Happy New Year

As 2009 draws to a close and we head into 2010, The Will Centre Team would like to wish you a Happy New Year.

We have some very exciting developments to announce in 2010 but in the meantime we hope you enjoy the remainder of the festive break.

Alan, Barry, Mandy & Ray.

A New Tax Year, a New IHT nil-rate band

The 6th April 2009, is the start of the new tax year. The Inheritance Tax (IHT) Nil-rate Band increases from £312,000 to £325,000 per individual.

An increase of £13,000 in the band at an IHT rate of 40% means a potential additional IHT saving in the new tax year of £5,200 for an individual and £10,400 for a married couple or registered civil partnership where the survivor is able to claim both their own and the transferable nil-rate band.

The nil-rate band is due to increase to £350,000 per individual on 6th April 2010, but with the current economic situation and a budget due soon it may be that this increase is under threat.

For advice on saving IHT or using the transferable nil-rate band option please contact The Will Centre on 01752-607040.

Probate Scams

Please be aware that there are currently several Probate scams in operation via the Internet. Many of these will inform the recipient that they are the beneficiary of a substantial legacy but will ask for fees and/or taxes in advance of sending more information or the release of funds.

These will always be fraudulent and on no account should you make any payment or transfer any funds. You can obtain further information and advice concerning such scams on www.met.police.uk/fraudalert You will also find information about reporting such activity to the police, as the police may be able to close down the e-mail accounts concerned.

Alan Porter, of The Will Centre, says this follows the typical scam tricks of enticing you to part with money up front. Of course you never should have to pay up front as a reputable firm will take any fees from the estate of the deceased. The Office of Fair Trading also has information on scams at http://www.oft.gov.uk/oft_at_work/consumer_initiatives/scams/

If you need advice on Probate then please call The Will Centre on 01752-607040. We offer a FREE, no obligation, 30 minute interview at our offices.

HMRC Phishing Attack

Banks have been made aware of the following phishing attack on HM Revenue & Customs (HMRC).

A bogus email claiming to be from HMRC is telling recipients they are due a tax refund and asking for account or credit card details so that a (fictitious) tax refund can be paid.

HMRC have confirmed that they will only ever contact customers in writing to confirm tax refunds.

Should you receive such an email, do not open, click on the website link or provide any confidential details and immediately forward it to phishing@hmrc.gsi.gov.uk for investigation.