January 2025

How to contest a will: A complete guide

Posted on 29 January 202520 March 2025 by Sarah O'Sullivan

Can you contest a will?

Yes you can contest a will. There are a range of ways to do this, and this article outlines the key information you need to know.

What are the grounds for contesting a will?

There are many ways to contest a will – they are known as grounds for contesting a will. Common reasons for challenging a will include proving that it is invalid, or that the will did not make adequate provision for dependants.

The process of contesting a will is known as contentious probate. Family will disputes or disputes over inheritance are common and often stressful. It’s a good idea to get advice from specialist contentious probate solicitors about how to successfully contest a will. They can tell you if you have a realistic claim and the best way to move forward. Your solicitor will also make sure you follow all the correct procedures.

Can an executor challenge a will?

Yes, an executor/executrix can challenge a will – but, to do so, they normally need to step down from their role in administering the estate. This is because the role of the executor is to carry out the deceased’s wishes and defend the will. Understandably, challenging the will makes it impossible for the executor to perform their duties in this regard. Therefore, it is not possible to contest a will and remain executor/executrix of the estate.

Valid execution: Has the will been properly executed

You can challenge a will if it wasn’t drafted correctly and there is a mistake as a result. Mistakes in wills normally involve issues with signatures, witnesses and terminology within the will itself. You might be able to challenge the will if:

it wasn’t signed by the testator
the testator’s signature wasn’t witnessed by two people present at the same time as the testator signed it
the people who witnessed the signature didn’t meet the requirements for doing so (there are strict rules about who can witness the signature on a will)

Lack of capacity: Did the person have the mental capacity to make a will?

The will might be invalid if the testator didn’t fully understand or know about the contents of their will, or those people close to them to whom they ought to have regard, or understand the approximate extent of their estate. You might be able to challenge a will if you think that the testator was not of ‘sound mind’ when they gave instructions or executed the will for example, you may be contesting a will due to dementia. The legal term for this is ‘lack of testamentary capacity’. To make a valid will, the testator needs to:

understand they were making a will and the significance of doing so
know the rough value of their estate
understand the effect their will would have
not be suffering from any mental conditions which might affect their ability to make important decisions

Undue influence: Was the person under pressure to make a will?

Although what constitutes undue influence in a will is more difficult to prove, you may be able to challenge the will if you think that someone has coerced or influenced the testator into making the will, which otherwise does not reflect their free will. This is called undue influence. It means that the testator didn’t feel able to exercise their own free will when giving instructions for the will. It can happen if someone in a position of trust uses their position to exert pressure, coerce or influence the testator to leave their assets in a certain way. To prove there was undue influence, you will need to show that there is no other reasonable theory to explain the terms of the will.

Forged wills: Contesting a fraudulent will

Contesting a forged will involves showing that the will is forged or some type of fraud took place during its creation or execution; in which case the will could be declared invalid. You may be able to contest a will if, for example, the testators signature was forged.

Can I challenge a will that fails to make reasonable financial provision?

You might be able to challenge a will if it does not make ‘reasonable’ financial provision for you. Normally, this only applies if you are a spouse or civil partner or dependent of the deceased, or one of the other eligible categories of claimants under the Inheritance Provision for Family and Dependents Act 1975.

What does reasonable financial provision mean?

This type of claim is usually made by spouses, civil partners and dependants, who might be able to challenge a will if they were:

not mentioned in the will
not left as much as they need or expected to receive
if the deceased passed away without a will (‘intestate’)

When can I challenge a will?

To make a claim under the Inheritance Act, you have six months from the date of the Grant of Probate. The same time limit does not apply if you are contesting the will but, it is sensible to proceed as soon as possible, to avoid adverse evidential issues and adverse tax or cost outcomes.

What happens if I am successful in challenging a will?

When a will is declared invalid it is normally replaced by the previous valid will. If there is no earlier valid will, intestacy rules will apply.

If you made a claim under the Inheritance Act the Court may change how the deceased’s assets are distributed (and go against the terms of the will).

Inheritance disputes claims and challenging a will

We know that disputes over wills, trusts and inheritance need to be handled with sensitivity. At Tees, we handle all inheritance disputes with the utmost care and sensitivity to potential family issues. We’re here to help you move forward and secure the best possible result in your situation.

