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<copyright>Copyright &#169; 2012 Lanyon Bowdler Solicitors</copyright>
<pubDate>Sun, 05 Feb 2012 08:51:23 +0000</pubDate>
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<description>Lanyon Bowlder Solicitors blog.</description>
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<description>Lanyon Bowlder Solicitors blog.</description>
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<item>
<title><![CDATA[New Year, New Will - Is It At The Top Of Your Resolution List?]]></title>
<link>http://blog.lblaw.co.uk/new-year-new-will-is-it-at-the-top-of-your-resolution-list-354/</link>
<description><![CDATA[
New Year  new plans, and with them, the best of intentions, which do not always come to fruition.  However, certain resolutions are worth sticking to, and for those people who have not yet made a Will, it should be at the top of the resolution list!
It is estimated that around 50% of people die without a Will, which puts both their finances and their families at risk.  Many people do not realise that if they die without leaving a Will, it is likely that their money will go to the Crown.
The law as it currently stands does not recognise partners even if they have been living together for many years.  However, if you do make a Will, you will be able to include partners, friends, charities and even pets, and have full control over matters such as funeral arrangements.  
Although it is a topic which many people dont wish to dwell on, and many think they do not currently need, it is essential to protect your assets, and the future of your family.  It is also vitally important to make sure that your Will is properly drawn up.  A badly drafted Will, or one which is incorrectly executed, can have dire consequences.  
If you think about it, making a Will should be one of the most important legal transactions that you enter into in your life  right up there with a house purchase and mortgage.  However, too few of us have a Will or keep it regularly under review.  My view is that, not having a Will runs an unnecessary risk.  If you have a family, I think that risk is not just unnecessary, it is unjustifiable.  Do not put it off.  Make that resolution.]]></description>
<category><![CDATA[Private Client ]]></category>
<pubDate>Fri, 30 Dec 2011 09:05:33 +0000</pubDate>
<guid>http://blog.lblaw.co.uk/new-year-new-will-is-it-at-the-top-of-your-resolution-list-354/</guid>
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<title><![CDATA[Elizabeth Taylor's Will Dispute]]></title>
<link>http://blog.lblaw.co.uk/elizabeth-taylors-will-dispute-295/</link>
<description><![CDATA[
I hear that a dispute has arisen over a share of the multi million pound estate left by the late silver screen legend Elizabeth Taylor. Apparently, the Hollywood icon left 50,000 of her estate to a former husband in order to provide for his care in his current state of ill health.  However his two sisters are arguing over which of them should be appointed as his guardian and thus have control of his financial and legal affairs. My first reaction to this news was: which former husband?. Its a good job she had a few million in the bank. Otherwise, if she left a legacy of 50,000 to each of her ex-husbands, there might be little left for her other beneficiaries!More seriously, however, it seems the dispute follows much wrangling and arguing amongst her family, prior to her death, about her succession. It therefore highlights the vital importance of each of us having a valid will in place to provide legally enforceable directions at a time when we can no longer speak for ourselves.At the same time as creating a will, it is also a good idea to have a professionally drafted Lasting Power of Attorney. This document allows you to appoint one or more individuals to handle your property, finances and welfare matters if you no longer have the capacity to do so yourself. It will not come into effect until it has been registered with the Court of Protection.  
