News

11/02/08
Corporate Manslaughter Penalties

The Corporate Manslaughter and Corporate Homicide Act comes into force on the 6th April this year. It does not really change the fundamental duties which are placed upon operators as these already exist under food safety, fire safety and workplace safety legislation. It simply makes it easier for corporate bodies to be prosecuted in the event of a fatality within their workplace.

The new legislation brings with it swingeing penalties which could have a major impact upon businesses. Fines are set to be as much as 10% of turnover which is way in excess of any penalties which have ever been imposed in previous such cases. The Courts will also be able to make publicity orders requiring convicted companies to advertise their failings with the obvious intention of exacting further punishment beyond that already effected by the imposition of the financial penalty.

Your contact for advice is Mike Stevenson
56-58 Liverpool Road Great Crosby Liverpool L23 5SG
Tel: 0151 924 6444 Fax:0151 932 2709 .

23/10/07
Northern Rock

The Government continues to refuse to give details of its guarantee for this company and more importantly whether any notice would be given before the guarantee is withdrawn. You may think that such a guarantee needs to considered with caution.

23/10/07
Inheritance Tax

The Inheritance Tax changes announced in the House of Commons on the 9th October are not as generous as they first seem. Those married couples who have taken Inheritance Tax advice may already be benefitting from the £600,000 tax free allowance just announced. However as with all tax changes the devil is in the detail - will the allowance of the first to die (currently £300,000) have to be transferred to the survivor by some sort of document or will it be automatic?

Please contact any of our offices for further advice.

29/08/07
Powers of Attorney

The new Power of Attorney document called a Lasting Power of Attorney will now come into force on the 1st October 2007 . The costs under this new system will be significant because there are 2 different types of document and each has to be registered immediately with the Court of Protection in London at a cost of £150 each - therefore for husband and wife these fees to the Court will total £600.

If you are considering a Power of Attorney you may wish to discuss the matter with us as the existing simpler forms will continue to be valid after 1st October 2007 if they are signed before then.

Contact Avril Turner at our Holywell office or Steve Baxter at our Crosby or Smithdown Road offices."

11/06/07
A useful tool to avoid Inheritance Tax

Deeds of Variation can be used to reduce Inheritance Tax as long as they are signed within two years of the death on which the tax arose.

Say for example that a husband has left all his estate to his wife – which would be tax free if the wife is domiciled in the UK. This would mean that the husband’s tax free allowance of £300,000 has not been used up. If there were sufficient funds the Deed of Variation could redirect that gift to children or grandchildren up to the £300,000 allowance thus making that gift tax free. There are other circumstances where a Deed of Variation would be useful but they are invariably complex so always take professional advice

If this is of concern to you or you would like up-to-date advice on Tax Planning contact the Trust and Probate Department of our nearest office.

03/05/07
Inheritance Tax Trap

Many of you will have seen that the Revenue in a recent case have been taking action against discretionary will trusts involving a half of the family home linked to an IOU arrangement and the ruling has gone against the taxpayer. This is a very worrying use by the Revenue of anti-avoidance provisions as this type of arrangement has been widely used in the past.

If this is of concern to you or you would like up-to-date advice on Tax Planning contact the Trust and Probate Department of our nearest office.

12/04/07
New Property liabilities follow court case

Depending on where you live, the property you wish to buy may be liable to contribute to the repair costs for their local church's chancel. This type of liability has existed unchanged since the Reformation. The Law Society is calling for the abolition of chancel repair liability and its replacement with a more sensible system for funding the maintenance of historic buildings. The chancel repair liability system is unsatisfactory for a number of reasons:

It is uncertain and capricious because it's often very difficult to ascertain the existence or extent of the liability; It is increasing the cost of conveyancing; It is discriminatory, benefiting only churches of one denomination. The liability was highlighted quite recently by the case of Aston Cantlow and Wilmcote with Billesley Parochial Church Council v Wallbank. The House of Lords, reversing the Court of Appeal's decision, held that enforcing the liability did not contravene the Human Rights Act.

This case emphasizes the importance of instructing solicitors who are aware of these pitfalls. For help please contact our conveyancing departments.

05/03/07
Personal Injury Trusts

If you have or are about to receive compensation for a personal injury claim and you continue claiming mean-tested benefits it is possible to keep the money in a Personal Injury Trust and still claim the benefits no matter how large the compensation is.

It is still possible to do this even if you have had the money some time ago so long as it was kept separately from other monies.

This does not apply to someone who is receiving compensation following someone’s death however.

If you are not sure whether this applies to you email the details to Gwyn.bartley@gregsonslaw.com for a free assessment whether you can take advantage of this.”

30/01/07
Home Information Packs

Home Information Packs (HIPs) will become mandatory on 1 June 2007 as part of the government’s reforms of the house buying and selling process. A basic pack is expected to cost upwards of £500. The packs are now to include Energy Performance Certificates but a Home Condition Report, for the time being, will remain optional.

It is anticipated that properties on the market before the 1st June this year and which remain on the market will not require a HIP before March 31st 2008.

If you are thinking of selling your home this year we can help. Please use the contact numbers on our website.

16/12/06

Enduring Powers of Attorney

In April 2007 a new Power of Attorney document called a Lasting Power of Attorney will come into being. The costs under this new system will be significantly greater as it will involve a great deal more work and also attracts a fee payable to the Court of Protection to register the Lasting Power of Attorney in London. In addition, the new power of attorney will comprise two forms – one for financial matters and one for health and welfare – with 22 pages in all in place of the 4-page form in use today.

Currently, there is no need to register an Enduring Power of Attorney unless someone becomes unable to handle their own affairs. Often, it is left gathering dust and is never required, but it is there to save costs if the worst occurs.

If you are considering a Power of Attorney you may wish to discuss the matter with us as the existing forms will continue to be valid after April of next year if they are signed before then.

Contact Avril Turner at our Holywell office or Steve Baxter at our Crosby or Smithdown Road offices.