LATEST NEWS

Bank Fined for Failure to Distribute Assets to Beneficiaries

21st February, 2019 By Alireza Nurbakhsh

Recently, Santander was fined more than £30 million for failing to distribute more than £180 million held in deceased customers' accounts to their personal representatives or entitled beneficiaries. More than 40,000 account holders were involved in a problem that persisted for years, leading to an investigation by the Financial Conduct Authority (FCA). One of the chief issues that the bank faced was that its procedures were unable to identify when a deceased account holder held several accounts. This meant that assets were not identified and dealt with, delaying the administration...

Ignorance Not a Reasonable Excuse for Tax Disclosure Failure

20th February, 2019 By Alireza Nurbakhsh

When an 18-year-old woman bought a derelict end terrace property in London in 2006 and sold it to developers the following year, she made no entry on her tax return, believing that principal private residence relief applied. Having made a 'discovery' of the sale in 2012, HM Revenue and Customs (HMRC) denied that the relief was due and raised an assessment to Capital Gains Tax of £105,300 in 2015. The woman was unsuccessful in persuading the First-tier Tribunal that the relief should apply in her case and also that HMRC's assessment...

Court Visit Required to Give Clarity to Will

18th February, 2019 By Alireza Nurbakhsh

Many wills contain clauses which alter the distribution of assets in the event of changing circumstances, such as the death of one of the beneficiaries under the will before the person making it. When drafting such clauses, it is essential that they are absolutely clear to prevent confusion, as a recent case shows. It involved the will of a woman who died in 1973, leaving her estate in trust for her son for his lifetime and then to his children if he had any. If he did not, the estate was...

Fraud Victim Sacrificed His Home by Delay in Seeking Legal Advice

15th February, 2019 By Alireza Nurbakhsh

If you have a legitimate legal complaint, any delay in consulting a solicitor is highly likely to benefit the wrongdoer. A man whose home was taken from him by fraud, but who delayed over 20 years before taking legal action, found that out to his cost. The man had been dispossessed of his home in 1989 by a fraudster who made use of forged documents in successfully having the property registered in his name. The fraudster subsequently transferred the house to his son, who was aware of the fraud. The...