Published: 11 April 2019
What happens if someone holds £145 million worth of cryptocurrency, they pass away unexpectedly and they are the only person who has the password to the digital wallet in which funds are stored? This was the unfortunate reality for the owner of Canada’s largest cryptocurrency exchange, Gerald Cotten. It resulted in the Canadian company QuadrigaCX being unable to pay their customers around £41 million worth of Bitcoin.
Published: 3 April 2018
Our short guide to domicile
Why is domicile important?
Domicile is a critical consideration in establishing the extent to which an individual is liable to UK taxation. Domicile, together with the concept of residence, is used to ascertain the level of connection an individual has to the UK in order to determine the relevant basis of taxation- the closer the connection to the UK, the greater the liability to UK taxation.
Published: 22 January 2018
Do you know how many estates in England and Wales fall liable to pay Inheritance Tax in any given year? In Government statistics published in July 2017 for the year 2014/15 the answer was 23,000.
Published: 2 November 2017
The Fletcher Day Private Client team are delighted to announce their participation in the charity Will writing initiative Will Aid, for the month of November 2017.
Published: 21 July 2017
The Residence Nil Rate Band
With effect from 6th April 2017, a new inheritance tax relief came into force that could save the children of a married couple thousands of pounds in inheritance tax.
Unfortunately, rather than simply raising the inheritance tax threshold from its current rate of £325,000, which would have been much easier to understand, the ‘residence nil-rate band’ (‘RNRB’) was introduced.
Published: 16 June 2017
“I don’t need a Will, my spouse gets everything anyway”
“I don’t need a Will because I’m not worth anything”
These are two very common misconceptions. Many people think that Wills are only necessary for people with a great deal of wealth, but this is not the case. There are certain laws governing how a person’s estate is divided if they die ‘intestate’ (i.e. without a Will), which might not be what you would expect or intend. The intestacy rules determine who inherits your assets. The intestacy rules do not allow for you or your family to choose who receives your estate, which is distributed in accordance with the strict legal rules. According to statistics, one in three people die intestate in the UK every year.
Fletcher Day expands Private Client offering with appointment of specialist Private Client & Tax lawyer
Published: 26 May 2017
Fletcher Day welcomes Elena Tzialli as a Senior Associate Solicitor heading up the newly formed Private Client department.