]]></description>
<category><![CDATA[Private Client ]]></category>
<pubDate>Wed, 01 Jun 2011 14:19:06 +0000</pubDate>
<guid>http://blog.lblaw.co.uk/elizabeth-taylors-will-dispute-295/</guid>
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<title><![CDATA[What About my Internet Accounts when I Die?]]></title>
<link>http://blog.lblaw.co.uk/what-about-my-internet-accounts-when-i-die-278/</link>
<description><![CDATA[
At some point yesterday whilst I was driving from one appointment to another  or it may even have been on the way home, I heard someone talking about internet accounts and what happens to them when you die.  Well it got me thinking, most of us must have a few; I have stacks - from Facebook to Twitter, sites to upload photographs such as Flickr and even a You Tube account.  Much of the information is probably dull and of little interest to my next of kin, but things such as photographs, videos and even blogs, may hold cherished memories.  I wonder how many of us have even thought about such things when we consider updating (or making), our will.What about eBay?  Supposing you are in the process of selling/buying things  someone will need to be able to gain access pretty quickly.I asked Edward Rees, partner and head of the private client department at Lanyon Bowdler for his thoughts.  He said we're actually working on an information sheet for people to keep with their will and to lodge with us, on this we will ask them to make a note of internet accounts and passwords, so that nearest and dearest can make sure such accounts are closed down.  Edward mentioned that officially it would be the Executors responsibility to close any internet accounts, but in reality unless someone keeps a list of where they have accounts and the passwords (even down to the details internet email accounts such as Hotmail), how would the Executor know where to start?  Food for thought  I do keep a record of all such accounts and passwords, partly because I can never remember what Im signed up to and certainly because I can never remember the passwords!  
]]></description>
<category><![CDATA[Private Client ]]></category>
<pubDate>Thu, 31 Mar 2011 15:52:50 +0000</pubDate>
<guid>http://blog.lblaw.co.uk/what-about-my-internet-accounts-when-i-die-278/</guid>
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<title><![CDATA[BBC2 Takes on Wills with 'Can't Take it With You']]></title>
<link>http://blog.lblaw.co.uk/bbc2-takes-on-wills-with-cant-take-it-with-you-259/</link>
<description><![CDATA[They do say that today will be the most depressing day of 2011.  Apparently, the lack of sunlight, amount of post-Christmas debt and the length of time until January pay day all combine to make this the most miserable Monday of the year!  If thats the case, the whole weekend must have been something of a downer!Would most of us, therefore, have chosen a Friday night discussion about death and wills to perk us up?  The BBC certainly thought so as they gave over their Friday night BBC2 9.00pm slot to just such a programme: Cant Take It with You.This was presented by Sir Gerry Robinson, the guru who has already lent his considerable experience to turning businesses round on television.  Now he focuses his attention on families and their wills.This is a massive challenge.  As he makes clear in his preamble to the programme, around 70% of people die without leaving a Will.  Given that 30% of us do not appear to be interested in Wills, how is he going to make us all sit down and discuss them with our nearest and dearest? Well have to see how the ratings pan out to find out just how popular this series will be.  There is clearly a general interest in this kind of thing  witness the popularity of the BBCs Heir Hunters.  Sir Gerry has cannily pinpointed our general reluctance to think about and to discuss our deaths, how we leave our estates in good order and efficiently benefit our loved ones.  His mantra is: grasp the nettle and start working on the problem as soon as possible.  Is Sir Gerry the right person to present a series about this?  For example, why did the BBC not ask me?!  Well, Sir Gerry knows better than most how important any successful business persons exit strategy is.  He is rightly applying the same criteria to how we exit our lives.  I think most people would favour his style on lifetime exit strategy over the Youre Fired approach of Alan Sugar!The footage that I have seen so far includes round table meetings of family members, some high emotion, one or two snapped tempers and the odd patriarch expressing the view that its his money and hell do what he likes with it.It might make good television.  However, whether such important decisions are best made and communicated at highly charged family summits, I am not entirely convinced.  Nevertheless, I am sure that it pays dividends to plan these issues carefully, get a professionally drafted Will in place and keep it under review.  They used to talk about the medical concept of having a good death.  Perhaps we should now talk about having a well-planned and dignified succession. ]]></description>
<category><![CDATA[Private Client ]]></category>
<pubDate>Mon, 17 Jan 2011 14:22:05 +0000</pubDate>