What is the difference between contesting a will and contentious probate?

Contentious probate means a dispute about how someone’s estate is sorted out after their death. Disputes about the will itself are considered contentious probate, but will disputes are not the only disputes that come under contentious probate. For instance, a dispute may relate to how the assets within the estate are disposed of, or distributed.

How can I obtain a copy of a will?

Ask the Executors of the will to give you a copy; they are not obliged to release the will but if you are a person connected to the estate and/or have a potential claim, the will would normally be released to your legal adviser.

After the grant of probate is issued, a will becomes a public document, which means anyone can apply for a copy. To see if a grant of probate has been issued, search for free at the Probate Registry on www.gov.uk/search-will-probate If it has been issued, the will is now public and it will be easy to get a copy online.

You can also set up a standing search with the Probate Registry for them to automatically send you a copy of the grant and the will if a grant of probate is issued at any time within six months of the date of the search.

Depending on the situation, you can also make an application to the court for an order to release a copy to you.

Can you look at someone’s will online?

Yes. You need to get the probate court file number from the executor. Alternatively, you should be able to get it from the court by phone, online or by going to the court, just by providing the name of the person and the date of their death. Wills that go to the Probate Registry become public. These are the wills that are in place when people die. Previous versions of wills are not registered because they are invalidated by the new will; so previous versions are private.

Can an executor be removed?

Once an executor has started practical arrangements regarding the estate (called intermeddling), they can only be removed by a court order or settlement agreement reached at mediation or via negotiation. This applies even if it is the executor themselves who wants to be removed. If no practical steps have yet been taken, an executor can remove themselves easily by simply saying to the legal adviser involved, that they don’t want to do it. If someone else is trying to get them removed, it’s always better, if possible, to try mediation or negotiation to resolve the dispute, rather than going to court. If you do apply to the court, you will need to submit:

a copy of the grant of probate which must be certified and sealed
witness statement covering why you think the executor should be removed
witness statement naming someone who you think should replace the executor and what your reasons are.

What are the grounds for removing an executor?

There needs to be a serious reason and evidence of misconduct. The courts will not allow a change for trivial reasons such as petty family arguments or relatively short delays. This is because the executor was named by the person who died as the person they wanted to undertake the role. Reasons for removal could include:

conflict of interest causing the executor not to follow the deceased’s wishes
serious incompetence such as severe mishandling of possessions
physical or mental disability making it impossible for them to carry out the function
dishonesty
using the funds or property for themselves or in ways which are significantly inappropriate
absence of accounting records
a criminal conviction
refusing to abide by court orders.

What’s happening to Stamp Duty Land Tax in 2025?

Posted on 23 January 202525 March 2025 by Sarah O'Sullivan

Stamp Duty Land Tax (SDLT) is a critical tax levied on property purchases. As we approach April 2025, notable changes to stamp duty will impact both buyers and sellers, altering the landscape of property transactions.

What is Stamp Duty Land Tax?

Stamp Duty Land Tax (SDLT) is imposed on the purchase of residential property or land in the UK. It is calculated based on the property’s purchase price or market value, whichever is higher. SDLT generates revenue for the government and helps regulate the housing market by discouraging property speculation.

Why is Stamp Duty Land Tax changing in 2025?

The Conservative Government introduced a temporary reduction in stamp duty in September 2022 which aimed at lowering the upfront costs of moving home. This initiative sought to support the housing market, safeguard jobs and businesses connected to it, and assist those aspiring to step onto the property ladder.

Although initially announced as a permanent measure, the Autumn Statement 2022 confirmed that the increase in the residential nil-rate threshold will conclude on 31 March 2025.

How is Stamp Duty Land Tax Changing in 2025?

From 1st April 2025, there will be several changes coming into effect:

The nil rate threshold, which is currently £250,000, will return to the previous level of £125,000.
The nil rate threshold for first-time buyers which is currently £425,000 will return to the previous level of £300,000.
The maximum purchase price for which First-Time Buyers Relief (a reduced stamp duty rate) can be claimed is currently £625,000 and will return to the previous level of £500,000.

Thresholds

The threshold is where SDLT starts to apply. If you buy a property for less than the threshold, there’s no SDLT to pay.

