrum is to consider what will happen if you don’t have one in place.