Introduction. The Anti-Money Laundering Regulations 2017 is the latest EU Directive on Anti-Money Laundering, it supersedes the Money-Laundering Regulations 2007 and the EU’s Third Anti-Money Laundering Directive. Approved by parliament on the 26th of June 2017, it’s at the forefront of anti-money laundering in western Europe. It puts greater emphasis on the offences of aiding…
The Law Commission yesterday (13/07/17) published a consultation paper on the law surrounding Wills. The consultation includes various comments, recommendations and areas for discussion. A brief summary of the main provisions of the consultation paper can be found below. Dispensing Power A number of foreign jurisdictions have what is known as ‘Dispensing Powers’ which…
‘In Contemplation of Marriage’ Section 18 of the Wills Act 1987 (as substituted by s18(1) of the Administration of Justice Act 1982) states that the marriage or civil partnership of a Testator automatically revokes any will that was made before that marriage. The ‘in contemplation of marriage’ clause is an exception to this rule, and…
Former Society Member Mark Bonner was sentenced to five and a half years’ imprisonment on Friday, 16th June 2017 for two counts of fraud, amounting to a total of just under £360,000 from two separate clients. Both sentences will run concurrently. Bonner’s Society membership was revoked in 2012 following a previous, unrelated prison sentence. The…
Earlier this week the Queen’s Speech was given as is tradition for the State opening of Parliament. Delivered later than the planned 19th June due to the Conservative and DUP party’s delays in forming an agreement. The speech set out the new government’s two-year legislative agenda and as expected, focused heavily on the legislation required…
Who is the Lord Chancellor? Earlier this week the appointment of David Liddington as the new Lord Chancellor and Secretary of State for Justice was announced. Liddington becomes the fourth non-lawyer to become Lord Chancellor in recent years after Chris Grayling, Michael Gove, and Elizabeth Truss. So who is David Liddington? He was elected as…
Gifts to charities Gifts to charities are exempt from Inheritance Tax (IHT) whether they are made in lifetime or by Will. Likewise a gift to a trust that is established for charitable purposes is exempt from IHT. The Charities Act 2011 defines a “charitable purpose” as one that falls into one of 13 categories defined…
SWW CPD. The SWW are finding that more and more members are making the most of their membership benefits and are responding well to the SWW’s attempts to strengthen self-regulation. As a mandatory requirement of membership practitioners are required to complete at least 24 hours training per year (known as CPD). This requirement…
What happens when there’s no executor? As part of writing their Will a testator will choose people they trust to act as their executors after their death. These are the people who will deal with the administration of their estate and distribute it following the terms of the Will. Of course sometimes many years pass…
Do you ever get confused by the number of abbreviations used in the legal industry? We’ve compiled a small list of the most commonly used terms in succession planning. Some of these terms mean the same thing but they have been included because some firms use different terms for different things. APR Agricultural Property…
