Gifts and inheritance tax in the season of goodwill

Christmas is the season of goodwill and, aside from choosing what presents to wrap and place beneath the Christmas tree, you may also be wondering if you can make some more substantial gifts to take advantage of tax reliefs such as agricultural relief and lifetime gift exemptions. Emma Elwess, Director of Private Client at Ware & Kay in York & Wetherby, explains the different ways farmers can use tax reliefs to give away gifts without incurring inheritance tax. General lifetime gifts During your lifetime you can give away any of your possessions worth up to a total value of £325,000 without being liable to inheritance tax. Gifts given over this amount will usually be subject to inheritance tax when you pass away (unless you live longer than seven years after the gift is given). There…

Reconciliation; can we change our minds about getting a divorce?

You are likely to have spent some weeks, months or perhaps even years contemplating getting a divorce before you decided to apply, and even then, you may still wonder if it is not too late to save your marriage, particularly if you have children together. ‘Issuing or receiving a divorce petition can be the spark that awakens feelings or renewed efforts and could lead to a reconciliation,’ says Robert Bellhouse, a Family Solicitor with Ware & Kay. ‘It is not uncommon following a divorce petition for a couple to talk more openly to each other, perhaps supported via counselling or mediation.  This can be the start of working together to address the cause of unhappiness and could lead to a route forward together again.’ While the decision to divorce is a big step, there is…

Can a fraudster really steal a house?

A solid building, made of bricks and mortar, seems an unlikely target for thieves. For most of us our homes evoke a powerful sense of security; ‘safe as houses’ as the old saying goes. But the facts tell a different story, as there has been an exponential growth in property fraud which now accounts for 70 per cent of all frauds. Media reports of a Luton vicar discovering his locks changed and a stranger in his home, is an extreme example.  However, there is no room for complacency and there is a lot that you and your solicitor can do to prevent you becoming a victim of property fraud. What happened in Luton Reverend Mike Hall made the headlines when a fraudster targeted his modest terraced house in Luton. Working away from home, he was surprised…

The problem with work Christmas parties

Christmas parties are a great chance for employees to have fun together and for employers to treat their staff as a ‘thankyou’ for their hard work during the year. An unintended consequence can be that employees take this as a chance to behave badly or share uncomplimentary opinions about colleagues and managers that they have kept under wraps during the rest of the year. An employment tribunal is likely to see the Christmas party as falling within the ambit of employment, bringing the risk of the employer being liable for discrimination and other claims. This can also land you with grievances and damaged relationships. ‘No team is harmonious all the time, but sometimes working relationships can deteriorate to such an extent that employers may need to take drastic steps to resolve the situation. A breakdown in…