Archive for September, 2007
Friday, September 28th, 2007
The provision of legal services in Scotland is being debated at a conference today, it has been reported.
Delegates at the National Galleries are discussing whether legal services could be made available to consumers from other providers, such as supermarkets or banks.
Also being discussed is whether rules governing how law firms operate should be relaxed to allow them to take advantage of alternative business structures.
President of the law society of Scotland Richard Henderson commented: "This is one of the most important issues to arise in the history of the Scottish legal profession and could result in far-reaching changes for the profession, the society and the public."
He added that the society is working on a new policy for the education and training of solicitors to ensure that legal services in Scotland continue to improve.
The Law Society of Scotland is the governing body for solicitors in the country and promotes the interests of the public in relation to the profession.
Posted in Legal Aid | No Comments »
Thursday, September 27th, 2007
New regulations will affect both employers and their workers from Monday October 1st, it has been announced.
From next Monday, there will be increases in the national minimum wages (NMW) as adult workers aged 22 or above must be paid £5.52 an hour, employees aged between 18 and 21 will be eligible for £4.60 an hour.
Staff who are no longer of compulsory school age but are under 18 must receive £3.40 an hour, according to Clickdocs.
There will also be changes in the law for employees who do not receive a holiday entitlement of 28 days per year – which can include bank and public holidays – as businesses must change their holiday entitlement policies and related outgoings.
Furthermore, the right of private foster carers and individuals with residence orders to appeal for flexible working will apply to employees who have worked for the company for 26 continuous weeks.
HM Revenue and Customs reports that the present NMW stands at £5.35, £4.45 and £3.30 for those over 22, between the age of 21 and 18 and less than 18 but over the compulsory school age, respectively.
Posted in Estate Agency | No Comments »
Wednesday, September 26th, 2007
A new drive by HM Revenue & Customs (HMRC) aims to clamp down on inheritance tax (IHT), it has been reported.
Financial information such as bank statements and pension plans are being examined by HMRC to ensure that gifts made during the seven years prior to the death of the benefactor are declared accurately, according to the Telegraph.
IHT is levied at a rate of 40 per cent on all assets above the boundary of £300,000 upon an individual’s death as well as gifts made by the party within the previous seven years, unless they fall within certain limits.
Those concerned over IHT may benefit from seeking legal advice in order to see how it may affect them and how its effects can be diminished.
HMRC issued a newsletter in August that stated from now until March 31st 2008, it would be paying "particularly close attention" to lifetime transfers.
In his last Budget as chancellor, prime minister Gordon Brown announced plans to raise the IHT limit to £350,000 by 2010.
Posted in Inheritance Tax | No Comments »
Tuesday, September 25th, 2007
While there are "many ways" to avoid paying inheritance tax (IHT), individuals "do need to take advice" on the matter, an independent financial advisor has asserted.
Keith Thomas, director of investment services at Blackadders, noted a number of ways in which consumers may reduce or eliminate the tax payments, including giving small unlimited gifts of up to £250 per tax year and adjusting wills.
He noted that IHT is a "very emotive" tax and that many consumers believe that it is not going to affect them.
"Providing individuals take advice and gift within the confines of the existing legislation there is no need not be a problem," he added.
IHT is a tax charged at 40 per cent on the estate of a deceased individual which is valued above a threshold of £300,000.
In his last Budget as chancellor of the exchequer, Gordon Brown announced plans to increase the IHT boundary to £350,000 by 2010.
Posted in Inheritance Tax | No Comments »
Monday, September 24th, 2007
A meeting will be held by the Law Society of Scotland this week to discuss friction between consumer and commercial interests over legal services, it has been reported
The possible ramifications of alternative business structures (ABS) proposed for firms in Wales and England will be debated, reports the Scotsman.
While ABS is not currently in practice, the Office of Fair Trading has recommended that the Scottish parliament considers lifting restrictions such as rules regarding advocates’ business structures and third-party market entry, which could "be causing harm to consumers", states the publication.
Director of law reform at the law society Michael Clancy stated that it was important for law firms to engage in the debate as any decisions are likely to have significant impact on Scotland’s legal system.
"That is one of the reasons why the conference is so important – it is a very significant crossroads for the profession and the Scottish legal system. It will inform the views that set the timbre for developments in the early 21st century," he said.
As the governing body for Scottish solicitors, the Scottish Law Society promotes the interests of the legal profession and those of the public in relation to solicitors.
