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Brexit – The Effect on Wills, Probate & Trusts Part 2
Thursday, December 17, 2020
Thursday, December 17, 2020
Although Brexit has very little direct impact on the law relating to Wills, Probate and Trusts, we are very aware that it will have a considerable impact for many of our clients who may need to revisit their lifetime planning as a result.
Business and Agriculture
We hope that Brexit will present opportunities for our business and agricultural clients, but after a challenging 2020, there would seem to be even more challenges ahead, particularly for the agricultural industry with the end of the Common Agricultural Policy (CAP) and therefore EU farm subsidies, which currently make up around 50-60% of farm income.
To enable your business to deal with these challenges and seize the opportunities you have it is important to make sure that the often overlooked groundwork is in place. This includes planning for risks like the incapacity or death of a business owner or key employee, which could have a devastating impact on a business at any time, but particularly when in a time of change. These risks may seem unlikely, but if it is one thing 2020 has taught us is that life can change quickly and unexpectedly.
Individuals
Whether Brexit ends up impacting you for the better or worse, it is likely that we will see changes to tax to deal with the economic consequences of Brexit (and Covid-19). Both Inheritance Tax and Capital Gains Tax have been under review. Reviewing your Will and lifetime tax planning strategy now is therefore extremely important to ensure that you can take full advantage of the current system before any changes are implemented.
The Wills, Probate & Trusts Team at Samuel Phillips Law would be more than happy to have a discussion with you about anything raised or any concerns you might have leading up to 31 December 2020 and beyond.
Please contact us at Samuel Phillips Law, in the strictest of confidence, on 0191 2328451 or email privateclient@samuelphillips.co.uk.
Written by Felicity Nelson, Senior Associate and Head of Wills, Probate & Trusts
