As a Muslim living in the UK, it is crucial to ensure that your wealth and assets are distributed according to both Islamic principles and UK laws after your passing. This is where an Islamic Will, or “Wasiyyah,” becomes vital. By drafting an Islamic Will, you ensure that your estate is distributed in line...
Understanding your ownership structure is vital when co-owning property, especially if you wish to control how your share of the property is handled after your passing. One important legal concept for property owners is the severance of tenancy, a process that can protect your interests and ensure your estate is distributed according to your...
Improved Processes for Trusts and Estates: What You Need to Know Managing trusts and estates can often feel overwhelming, especially given the intricate legal and tax-related responsibilities. However, recent changes in the UK have streamlined these processes for trusts and estates, bringing much-needed clarity and efficiency for both professionals and individuals. This post explores the...
Hundreds of Families Fall Foul of the Seven-Year Inheritance Tax Rule Inheritance Tax (IHT) can be a significant burden for many families, especially when they inadvertently fall into a trap laid out by complex tax regulations. One such rule that often catches people off guard is the seven-year inheritance tax rule. Understanding this rule and...
At Care Accountancy, we understand the importance of efficient probate processing for our clients. In recent developments, the Probate Service has significantly reduced the turnaround time for digital probate applications, particularly in straightforward cases. This improvement is a welcome change for many families navigating the complexities of estate administration. Significant Reduction in Processing Delays...
Family Investment Companies (FICs): A Guide to Multi-Generational Wealth Succession Planning At Care Accountancy, we are dedicated to providing comprehensive financial strategies to help families manage and preserve their wealth across generations. One increasingly popular method for achieving this is using Family Investment Companies (FICs). In this blog, we will explore the benefits, structure, and...
LAND AND PROPERTY: In Matthews v Matthews (2024 EWHC 2182 Ch), a solicitor acting on behalf of an elderly farmer attempted to sell some of his land to cover tax bills and care fees. This sale was challenged by the farmer’s second cousin, who claimed a prior right of first refusal at market price. The...
Starting October 1st, courts in England and Wales will be able to impose legal costs on parties involved in Trusts of Land and Appointment of Trustees Act 1996 (TOLATA) and Inheritance (Provision for Family and Dependants) Act 1975 disputes who decline to participate in non-court dispute resolution methods, such as mediation. This authority, previously limited...
Unoccupied Property Insurance During Probate: Why It’s Essential, What It Costs, and How to Secure It At Care Accountancy Ltd., we understand that navigating the probate process can be overwhelming, especially when it comes to managing unoccupied properties. Ensuring these properties are properly insured is crucial to safeguarding the estate’s assets. In this blog,...
The landscape of inheritance tax (IHT) in the UK is evolving, with an increasing number of estates being drawn into the IHT net. The number of deaths resulting in an inheritance tax (IHT) charge in the 2021/22 tax year rose by 3 per cent to 27,800, according to HMRC figures. This is about 4.4 per...
Copyright by CareAccountancy. All rights reserved.
Copyright by CareAccountancy. All rights reserved.
