When one of the owners of a joint bank account dies, the funds in the account will usually pass to the other joint owner(s) automatically by survivorship. It is important to be aware, however, that for inheritance tax (“IHT“) purposes,
More about Joint bank accounts – How are the funds treated for IHT purposes?From 2016/17, HM Revenue & Customs (“HMRC“) have not required trustees or personal representatives (“PRs“) to report any income of a trust or estate which is solely savings interest and is less than £500. The trustees or PRs simply pay
More about New tax rules for low-income trustsHow do you deal with a request for an extended period of time off during a new starter’s probationary period? Can you require an employee to take annual leave at a certain time to avoid holiday clashes? Can you allow
More about Wedlake Bell Employment Podcast – Episode 1Corporate partner Stephen Callender and senior associate Tom Boersma have advised Renewabl on a multimillion pound seed round. The round was led by Helen Ventures and supported by Encevo Group, Toyota Ventures, Nesta, and Enery, alongside a reinvestment from PortfoLion
More about Wedlake Bell advises Renewabl Ltd on a multimillion pound seed roundGENERAL ELECTION – TAX POLICY This week, we have had the publication by the Conservative and Labour parties of their manifestos ahead of the general election on 4 July 2024. In this month’s Private Client Legal Update, we summarise what
More about Private Client Legal Update – June 2024Rishi Sunak has announced that the next general election will take place on 4 July 2024. The opinion polls currently suggest that Mr Sunak will not be returning to No. 10 and businesses should have one eye on Labour’s proposed
More about What to expect if labour win the next General Election – Painting the law red or just colouring in the lines?Deputy ICC Judge Curl KC’s judgment in Wade & Anor v Singh & Ors [2024] EWHC 1203 (Ch) follows applications by the liquidators of MSD Cash & Carry plc to enforce charging orders over a number of properties owned by
More about Wade & Anor v Singh & Ors [2024] EWHC 1203 (ch)Phoenix Tech Ltd had carried on business to defraud HMRC by participating in a kind of VAT fraud sometimes called “missing trader intra-community” fraud or “carousel” fraud. It had submitted a VAT return claiming the right to deduct VAT and
More about Hellard v KhanIn Re a Company [2024] EWHC 1070 (Ch) was an application to restrain presentation of a petition on five grounds: (1) that the judgment debt was time-barred;(2) that it was unclear if there had been an acknowledgment of the debt
More about In re a companyMr Becker was adjudged bankrupt on 21 June 2017. On 31 May 2018 his trustees applied under s 279(3) Insolvency Act1986 to suspend the running of his discharge period. An interim order was made on 18 June 2018 followed by
More about Becker v Ford