<guid>http://blog.lblaw.co.uk/bbc2-takes-on-wills-with-cant-take-it-with-you-259/</guid>
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<title><![CDATA[How Training With English Speaking Board Has Helped My Career in Law]]></title>
<link>http://blog.lblaw.co.uk/how-training-with-english-speaking-board-has-helped-my-career-in-law-258/</link>
<description><![CDATA[
A vital skill for anyone working in the legal sector is the ability to communicate well.This extends not only to communication with clients, but also prospective clients, business contacts and colleagues in your own firm.This may all sound blindingly obvious.  However, if things go sour between lawyers and their clients or even between lawyers within the same team, it is surprising just how often it results from a lack of effective communication. I am fortunate, therefore, that during my school career, I was given some really great communication training by English Speaking Board (ESB).I learnt how to prepare informative time limited talks and present without the need to depend on a script. I learnt how to speak clearly, avoid verbosity, appear confident and how to deal on the spot with questions.These are all skills that I daily depend on.  I am not a litigator. So I do not have to present clients cases in court.  However, I do regularly have to give talks in public to prospective clients. I often have to appear on the radio at short notice to give an off the cuff comment about a legal development. Likewise, I treat every client meeting as a situation where verbal advocacy skills are paramount.  In short, there is little that I do on a daily basis that is not influenced by skills developed through ESB. For instance, I dictate most of my written reports and correspondence. I would find it cripplingly time consuming to have to type these instead. However, dictation is a skill that can take time to develop. It relies on confidence in your own ability to channel thoughts and arguments quickly, logically and clearly.  ESB has been key in establishing this confidence.This is invaluable in this particular instance.  I am right up to my deadline for completing this article.  Had I been ahead of the game and had there been no Revenue deadlines looming, I might have typed up this piece!  Fortunately, I am privileged to have an assistant, Vanessa, who will type up my words once I have dictated them.  As my managing partner may very well remind me in my imminent appraisal, that brings us full circle to the next crucial skill for any good lawyer operating in the 21st  Century: time management. 
]]></description>
<category><![CDATA[Private Client ]]></category>
<pubDate>Mon, 17 Jan 2011 11:20:23 +0000</pubDate>
<guid>http://blog.lblaw.co.uk/how-training-with-english-speaking-board-has-helped-my-career-in-law-258/</guid>
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<title><![CDATA[How to go about applying for a Training Contract at Lanyon Bowdler]]></title>
<link>http://blog.lblaw.co.uk/how-to-go-about-applying-for-a-training-contract-at-lanyon-bowdler-256/</link>
<description><![CDATA[
We are now approaching the time of year when the deadline closes for applications for training contracts. Training partner Colin Spanner and current trainees Lynsey Cater and Louise Howard answer questions on what Lanyon Bowdler look for in a trainee and what to expect.
Why Lanyon Bowdler?
As a firm Lanyon Bowdler is modern and very client focused. The firm provides a full range of legal advice throughout Shropshire and Herefordshire, as well as nationally. Having previously been winners of Lawcareers.Nets Trainee Solicitor Award for Best Recruiter  Small Firm in 2009 (also winner in 2004 and nominated 2007 & 2008), the firm was nominated in the Best Trainer category of these awards in 2010.
The firm is recognised as Investors in People and our commitment to training and development was acknowledged in 2009 when we won the Training Award at the Midlands Business Awards. 2010 also saw us win the Law Firm of the Year (5 - 15 partners) at the Birmingham Law Society Legal Awards.
How many trainees do you take on?
At Lanyon Bowdler the policy is to offer two training contracts each year. As a training contract lasts two years, we therefore have four trainees at any one time, with two joining in September each year.
How many applications do you receive?
Each year we are inundated with applications for training contracts. This is especially so as not many local firms regularly take on trainees. This year we received 270 applications for a contract in 2011.
When is the closing date?
All positions for 2011 have now been filled. Applications for 2012 need to be submitted by 31 January 2011.
What do you look for in potential trainees?
To begin with, good academic records, and not just at degree level. We look back as far as GCSEs and A Levels. It is also important that a potential candidate is local to the area, or has connections with it, as we do like to retain our trainees. Hobbies and interests are also of relevance, as someone who has taken a year out or done some voluntary work shows that they have made the extra effort  this may give them an advantage over someone with identical qualifications.
