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What is the Residence Nil Rate Band?

2018-03-14T10:49:53+00:00March 14th, 2018|Wills, trusts and estate planning|

Inheritance tax (IHT) is charged on your death at the rate of 40% based on the value of your assets. This 40% rate is only charged on any value exceeding the nil rate band. The nil rate band (£325,000 in the tax year 2016-17) is the amount which is chargeable to IHT at the rate of 0%. From 6 April 2017, an additional residence nil rate band (RNRB) applies so that less IHT may be paid when the family home is left to children, grandchildren and some other individuals.

Divorce: 10 Essential Tips

2017-07-25T15:05:56+00:00July 25th, 2017|Relationships|

10 essential things to know and do before filing for divorce Despite divorce rates being at their lowest level in 40 years, almost half of all marriages in the UK, 42% to be precise, still end in divorce. And whether it’s you or your spouse instigating the break-up, it’s almost always a complicated and emotionally [...]

Get in shape to sell

2017-07-14T17:27:12+00:00July 14th, 2017|Articles / Guides, Business law|

Whatever stage your business is at, it makes sense to have an exit strategy in mind. If one day you might sell the business or part of it, it pays to keep it in good shape and ensure that there are no issues lurking beneath the surface which might reduce the value of the business [...]

Choosing your LPA attorney

2016-08-22T14:11:15+00:00August 19th, 2016|Wills, trusts and estate planning|

Choosing who to appoint as attorney is the most important part in the process of making a Lasting Power of Attorney (LPA). Your attorney will be the person making decisions about your property and financial affairs and/or health and welfare should you become incapacitated. Acting as an attorney is an important role. You should choose [...]

Pre‐Nuptial Agreement Information

2016-06-15T12:16:28+00:00June 15th, 2016|Relationships|

This article sets out the position relating to pre-nuptial agreements and how they are viewed by the courts on divorce. If you have any questions please contact Holly Berner (hb@woodfords.co.uk) or Rajan Berry (rb@woodfords.co.uk) Summary of the Law upon a financial order claim […]