Legislation Updates - are you affected?
Power of attorney refund
Nearly 2 million people who overpaid for their power of attorney arrangements over the past 5 years will be able to claim a refund of up to £54 under a new scheme launched by the Government. If you paid a registration fee for a lasting power of attorney or enduring power of attorney between April 2013 and March 2017 then you can apply for a partial refund. Click here to make a claim on the Government website.
Residence Nil Rate Band going up
From April 6th 2017 every eligible individual has been able to claim an additional allowance of £100,000 to offset the inheritance tax on a family home on death, on top of the existing £325,000 inheritance tax exemption. This tax allowance will go up to £125,000 in April this year and continues to rise to £175,000 by 2020. However not everyone will qualify for this perk as it’ll not be available to those without children or those with estates worth more than £2 million. 
New death and ISA rules
From 6 April 2018, new rules will come in (for all ISAs except the Junior ISA) meaning that when the investor dies, their ISA becomes a ‘continuing account of a deceased investor’ or a ‘continuing ISA’ for short. The ISA cannot be paid into from this point, but it will continue to benefit from the tax advantages of an ISA, so growth remains tax free. This continuing ISA lasts until either the administration of the estate is complete, the ISA is closed, or three years have passed since death – whichever is sooner.
If you have any further questions please contact your Aspira adviser or call the office on 0800 048 0150.Back To List