probate / 2 posts found
Where there’s a Will…
None of us relish our own demise which probably explains why approximately 70% of us have not made a Will. With no direction from your good selves, who will inherit your worldly goods if you die without making a Will? The legal jargon is dying intestate. Consider Louis, 75 years old and deeply into avoidance when it comes to considering his estate. Let speculate that he died recently, and his estate was subject to the rules and regulations that apply in England. He is married, and his estate is worth more than £1m. He has two children, Kate and Ian, [...]
What has “hope” got to do with it?
In a recent tax case, Pallister v Revenue & Customs, Pallister’s son (PJ) was left a share in his deceased parent’s investment property in June 2012. A local surveyor valued the property at £1.2m and this was the figure used to determine the deceased parent’s inheritance tax bill. Subsequently, the property was sold in March 2014 for £2.5m. HMRC were peeved. Less than two years had passed and PJ’s share of 88% in the property had seemingly increased in value by almost 100%. They therefore challenged the earlier valuation for inheritance tax purposes on the basis that “hope” [...]