Stamp duty rates for main residents in England up to 31 March 2025

Property Value	SDLT Rate
Up to £250,000	Zero
£250,001 to £925,000	5%
£925,001 to £1.5 million	10%
Over £1.5 million	12%

From April 2025 the stamp duty rates are:

Property Value	SDLT Rate for main residence
Up to £125,000	Zero
£125,001 to £250,000	2%
£250,001 to £925,000	5%
£925,001 to £1.5 million	10%
Over £1.5 million	12%

Impact on First-Time Buyers

If the property you are buying is your first home, you can claim discount (relief). The discount depends on when you purchase the property.

First time buyers discount up to 31 March 2025

First home property value	SDLT Rate
Up to £425,000	Zero
£425,001 to £625,000	5%

If the property is priced over £625,000, you cannot claim relief. SDLT will be due as if you have bought a property before.

First time buyers discount from 1 April 2025

First home property value	SDLT Rate
Up to £300,000	Zero
£300,001 to £500,000	5%

If the property is priced over £500,000, you cannot claim relief. SDLT will be due as if you have bought a property before.

First-time buyers should seek professional advice to navigate these changes to stamp duty effectively. Our property solicitors can help you understand your entitlements, obligations, and the necessary steps to claim these benefits. At Tees Law, our experienced team can provide tailored advice to help you take full advantage of the new SDLT reliefs. Contact us today to discuss your property purchase.

Impact on Second Home Purchases and Investors

Stamp Duty Land Tax (SDLT) on second homes and investment properties is subject to a higher rate than that applied to primary residential properties. However, the forthcoming rate changes will lead to increased tax costs, with mid-range property values—often a focal point for investors—being particularly affected.

For example, on a property purchase at a price of £700,00.00, the SDLT up to 31 March 2025 will be £57,500.00. This will increase from 1 April 2025 to £60,000.00, potentially leading to a smaller return on investment or increases in rental charges.

Stamp Duty Rates for additional property in England up to 31 March 2025

Proportion of property value	SDLT rate for additional property
Up to £250,000	5%
£250,001 to £925,000	10%
£925,001 to £1.5 million	15%
Over £1.5 million	17%

Stamp Duty Rates for additional property in England from 1 April 2025

Proportion of property value	SDLT rate for additional property
Up to £125,000	5%
£125,001 to £250,000	7%
£250,001 to £925,000	10%
£925,001 to £1.5 million	15%
Over £1.5 million	17%

Alternative investment options like property funds or Real Estate Investment Trusts (REITs) can provide tax-efficient structures and diversification.

Understanding the 2025 stamp duty land tax changes, assessing their financial impact, and implementing strategies to manage increased costs are crucial for investors. By staying informed and proactive, investors can navigate the evolving landscape successfully.

The link between Covid-19 and Sepsis

Posted on 22 January 202524 March 2025 by Sarah O'Sullivan

It is well known that Covid-19 can severely compromise the respiratory system, with many people going on to develop pneumonia to a greater or lesser extent – although all other organ systems are at risk of damage from the disease.

A recent study has now confirmed that nearly a third of UK Coronavirus patients were readmitted to hospital within 140 days due to the patient developing sepsis. Some patients will go on to die from sepsis and its complications. It is therefore vital to know and recognise the early signs of sepsis and ensure treatment is prompt when diagnosed and avoid the need to seek legal advice.

Janine Collier, Partner and Head of Tees’ Medical Negligence team, comments: “Like many illnesses, this study suggests that Covid-19 carries a risk of adverse events particularly for those who recently survived severe Coronavirus . The key thing is for patients to be aware of this risk and watch for signs of any “new” conditions which may be indicate of, for example diabetes; kidney, liver or cardiovascular disease (e.g high blood pressure, heart attack or stroke); or a new infection or sepsis. Early intervention and treatment can help to manage these conditions and to avoid progression to more severe and serious illness such as sepsis, stroke and heart attack. Patients should seek medical help if they have any concerns at all – don’t wait.”

If you or a loved one has suffered from sepsis and you are worried about standards of care, we can help. Our specialist sepsis negligence claims solicitors understand what you’re going through, and we can help you get answers about your care. We’ll listen to your experiences, and help you find out what happened throughout your treatment.

