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The Kings Court Trust Blog

Keeping you up-to-date with Wills, probate and estate administration industry news

The risk of miscalculating your Inheritance Tax - You could be branded a criminal

Ordinary individuals inheriting assets from overseas could risk criminal charges if they miscalculate the tax owed, reports The Telegraph.
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Cost of Wills Due to Decrease Significantly

A recent article published in The Telegraph caught our eye the other day, as it discussed the recently announced changes to probate law – changes meaning that accountants are now able to offer probate services as of this month. This means that the cost of managing someone's estate is expected to fall sharply in the coming weeks, as more and more accountants become able to offer the service to the public at a cheaper cost than solicitors.
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Artwork Received By Government Instead of Tax Payments

on Sep 18, 2014 9:00:00 AM By | Kings Court Trust | Changing Tax Rules Industry News Regulation
At KCT we were particularly interested to read recently that various heritage objects, including works of art, have been received by the government in lieu of heritage tax, according to an article on The Telegraph. More than £100 million worth of items were received over a five-year period.
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Government Decides Against Reform of Legal Regulation

on May 7, 2014 9:00:00 AM By | Kings Court Trust | Industry News Regulation
The UK government has dropped plans to make major reforms to the regulatory framework for the legal profession after its call for evidence didn't produce any constructive ideas on how certain burdens in the industry could be abolished.
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Number of ABSs Surpasses 300

More than 300 firms have now obtained a licence to become an alternative business structure (ABS).
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ICAEW & CILEx Approved to Regulate Probate Work

The Institute of Chartered Accountants in England and Wales (ICAEW) and the Chartered Institute for Legal Executives (CILEx) will now have powers to license alternative business structures (ABSs) and regulate probate work after their applications to become approved regulators were accepted by Lord Chancellor Chris Grayling last week.
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LSB Supports ICAEW's Bid to Regulate Probate Work

The Legal Services Board (LSB) is voicing its support to name the Institute of Chartered Accountants in England and Wales (ICAEW) as a licensing authority for alternative business structures (ABSs), its chairman David Edmonds has said.
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Rising Number of Law Firms Fail to Secure Indemnity Cover

on Oct 24, 2013 9:00:00 AM By | Kings Court Trust | Industry News Regulation
All legal firms in England and Wales are required to have professional indemnity insurance, covering civil liability claims such as professional negligence. Existing firms had to renew their insurance by the start of the indemnity period on 1 October, after which the single renewal date was abolished.
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LSB Abandons Attempts to Get "General Legal Advice" Reserved

The Legal Services Board (LSB) has abandoned attempts to determine whether the government should amend its list of reserved legal activities to include general legal advice, but has suggested it could seek to exclude probate from the list.
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