Posted in Estate Agency | No Comments »
Friday, September 21st, 2007
Gross mortgage lending fell by some six per cent in August – compared to July – according to the Council of Mortgage Lenders (CML).
Borrowed funds totalled some £32.2 billion from £34.1 billion in the previous month and represented a decrease of three per cent from the August 2006 figure of £33 billion, in news that may be of interest to those in search of financial advice in Scotland.
The figures are not seasonally adjusted.
CML director general Michael Coogan commented that despite the falls, lending remained at "very high" levels and attributed some decrease in the short-term supply of lending to the problems lenders face in raising wholesale funding.
"It makes sense for consumers to continue to plan for rates at or about their current levels for the foreseeable future – we are not out of the woods yet," he added.
According to figures from the Registers of Scotland Executive Agency, the average house price in Scotland currently stands at £149,292.
Posted in Estate Agency | No Comments »
Thursday, September 20th, 2007
Health secretary Alan Johnson has called for an investigation of the notion of an ‘opt-out’ system regarding the donation of human organs, it has been reported.
The study is to focus on issues around introducing ‘presumed consent’ – where hospital staff are allowed to assume a deceased individual’s organs can be used for transplant unless the person has specifically stated otherwise.
Nicola Sturgeon, health secretary for Scotland, told the Scotsman that she welcomed the forum for debate to be opened on this topic as a change would be significant and would require the backing of both health professionals and the public if it was to occur.
"I very much share Alan Johnson’s aspiration that organ donation rates in every part of the UK should match the rates in other European countries such as Spain," she added.
Over 800 Scottish individuals are currently on waiting lists for transplants, while only 50 organs were donated in the country last year, reports the publication.
According to the NHS more than 400 people died while waiting for a transplant last year.
Posted in New Legislation | No Comments »
Wednesday, September 19th, 2007
A simple way to avoid inheritance tax (IHT) is to donate gifts to registered charities, according to Standard Life Assurance.
Estate planning specialist at the firm Julie Hutchison told the Scotsman that there is a 100 per cent exemption for both lifetime gifts – and those left in a will – made to registered charitable organisations, adding that cash is not the only kind of donation that can be contributed.
"Gifts of shares can also qualify under the so-called Share Aid rules, as can certain gifts of land under the Land Aid rules. There are also income tax and capital gains tax benefits to making donations to charity," she said.
The publication states that families were taxed £1.5 billion in avoidable IHT payments in 2006 – a 19 per cent increase from 2005.
IHT is payable at 40 per cent on the estate of a deceased person that exceeds £300,000. In his last Budget as chancellor of the exchequer, Gordon Brown stated that the threshold would be raised to £350,000 by 2010.
Posted in Inheritance Tax | No Comments »
Tuesday, September 18th, 2007
Significant changes to the enduring power of attorney (EPA) will affect 29 million Britons and cost them some £7 billion, according to research from More Than.
From October 1st, the cost of implementing the file will increase to approximately £350 from its present price of around £110 as EPA is replaced by documents called the lasting power of attorney, which are more complex.
Research by the financial services firm indicates that some only 14 per cent of consumers have an EPA in place while two-thirds of British adults have family members who would depend on them to manage fiscal affairs should they be unable to do so.
This leaves some 25 million people with no provision for the occurrence of such an incident.
Head of law at More Than Simon Logan commented: "An EPA allows you to give others the legal ability to manage your affairs if you ever become unable to manage them yourself or communicate your wishes."
He added that it was "astonishing" that the majority of consumers do not have one.
Paladin Financial Services recently stated that having an up-to-date will helps with the process of estate division upon death.
Posted in New Legislation | No Comments »
Monday, September 17th, 2007
The process of dividing up the estate of a deceased person is helped by having a will, an independent financial advisor said today.
Managing director for Paladin Financial Services Tim Purdon stated that although not having a will is rarely a major obstacle to dividing up the assets of someone after their death, if on is in existence it makes the process easier.
Mr Purdon added that taking into consideration what you wish to happen to specific contents of your estate when making out a will – such as expensive antiques or collections – can prevent them being split up among the family and reducing their value.
He also recommended that even though planning for death is often difficult for consumers, consumers should update their wills and life assurance "on a regular basis".
Insurer LV= recently advised consumers to add their valuable items – which may include possessions to be left in wills – to their home insurance policies to protect them.
Posted in Wills and Executries | No Comments »
