Vaughan v Vaughan – Husband to pay wife lump sum 29 years after divorce - “undue hardship” 16th April 2010
David Vaughan QC was recently ordered to pay his ex-wife a lump sum of £215,000 despite the fact that they separated 29 years ago and had no children. The couple were married for 13 years and separated in 1981, finally divorcing in 1985. Since the separation Mr Vaughan paid Mrs Vaughan £636,325 in maintenance payments, being... more
Offshore Income Bonds- An Antidote to Higher UK Taxes 30th November 2009
Offshore bonds are still a highly appropriate investment vehicle for a wide variety of circumstances, and this article explains the attractions of offshore bonds for four specific types of investor. Private investorsHigher-rate taxpayers directly invested in Open Ended Investment Company (OEIC) funds such as fixed-interest... more
The Intestacy Rules 06th November 2009
What Happens to an Estate if a person dies without a valid Will? The intestacy rules govern the distribution of a person’s estate if they die in England & Wales without a valid Will. The rules changed on 1st February 2009 – but what do the changes actually mean in practice? Here we summarise the key changes. For those who... more
VAT Rate Change - 21st January 2010 10th November 2009
The 15 per cent rate of VAT introduced by the Government to help alleviate some effects of the recession, will come to an end with effect from 1st January 2010. HM Revenue & Customs (HMRC) has issued guidance stating an increase in the rate to 17.5 per cent. VAT will be chargeable according to the normal tax point rules. Where... more
The Inheritance (Provision for Family and Dependants) Act 1975 10th November 2009
Source: Family Law Journal Family lawyers do not often deal with claims under the Inheritance (Provision for Family and Dependants) Act 1975. When a potential claim under the 1975 Act arises, there are certain areas that they need to be aware of, as there are substantial differences between claims under the 1975 Act and ancillary relief... more
An Explanation Of Personal Injury (PI) Trusts Some Frequently Asked Questions 10th November 2009
Why Should I have a Personal Injury Trust? If you are in receipt of means tested benefits then you should consider having Rollingsons Solicitors set up a PI Trust for you. The following are means tested benefits: Income Support Housing Benefit Council Tax Benefit Working Families Tax Credit Disabled Person’s Tax credit... more
Discretionary Trusts - Still an ideal tool for estate management 10th November 2009
For the death of a surviving spouse or civil partner occurring after 7th October 2007 the transferable nil-rate band has meant that the previously popular nil-rate band discretionary trust is no longer required to ensure that there would be £650,000 (at current rates) passing free of Inheritance Tax to the next generation. However... more
Estate Planning - Varying Provision on Death 11th November 2009
By far the most common method of varying a will or the provision on intestacy is the execution of an instrument of variation - particularly when tax efficiency is a consideration. However, in some circumstances a simpler and equally efficient method may be available. This article looks at two such methods - disclaimers by beneficiaries... more
Deed of Variation 11th November 2009
A Deed of Variation sometimes known as a Deed of Family Arrangement enables beneficiaries of a deceased’s estate to alter the distribution of that estate, or relinquish a bequest from an estate. Thus changing the deceased Will. There are a number of reasons that you might want to alter the way money or property is allocated from a... more
Qualifying Recognised Overseas Pension Schemes (QROPS) – A Solution to Rising Taxes 13th November 2009
The income tax rate increases and reduction in tax relief for pension contributions have prompted an increasing number of people to consider leaving the UK to live elsewhere. If individuals do decide to leave the UK, or are already living abroad, they should consider whether they should leave any UK pension rights here, or move them... more
The effect of divorce upon Wills 16th November 2009
The basic rule is straightforward: divorce will treat former spouses as if they were omitted from the Will. No gift will pass to the former spouse; furthermore even if a former spouse is named as executor they cannot act as executor. The remaining terms of the Will (excluding any reference to the former spouse) remain valid. As always... more
Guardianship- A Crucial Appointment in your Will 17th November 2009
The court can appoint guardians under the Children’s Act 1989 if you die leaving young children surviving and without a surviving parent. It is sensible to consider who should be appointed in the knowledge that a spouse or partner does not survive the first spouse to die. The appointment can be made by two or more persons acting... more
Estate Planning- Normal Expenditure out of Income 18th November 2009
An under utilised exemption from IHT is gifts that qualify under the normal expenditure of income rules. For those taxpayers with relatively high income (or business owners who have an element of discretion as to whether to retain profits, within the business, or pay out as annual dividends or salary); it be can be advantageous to... more
Pre Nuptial Agreements 08th December 2009
A pre-nuptial agreement is a document entered into prior marriage, in which a couple set out their rights to any property, debts, income and other assets purchased together or acquired individually or that they have bought into their relationship in the event that the relationship ends. Pre- nuptial agreements can be drawn up by... more
DIY Detective Work in Divorce Proceedings 01st February 2010
DIY Detective Work in Divorce Proceedings Lisa Tchenguiz, the estranged wife of former Del Monte owner, Vivian Imerman, recently won the right to use 20,000 documents, which were stolen from Mr. Imerman’s computer, in an attempt to have a share of his £300 million fortune. The issue was raised in this case whether or not one party... more
Facebook Divorce Petitions 01st February 2010
FACEBOOK & DIVORCE New research by Divorce-Online has revealed that Facebook is being cited in almost one in five of online divorce petitions.Divorce-Online scanned their divorce petition database for the use of the word 'Facebook' and found 989 instances of the word in over 5,000 divorce petitions sampled.Managing Director Mark... more
Debenhams Divorce Gift List 01st February 2010
DEBENHAMS DIVORCE GIFT LISTS The Debenhams department store chain has launched a divorce gift list service.The department store said it created the divorce gift list service to reflect the increasing popularity of greeting cards, parties and cakes celebrating divorces.Debenhams head of retail services Peter Moore said in a statement... more
Grey v Grey 16th March 2010
The Effects of Cohabitation on spousal Maintenance Payments The recent case of Grey v Grey [2009] explored the issues surrounding spousal periodical payments and whether these should be reduced if the wife cohabits with a 3rd party, but does not re-marry. In this case Mr and Mrs Grey had been together for nine years, by the time they... more
ASDA: Better Employment Terms for Agency Workers 16th March 2010
ASDA: Better Employment Terms for Agency Workers Leading supermarket chain ASDA has become the first to implement a new EU Directive giving temporary staff the same rate of pay as permanent staff. This will mean that ASDA’s 6,000 agency workers, mostly migrants, will now enjoy the same rates of pay as other workers at ASDA’s... more
ROLLINGSONS NEW LONDON CITY OFFICE 14th July 2010
Rollingsons are delighted to announce the opening of a new London City office at 5th Floor, Cutlers Exchange, 123 Hounsditch, London EC3A... more
What’s New / Blog
ROLLINGSONS NEW LONDON CITY OFFICE
Rollingsons are delighted to announce the opening of a new London City office at 5th Floor, Cutlers Exchange, 123 Hounsditch, London EC3A... more