by johnireland | Estate Planning Essentials
Without a Will, the intestacy rules in England and Wales decide who inherits. A spouse or civil partner takes everything; otherwise the estate goes to parents, then siblings (or their children if a sibling has died), then half-siblings, grandparents, aunts and uncles,...
by johnireland | Estate Planning Essentials
The furnished holiday lettings regime ended on 6 April 2025 (1 April for companies). A holiday let is now taxed like any other let property. Gone: Business Asset Disposal Relief, gift holdover relief, rollover relief, capital allowances on new spending, full mortgage...
by johnireland | Estate Planning Essentials
“One day, all this will be yours” can be legally binding. Under proprietary estoppel, if you repeatedly promise a child or employee that they will inherit the farm, house or business, and they rely on it to their detriment — years of low pay, a career...
by johnireland | Estate Planning Essentials
Downsizing does not have to lose you the £175,000 residence nil-rate band. If you sold, gifted or moved to a less valuable home on or after 8 July 2015, the estate can claim a downsizing addition to replace the allowance lost on the move. The former home must have...
by johnireland | Estate Planning Essentials
Here’s something a lot of people don’t know: your Will doesn’t decide who gets your pension. Most pensions are discretionary trusts, and the trustees decide who receives the death benefit when you die, guided by a separate document called an...
by johnireland | Estate Planning Essentials
From 6 April 2027, unused pension funds and most death benefits will count towards the value of your estate for Inheritance Tax, with pension scheme administrators working alongside your personal representatives to settle the tax due. Income tax treatment on death...
