The Legal Services Board has announced proposals to deliver greater protection to consumers of the legal services of will-writing and estate administration. These would see the services brought within the scope of legal services regulation, regardless of who provides them. The decision on whether or not to regulate will-writing and estate administration services has long been debated, according to Shaun Underhill a Partner at Winchester based solicitors Shentons: “The LSB has reviewed all of the available evidence about the problems suffered by some consumers in these areas, and conducted original research, to identify what the risks to consumers are and why they emerge.” Continue reading →
Under recently announced changes to pensions rules those aged 60 or over now have the option of taking a lump sum from personal pensions with a value of £2,000 or less. The changes mean that, as of 6 April 2012, those aged 60 or over may take personal pension funds worth £2,000 or less as a lump sum, regardless of the value of their other pension savings, according to Shaun Underhill a Partner at Winchester based solicitors Shentons: ” A maximum of two pension plans may be paid out as lump sums in this way. 25 per cent of each lump sum will be tax-free, with the remainder taxed at the taxpayer’s marginal rate of tax.”
Although pension plans are designed to provide an income during retirement, it is generally possible to take up to 25 per cent of the value of a pension fund as a tax-free lump sum, with the rest of the fund being used to provide a regular income. Since 2006, however, under an option known as the ‘trivial commutation’ rule, those with £18,000 or less in pension savings could withdraw all those savings as a lump sum. The limit will remain at £18,000 in future, regardless of changes in the Lifetime Allowance.
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It’s that time of the year again, a time when UK employers gear up for a swathe of employment law changes, and 2012 is no different. This year, important amendments include those relating to tribunal procedures, unfair dismissal and statutory maternity and sick pay. Employers need to “switch on”, according to Shaun Underhill a Partner at Winchester based solicitors Shentons]: “This year there are important changes to statutory maternity, paternity, adoption and sick pay.” There are also significant changes to the qualifying period for unfair dismissal and in accident-reporting requirements. Continue reading →
The Government has launched a New Government scheme delivering cheaper loans for businesses. Launched on 20th March 2012, this new scheme enables eligible businesses to access cheaper loans from participating banks. The Government is using the UK’s budget credibility in financial markets to provide guarantees on up to £20 billion of unsecured borrowing by banks, according to Robert Kerr a Partner at Winchester based solicitors Shentons: ” This will enable participating banks to borrow at a lower rate, and these banks will pass on the entire benefit they receive to smaller businesses through cheaper loans.” Continue reading →
Just how binding are Pre-nuptial Agreements in the British Courts? Well a recent ruling of the High Court on a French ‘pre-nuptial agreement’ pretty much spells it out. The case involved a wealthy French couple who married in France in 1994, having entered into a pre-nuptial agreement. The couple moved to London and sometime later got divorced, during which the split of the family assets (which amounted to £15 million) needed to be decided, and that’s where the arguing started, according to Nick Bell a Partner at Winchester based solicitors Shentons: ” The wife claimed that the pre-nup should be ignored and the assets should be shared equally, with a maintenance agreement for £40,000 per year for each of their three children. The husband argued that the assets should be split according to the terms of the pre-nuptial agreement, with a smaller maintenance payment.” Continue reading →
From last week’s budget the Government began its effort to crush stamp duty land tax (SDLT) avoidance. Those buying residential properties worth £2m plus under the cover of a company in an attempt to avoid SDLT will face a wincingly high charge of 15 per cent. That’s £300k for a £2m property.
The Government appears to be serious; according to Robert Kerr a Partner at Winchester based solicitors Shentons: “The Government has said it has doubled the number of staff working on tax avoidance at HMRC and I can see why. Any transactions claiming exemption from SDLT will now have to be much more carefully scrutinised”. Continue reading →
The Office of Fair Trading has launched an extensive review of the payday lending sector. This is in part prompted by concerns that some payday lenders may be taking advantage of people in financial difficulty.
The review will investigate compliance with the Consumer Credit Act and the OFT’s guidance on irresponsible lending, according to Shaun Underhill a Partner at Winchester based solicitors Shentons Solicitors and Mediators: ” Evidence gained during the review will be used to boost standards across the sector and to drive out companies that are not fit to hold consumer credit licenses.” The review will involve on-site inspections of 50 major payday lenders and surveys of industry and consumer organisations. Continue reading →
The recent publicity about the still unresolved mystery of the whereabouts of Lord Lucan nearly 40 years since he disappeared, has highlighted that, according to a report by the Justice Select Committee, new legislation is needed to make it easier for families to resolve the affairs of missing people. The complex legal landscape means that families often have to pay to pursue multiple proceedings before everything is resolved. This can prove costly for families. Continue reading →
HM Revenue & Customs have turned their attention to E-market Traders. The HMRC e-marketplaces campaign, which kicks off on 14th March 2012, is targeted at people who are trading online to sell goods and services as a trade or as a business, but aren’t paying the right amount of tax. For some people it’s hard to decide whether they are trading or not, according to Shaun Underhill a Partner at Winchester based solicitors Shentons Solicitors and Mediators: “The campaign isn’t aimed at people who only sell a few of their personal items. They are unlikely to need to pay tax as they aren’t trading.” Continue reading →
Employers and potential employees need to take note of a change in the qualifying period required for unfair dismissal laws to apply. New unfair dismissal laws, which mean employees cannot qualify for the right until completing two years’ of service come into effect on 6 April 2012. However, the new regulations will not be applied retrospectively, so employees starting work before 6 April 2012 will continue to be able to claim unfair dismissal after only one year’s service. This could mean employers delaying recruiting new employees until after 6 April. Continue reading →
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