We would like to congratulate Sharon Such for her recent triumph at the Scottish Legal Awards. Sharon has won the Paralegal of the Year 2016 award for her ongoing professionalism and dedication. Congratulations!

 

sharon such award

Sharon Such, winner of the SPA Paralegal of the Year Award 2016. 

The FSCS is the UK’s independent compensation fund which gives the level of protection if anything happens to the bank, building society or credit union where funds are deposited.  The deposit protection limit is set by European directive for schemes across the European economic area including the UK.  The current UK limit of £85,000 was set in 2010 which was equivalent to €100,000 at that time.  As exchange rates have changed since then the Prudential Regulation Authority was required to recalculate the UK’s equivalent limit based on the exchange rate on 3 July 2015.  From 1 January 2016 the level of protection has reduced from £85,000 to £75,000.  If therefore you have eligible deposits of more than £75,000 you are unlikely to be fully protected after 1 January 2016 so you may wish to take action to remain fully covered by the compensation scheme.

Posted by on in General News

We know already that from 2017/18 there will be an increase in inheritance tax in the very restrictive circumstances of an individual leaving their main residence to a direct descendent.  This has been defined as a child/grandchild/stepchild/adopted child or foster child.  In addition the property must pass under the terms of the Will.We know that the additional exemption will be phased in so that in 2017/18 an additional amount per individual of £100,000 will apply, from 2018/19 £125,000, from 2019/20 £150,000 and from 2020 onwards £175,000.

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