What areas of law do trainees have seats in?
Trainees usually spend six months in a department so that over the contract period they gain experience in four areas of work, one of which will be contentious. Lanyon Bowdler has a wide range of legal departments and where possible, trainees are given a choice of seats.
What can I expect if I am invited to interview?
Lynsey Cater said when I was interviewed there was a two stage process but no presentation. I was asked questions which were aimed at the particular stage I was at and what I was studying at the time.
Louise Howards experience was a first general interview which included talking about the details on my CV, (I was so nervous I couldnt remember what A-Levels I had done and had to be prompted), and legal questions. The questions were tailored to the stage of my training, for example I hadnt yet completed the LPC so they concentrated on areas of law I would have covered on the CPE. The second interview included questions on current affairs where the interviewers clearly wanted to hear you talk and see how you reasoned about a particular situation.
What can I expect if I am offered a Training Contract?
The SRA requirement is that once a training contract has started, the trainee needs to keep a training record which must be completed throughout the two year period and submitted to the training principal at the end. It should record all the tasks completed whilst being a trainee and includes information such as  who the task was completed for, what the task was, what skills were used and what was learnt from it. 
There are also the compulsory modules of the Professional Skills Course to complete. These cover client care, finance and business skills, advocacy and communication. There are a further four elective modules which you chose according to what areas of law you are interested in.and just when you think all exams are over, theres a finance exam!
What happens then?
Lanyon Bowdler has an excellent record of retaining its trainees. The range of areas of law covered by the firm offers great opportunities for those wishing to train in law.
Lynsey Cater is now a fully qualified solicitor and working in Lanyon Bowdlers Commercial Property Department and Louise Howard is currently in her last seat and due to complete her training contract in September 2011.]]></description>
<category><![CDATA[Lanyon Bowdler News]]></category>
<pubDate>Tue, 11 Jan 2011 11:50:18 +0000</pubDate>
<guid>http://blog.lblaw.co.uk/how-to-go-about-applying-for-a-training-contract-at-lanyon-bowdler-256/</guid>
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<title><![CDATA[The Risks Involved in Acting as an Executor of a Will]]></title>
<link>http://blog.lblaw.co.uk/the-risks-involved-in-acting-as-an-executor-of-a-will-224/</link>
<description><![CDATA[Executors have many duties.  If they cannot carry these out correctly, because they do not appreciate their scope, they may be personally liable at considerable cost. Executors who cause loss to estates are liable to beneficiaries for depleting assets.  Lay Executors may unwittingly make mistakes when winding up an estate, and beneficiaries may thereby suffer loss. Executors liability is not limited to the distribution of assets to beneficiaries.  For example, the deceased may have been a tenant of premises.  An Executor would be responsible for payment of future rents.Executors are responsible for completing self-assessment tax returns during the administration of the estate, and for payment of assessed tax. Executors may be personally liable to creditors of a bankrupt beneficiary, if they pay the beneficiary direct and cannot recover it from him.Executors must keep accurate accounts of their dealings with an estate, and beneficiaries are entitled to inspect them.What if there is a creditor of the estate but the Executor is unaware of their existence?  Publishing statutory notices will usually protect Executors.What if executors omit beneficiaries from distribution because they are not aware of their existence or whereabouts?  Insurance or protection from the Court may be available to Executors in this difficult position.It is complicated and its best for executors to involve expert solicitors to administer the estate.  Alternatively, appoint your solicitors as executors when you prepare your Will.]]></description>
<category><![CDATA[Private Client ]]></category>
<pubDate>Thu, 29 Jul 2010 11:23:46 +0000</pubDate>
<guid>http://blog.lblaw.co.uk/the-risks-involved-in-acting-as-an-executor-of-a-will-224/</guid>
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<title><![CDATA[Budget June 2010 - Summary of Changes Affecting Private Individuals]]></title>
