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Tag Archives: Budget 2015

Budget 2015 – Number 2

BudgetDuring the closing phases of the recent general election campaign there seemed to be an air of desperation emanating from the Tory ranks, as David Cameron and George Osborne delivered a wide ranging assortment of commitments and pledges aimed at seducing floating voters as they battled to retain office. Such was the slapdash, and allegedly miscalculated, nature of these commitments (particularly regarding deficit reduction) that much derision, and demands for clarity, not only from the opposition, but also from independent entities such as the Institute of Fiscal Studies and the Financial Times (who complained that the party had become ‘fiscally irresponsible’) came their way.

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Deeds of Variation under Threat

iStock_000046894284_XXXLargeFor the past two decades, the beneficiaries of a deceased’s estate have been legally entitled to alter, deny or completely redirect, any legacy bestowed by the deceased, whether under a Will or intestacy. Whilst a Will, and ultimately the known wishes of the deceased are usually regarded as sacrosanct, the requirement for this kind of flexibility after death becomes especially clear in cases where a Will is deficient, out of date, unfair or even lacking in existence, as the consequences of oversights left unchanged could result in financial calamity which would, in many cases, be the opposite result of what was intended.

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Budget 2015 Announced

BudgetYou may have seen by now that Chancellor George Osborne has announced that this year’s Budget (the chancellor’s sixth and final budget of the current Parliament) will be held on Wednesday 18th March 2015, just less than a fortnight before Parliament is dissolved ahead of the General Election on 7th May 2015.

The date was revealed during a Treasury Select Committee review last December which was held to conduct an appraisal of the announcements made within the Autumn Statement 2014. A number of high profile tax proposals were announced in this statement such as the reform of SDLT and the introduction of a new Google Tax, and the consultation period for many elements remained open until 4th February which does lead the writer to ponder on how much attention will be paid to the consultation responses.

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