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16 May 2023
Issue: 8025 / Categories: Legal News , Wills & Probate , Charities
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Finance Bill alert for wills & legacies

Private client solicitors may need to review clients’ wills and legacies as a result of the Finance Bill, the Law Society has warned.

The Bill restricts charitable tax reliefs to UK charities only, with donations located in the EU and the European Economic Area no longer qualifying for UK charitable tax reliefs from April 2024. This potentially affects individuals who claim income tax or capital gains tax relief on donations to non-UK charities, as well as those who expect inheritance tax exemption on lifetime gifts or on legacies to such organisations.

Law Society president Lubna Shuja warned this week that firms should consider whether they have wills which need to be revised and will need to be aware there is now a ‘reduced pool of organisations which will qualify as a charity’.

Shuja also called for the Bill to be amended so law firm partnerships qualify for the full expensing scheme, which allows companies to claim 100% capital allowances on investments for the next three years.

Issue: 8025 / Categories: Legal News , Wills & Probate , Charities
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MOVERS & SHAKERS

Anthony Collins—20 promotions

Anthony Collins—20 promotions

20 promotions mark major people investment at national law firm, Anthony Collins

Sidley—Elaine Whiteford

Sidley—Elaine Whiteford

Sidley adds competition litigator Elaine Whiteford in London

Charles Russell Speechlys—Claudina D’Costa

Charles Russell Speechlys—Claudina D’Costa

Charles Russell Speechlys welcomes Claudina D’Costa as Director of Client Development Marketing

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