<link>http://blog.lblaw.co.uk/budget-june-2010-summary-of-changes-affecting-private-individuals-214/</link>
<description><![CDATA[Tuesdays emergency budget was a bit a of a nail-biter for me. This was not because I was fearful about the negative impact on my clients or me personally. Oh no, the coalition government are masters of the art of expectation management: they promised we wouldnt like it, we didnt expect to and they were right!Rather, I have recently given pre-budget presentations to NFU members at the Stafford and Three Counties Shows. I suspect that some NFU members viewed me, as I bombarded them - microphone in hand - with my budget predictions, as they might a cut-price carpet salesman! They may therefore have thought better than to pay any attention to my ramblings! But what about those who did take on board my thoughts? I was keen to make it clear that I couldnt guarantee the outcome of the budget. But what if I got it completely wrong? Fortunately, being a lawyer, Id hedged my bets a bit. So, for example, I l took a leaf out of the Tory partys book and (in the spirit of their election manifesto) neither ruled in nor ruled out an increase in VAT! Having taken this approach, Im delighted to be able to take a sigh of relief. Other than not getting the detail completely right about the changes to Capital Gains Tax, I dont think I fared too badly with my predictions. Of course, I can say that confidently because I do not intend to summarise my predictions here! However, if any Stafford or Three Counties attendees are reading and disagree, this is an open forum and they are entitled to lodge their objections on-line !Anyway, asides from freezing Council Tax, there was precious little to cheer in the Budget other than the hope that it may have the desired effect of reducing the yawning deficit in the public finances: time will tell regarding that.Nevertheless, there were a few more positives: The tax regime affecting carers has been improved significantly. Also, the changes to National Insurance Contributions and the increase in the tax-free personal allowance will benefit the lower-paid. Adjustments will be made once the Retail Prices Index (RPI) for September is known in order to adjust the tax thresholds to prevent the change from benefiting higher-rate taxpayers.Income TaxTax ThresholdsAlthough the increase by a further 1,000 from April 2011 in the tax-free allowance for Income Tax (IT) purposes will attract the headlines, the higher-rate limits are being frozen until at least 2014.Furnished Holiday LettingsThe Government is cancelling the proposed changes relating to the taxation of those operating furnished holiday lettings businesses, but measures governing the actual days let rules are being tightened up. InvestmentsFrom 6 April 2011, the ISA limits will be increased in line with the RPI on an annual basis. One nice touch by the Chancellor is that the increases are to be rounded to the nearest 120, so that individuals who save monthly will be able to calculate their monthly savings more easily.There are detailed changes to the legislation on Venture Capital Trusts (VCTs), which have the practical effect that a wider range of investments can now attract VCT status, and other changes, one of which is that Enterprise Investment Scheme and VCT companies no longer have to trade in the UK but need only have a permanent establishment here.PensionsThe Government is deferring by two years (to age 77) the age by which a pension must be vested by the pension holder. This applies now, but only to those who have not reached the age of 75. The detailed changes will take effect in 2011, so there will be a limited window of opportunity to take any necessary action. Capital Gains Tax The changes to the Capital Gains Tax (CGT) regime below all have immediate effect from midnight on 22 June.Legislation will be included in the Finance Bill 2010 to introduce a new top rate of CGT of 28 per cent, which will apply to disposals after Budget day. For individuals, the rate of CGT remains at 18 per cent where total taxable gains and income are less than the upper limit of the IT basic-rate band. The 28 per cent rate applies to gains (or any parts of gains) above that limit. The CGT annual exemption remains unchanged at 10,100.The biggest change is the increase in the lifetime limit for Entrepreneurs Relief to 5 million (up from 2 million) for qualifying capital gains. These will continue to qualify for a reduced rate of CGT of 10 per cent.The CGT regime is being amended so that deferred gains where prior gains have been rolled over into new assets will be taxed at the new rates of