Caroline Miller
- Partner
- Private Client
With the Prime Ministerial leadership contest drawing to a close and a new Prime Minister preparing to take up residence in Number 10, attention inevitably turns to what comes next. New leaders are often keen to make their mark, bringing fresh priorities and policy proposals. While we may need to wait until the Autumn Budget to see the full direction of travel, periods of political transition are a useful reminder of the importance of keeping personal, financial and succession plans under review.
This edition of In Trust explores three areas where change is already on the horizon: cohabitation reform, inheritance tax on pensions and the proposed high-value residential property surcharge, often referred to as a “mansion tax”. Whether these measures survive intact under the new administration remains to be seen. With a new Prime Minister and Cabinet taking shape, further reform is likely to follow.
Alongside these policy developments, we also explore broader issues affecting individuals, families and trustees, from purpose-driven investing and the continuing legacy of the Windrush generation to the growing challenge of protecting identity in an age of deepfakes and AI.
We hope you enjoy this edition of In Trust and, if any topic raises a question, please contact your usual Wedlake Bell adviser.
In this issue…
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A fairer end to relationships: proposed reforms to divorce law and the law for cohabitants — major family law reforms aim to create a more predictable framework that better reflects modern family life. Changes could reshape financial remedies on divorce, new rights for cohabitants, inheritance rights on death, and provide greater clarity around financial provision where children are involved.
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Planning for major change: relevant unused pension funds and pension death benefits will become subject to inheritance tax — from April 2027, many unused pension funds and death benefits will fall within scope of IHT, reshaping long standing estate planning strategies and increasing the administrative burden on estates. Early planning will be key to navigating tighter deadlines, new reporting obligations and greater complexity.
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New High Value Council Tax Surcharge: consultation reveals how the regime could work — the new “mansion tax” is set to reshape the tax landscape for owners of high-value residential property in England from April 2028. Proposed annual charges, valuation requirements and new compliance obligations are all under consultation as the government finalises its approach.
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Aligning capital with purpose: a practical guide for trustees — trustees are increasingly expected to consider how their charity’s investments align with its wider purpose. Balancing mission, financial returns and governance can be challenging, but a clear framework and robust investment policy can help boards make informed and defensible decisions.
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The deepfake challenge: protecting creativity, identity and reputation — the rapid growth of deepfake technology is changing how creative works, likenesses and personal brands can be exploited. From cloned voices to AI-generated endorsements, individuals and businesses face growing challenges in maintaining control over their content and reputation.
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The Windrush generation: a legacy worth protecting — many members of the Windrush generation have built lives, families and assets across both the UK and the Caribbean. As they grow older, managing property, inheritance and family wealth across multiple jurisdictions can become increasingly complex. We explore the steps that can help protect assets, preserve wishes and secure a legacy for future generations.
In the press…
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STEP have renewed Wedlake Bell’s Platinum Employer Partner accreditation under the STEP Employer Partnership Programme. We were commended on our strong learning culture, commitment to professional development at all levels, and the tailored training and development opportunities available to our people. Read more here.
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Victoria Mahon has been quoted in eprivateclient discussing the growing importance of professional philanthropy advice and how advisers and philanthropic platforms are helping donors make informed giving decisions, while increasing transparency and accountability for charitable organisations. Read more here.
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Camilla Wallace recently joined Mary Rose Gunn, founder and CEO of The Fore, on the latest episode of the Brace For Impact podcast to discuss philanthropy, tax and the future of charitable giving. Read more here.
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New Law Journal featured Ann Stanyer’s article on the growing number of Court of Protection disputes concerning family visits in care settings. Read more here.
This article is for general information purposes only and does not constitute legal advice or a comprehensive statement of the law. Specific legal advice should always be sought in relation to individual circumstances.
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