The Enterprise Investment Scheme: What tax reliefs are available?
In his latest article, experienced Corporate & Commercial Solicitor Paul Longland answers your questions on EIS tax relief.
The whole world now knows how Cilla Black left a huge inheritance in excess of £15million to her three sons. They are also due to inherit her £2million Spanish mansion and £1.5million Barbados penthouse which are in addition to her UK estate. By preparing a Will covering her English assets, not only has she provided for her family but she also left a gift of £20,000 to her friend and housekeeper Penny.
Wills & Tax Associate, Heather Varley,says. "This case highlights the need to prepare a Will if there are specific gifts that you would like to leave after you have died. Only by making a Will can you be certain that your bequests and affairs will be dealt with as you would wish. This is particularly important if you have property or other assets such as savings or insurance policies and even more so if you have children."
We appreciate that even when you have made a Will it’s very easy to put it in a safe place and forget about it but circumstances change, especially in the case of extended families. We advise our clients to regularly review existing Wills to ensure that they reflect their current wishes and circumstances. For example, if couples have separated but not divorced a spouse will still benefit unless a Will has been updated. It is vitally important after re-marriage to prepare a fresh Will as previous arrangements would become void. Also if children or grandchildren come into the equation then a Will can be updated to appoint guardians and to make provision for the little ones.
Making a Will may seem daunting but it is not a complicated matter. It is a legal document that needs to be drawn up correctly to avoid complications in the future and we pride ourselves on making this a simple and painless process for clients. If you are unable to travel easily we also offer home visits.
Our Wills & Tax Team, based in Christchurch, also cover Bournemouth, Poole and the New Forest. For a free initial chat, please call 01202 499255 and Heather or a member of the team will be happy to discuss any questions that you may have.