CGT when the gain is realised, not the rate of CGT applicable when the gain was deferred.GeneralGuardians and CarersPeople who care for one or more children placed with them under either a special guardianship order (i.e. special guardians) or a residence order, where that individual is not the childrens parent or step-parent, will not pay tax on the sums they receive under the order from 6 April 2010.The regulations applicable to shared-life carers have also been simplified, based on a scale of tax-free allowances which increase with the number of persons cared for. This will affect foster families and other shared-life carers. Special guardians and kinship carers providing care for a child who has not been placed with them under a residence order will not be considered qualifying carers for the purposes of this IT relief. However, they will be entitled to claim the new IT exemption for payments to qualifying guardians. The CGT exemption applicable to private residences is being preserved where an adult placement carer uses part of their home exclusively for the purposes of their business as a carer.If any of the items in this bulletin apply to you, please get in touch with me, Edward Rees on 01743 280280 or by email  edward.rees@lblaw.co.uk.  ]]></description>
<category><![CDATA[Lanyon Bowdler News]]></category>
<pubDate>Thu, 24 Jun 2010 10:28:33 +0000</pubDate>
<guid>http://blog.lblaw.co.uk/budget-june-2010-summary-of-changes-affecting-private-individuals-214/</guid>
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<title><![CDATA[Just What Will Free 'Personal Care' Actually Mean?]]></title>
<link>http://blog.lblaw.co.uk/just-what-will-free-personal-care-actually-mean-192/</link>
<description><![CDATA[
With the general election date now confirmed as 6 May, all the talk and media comment over the last few months about funding care for elderly people is probably reduced to so much hot air - again.  I wonder, anyway, how well most people have understood the current government's proposed free personal care for all people who have lived in a residential or nursing home for two years.  Among "most people" I include journalists and other media commentators because what I've read and heard has been at best ambiguous and not exactly guaranteed to enlighten the rest of us. What will be free, if whatever government we get next decides to take it forward, will be the "personal care" element of residential and nursing care.  People who are self-funding under the present rules, and local authorities for those who aren't, will still have to pay for board and lodging - which seems perfectly reasonable to me but will no doubt still provoke protests from some quarters.
If you'd like some advice, or would just like to ask a question - contact Sue on 01952 244721 or email her at sue.harris@lblaw.co.uk.  ]]></description>
<category><![CDATA[Private Client ]]></category>
<pubDate>Tue, 06 Apr 2010 18:10:35 +0000</pubDate>
<guid>http://blog.lblaw.co.uk/just-what-will-free-personal-care-actually-mean-192/</guid>
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<title><![CDATA[The Budget - Summary of Changes for Private Individuals]]></title>
<link>http://blog.lblaw.co.uk/the-budget-summary-of-changes-for-private-individuals-189/</link>
<description><![CDATA[
I got home on Wednesday evening after a busy day of blogging and my son announced that he had been watching the budget on the television with his grandpa.  What is more he said he had really enjoyed it!  I was quite bowled over  Charlie is only 8 and I cant say I would usually give up my time to watch it by choice.  After all its 1  hours of my life Ill never get back!
However, it seems that the budget, for an 8 year old Star Wars obsessive, has all the drama of a premier league football match  with the added bonus of grandpa hurling at the television the sort of verbal abuse usually reserved for opponents of his beloved Man United.
Moreover, like in Star Wars, in the Budget there is a Chancellor and, again like in Star Wars, what he does is not universally popular!  Charlie is, in fact, convinced that Alistair Darling is a Sith Lord  in thrall to the dark side. 
Its hard to argue with this.  However, Charlies assertion that David Cameron and George Osborne must therefore be Jedi Knights is possibly more controversial! 
Anyway, this bulletin looks at the most important measures announced by the Chancellor which will affect individuals.  Many of the changes were announced in the Chancellors Pre-Budget statement last autumn.  Here I am concentrating on what is new and particularly on those changes which may affect clients adversely if action is not taken promptly.
