Other Flashcards
Deed of variation
- must be executed within two years of death
- no consideration paid
- the person making it must be over 18 and sane
- all affected beneficiaries must agree
- deed must refer to the Will being varies and state that it’s to be altered as if deceased made it
- deed can also be used in cases on intestancy
- if iht on estate is increased, executors must agree
Disclaimer
- you can disclaim an inheritance provided you haven’t received it
- you cannot stipulate who will get the money
- it must be disclaimed within two years of the death
Two types of decision making for mental capacity
Supported decision making
- Process of providing support in making a decision to an individual whose decision making ability is impaired
Substituted decision making
- Making a decision on behalf of an individual who cannot make that decision themselves because they lack mental capacity
-Can only be done by an attorney of an LPA/EPA or deputy under deputy ship order
Remittance Basis Charge (RBC)
If non domiciled has foreign gains over £2,000 in tax year then following may need to be paid
Resident 7 out of 9 previous tax years - £30,000 RBC
Resident 12 out of 14 previous tax years - £60,000 RBC
Automatics overseas test
If they were resident in one of the three previous tax years and spend fewer than 16 days in the uk
If they were non resident in the three previous tax years and spend fewer than 45 days in the uk
They work full time outside the uk with no significant breaks
Automatic UK tetras
They spend 183 days or more in the uk
They have only one home and that homes is in the UK or if you have two or more homes all those homes are in the UK
You work full time in the UKwith no significant breaks
Mental capacity act 2005 key principles
A presumption of capacity
Supported to make their own decisions
An unwise decision does not indicate a loss of capacity
Must act in individuals best interest if they lack capacity
Rights and freedoms of the individual should be preserved as far as possible
