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Powers of Attorney

Powers of Attorney are often used to delegate one's authority (usually concerning financial matters) to a third party. For example, a power of attorney may be required where an individual may be going abroad, or is unable to act for some other reason and wishes someone else to have the authority to act on their behalf. They can also be used in the form of Lasting Powers of Attorney (LPAs). LPAs are a particular type of power of attorney that allows an individual to decide, while still mentally capable, who they would like to be in control of their affairs if they were to become mentally incapable through illness or accident.

The law concerning powers of attorney has recently changed. An individual may now delegate "welfare" decisions (such as treatment decisions) in addition to financial decisions. If you would like to know more please contact us.

 

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The change in position by the Revenue emerged in correspondence from its capital taxes technical group sent to Haroon Rashid, an expert in inheritance tax planning