So, sit down with a glass of the last of your reasonably priced cider, put a cold towel round your head and read on
Income Tax
The individual personal allowance has, as expected, been frozen.
The new 50 per cent tax band begins on 6 April.  If your income for 2009/10 exceeds 150,000, you will pay 50 per cent in income tax on the excess.  Personal allowances will be phased out gradually for those earning over 100,000.  Pension tax relief was not affected, with the Chancellor sticking to his plans. 
ISAsThe ISA limit is being raised from 7,200 to 10,200 for 2010/11 and will increase each year after that in line with inflation.
Offshore Tax EvasionFollowing a series of disclosure windows for offshore tax evaders, these have now slammed shut.  The Chancellor has announced three new tax disclosure arrangements between HM Revenue and Customs (HMRC) and tax haven countries and tax penalties for offshore tax evasion are effectively being increased by 50 per cent.  Tax evaders who get caught may now have to pay a penalty of up to 200 per cent of the tax avoided.
Use of Tax LossesThe temporary extension of trading loss carry-back from one to three years for losses up to 50,000 continues for the 2008/09 and 2009/10 tax years for unincorporated businesses.
PensionsYou are reminded that restriction of higher-rate tax relief comes in fully next tax year for high earners: a review of your pension arrangements may be in order.
Losses Due to Financial Services Act Regulated ProductsAnomalies in tax treatment can arise where compensation is paid to policy holders etc. as a result of the operation of the Financial Services Compensation Scheme.  Tax law is being altered to ensure that compensation scheme payments are treated as if they were the normal return of the investment concerned.
Capital Losses on Insurance etc. Policies Held as InvestmentsThe Government is to legislate to improve the availability of life assurance deficiency relief, the practical effect of which is that people who have lost money on policies held as investments will benefit from reduced tax at the higher and dividend rate.
Inheritance Tax (IHT)
Threshold FrozenThe IHT threshold, which was planned to be increased to 350,000, has been frozen  for four years  at 325,000.  This is a rate which can trap those with relatively modest estates: if you havent carried out an IHT planning exercise, now is the time to start. 
Anti-Avoidance - DOTAS For some years it has been necessary to inform HMRC, through the Disclosure of Tax Avoidance Schemes (DOTAS), if you are undertaking some forms of tax avoidance.  Over the summer, the Government is to undertake a review to see how IHT tax planning can be brought into the DOTAS regime.
Miscellaneous
CGT annual exempt amountThe capital gains tax annual exempt amount for the tax year 2010/11 has been set at 10,100 unless Parliament determines otherwise (the same as for 2009/10).  This amount is available to individuals and personal representatives, among others.  The CGT rate remains at 18%.
Working Tax Credits for the Over 60sFrom 6 April 2011, people aged 60 and over will qualify for Working Tax Credits if they work at least 16 hours a week.  Currently, those aged 60 and over qualify for Working Tax Credits if:
 they work 30 hours or more a week;  they work 16 hours or more a week and they have dependent children or qualify for the disability element; or  they work 16 hours or more and they are returning to work after being on certain benefits for six months or more (only available to the over 50s).
PropertyThe Chancellor announced that he is to double the stamp duty threshold to 250,000 for first time buyers with immediate effect.  In addition, the rate of stamp duty on homes over 1 million will increase from 4 to 5 per cent.
BenefitsHousing benefit is to be cut for those in expensive properties.
If any of the items in this bulletin apply to you, please get in touch with me, Edward Rees on 01743 280280 or by email  edward.rees@lblaw.co.uk.  
The end of the tax year is 5 April for individuals. 
The information contained above is intended for general guidance only.  It provides useful information in a concise form and is not a substitute for obtaining professional advice.]]></description>
<category><![CDATA[Private Client ]]></category>
<pubDate>Fri, 26 Mar 2010 10:18:25 +0000</pubDate>
<guid>http://blog.lblaw.co.uk/the-budget-summary-of-changes-for-private-individuals-189/</guid>
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