Sepsis must be diagnosed and treated quickly. Any delay or problems with treatment could have serious implications – so doctors should recognise the warning signs of sepsis and offer the right treatment. Professional guidelines on the diagnosis and treatment of sepsis are very clear, but mistakes during treatment can and do happen. Unfortunately, medical errors can have serious and devastating consequences for patients and their families. Sepsis negligence claims normally focus on either a:

Delayed diagnosis of sepsis – you might have a claim if your doctor didn’t spot the signs of sepsis early enough and this made your condition worse
Misdiagnosis of sepsis – you might have a claim if your doctor misinterpreted your symptoms, and this caused a delay in your treatment which made your condition worse.

Read on to learn more about the signs of sepsis in children and adults, including common symptoms and causes which may result from medical negligence.

What is sepsis?

Sepsis is a potentially fatal abnormal immune response to an infection. It can cause:

Organ failure
Tissue damage (which can lead to amputation)
Death.

Can sepsis be treated and cured?

Sepsis can progress very quickly and requires immediate medical treatment. If diagnosed promptly it can be treated with antibiotics.

Your immune system normally keeps you safe from infections. In cases of sepsis, the immune system is overwhelmed and begins to attack the body. Sepsis can cause inflammation and septic shock (dangerously low blood pressure). Inflammation can cause damage throughout your body – including damage to your organs, soft tissue and limbs.

Tragically, 5 people die as a result of sepsis every hour in the UK. One in four of all sepsis survivors suffer permanent, life-changing effects (such as the loss of a limb). So, it’s important to be familiar with the common causes and signs of sepsis – it could help save your life.

Is sepsis the same as blood poisoning?

Sepsis is sometimes referred to as ‘blood poisoning’. However, sepsis and blood poisoning are different medical conditions. Blood poisoning is when bacteria infect your bloodstream, sepsis is when your immune system overreacts to an infection.

What is the most common cause of sepsis?

Sepsis is caused by an abnormal response to any kind of infection. Common causes of infections which can trigger sepsis include:

Viral illness – such as a fever, cough or cold
Bacterial infection – this could set in after a physical injury or surgery
Fungal infection – such as a urinary tract infection (UTI).

Anyone can get sepsis, but it’s more common in young children, the elderly or people who have an existing problem with their immune system (‘immunocompromised’). People receiving anticancer treatments may be at risk of developing sepsis (‘neutropenic sepsis’) if they suffer an infection during their treatment, because of their weakened immune system.

What are the first signs of sepsis?

Identifying sepsis at an early stage, and getting the right medical treatment, can help prevent it from becoming life-threatening. Every case of sepsis is different, but there are some common symptoms to look out for.

Early signs of sepsis in children

Children and babies may be at particular risk of sepsis if they have a fever (or have had one in the last 24 hours), or have a very low (less than 36C) or very high temperature.

Symptoms of sepsis in children include:

breathing very fast and/or a very fast heartbeat
fits or convulsions
mottled, bluish or pale skin
a rash which does not fade when pressed
very low energy or difficult to wake
lack of interest in anything
feeling abnormally cold to the touch.

Symptoms of sepsis in children under five years include:

not interested in feeding
has not wanted a drink for 8 hours or more
difficulty breathing – may make ‘grunting’ noises
is floppy
vomiting repeatedly
hasn’t had a wee/wet nappy for 12 hours.

If your child is poorly, and has a fever (or has had one in the last 24 hours) or low temperature, The Sepsis Trust UK advises parents to call 999 and ask: could it be sepsis?

Symptoms of sepsis in the elderly

Symptoms of sepsis in adults and the elderly include:

slurred speech
confusion
severe shivering or muscle pain
passing no urine for a day
severe breathlessness
feeling like you’re going to die
fast heartbeat and/or fast breathing
an abnormally high or low temperature
mottled or discoloured skin.

Having just one, or more, of these symptoms could be a sign of sepsis. The NHS has published a useful list of symptoms of sepsis in babies, children, adults and the elderly.

What are the early signs of septic shock?

Septic shock is a particularly severe form of sepsis which causes dangerously low blood pressure. Symptoms of septic shock include:

feeling dizzy, nauseous or faint
losing consciousness (fainting)
diarrhoea
vomiting
cold, clammy or mottled skin.

NHS Trust death: Inquest into St Albans woman’s empty oxygen cylinder

Posted on 21 January 202527 March 2025 by Sarah O'Sullivan

An inquest into the death of a woman under the care of West Hertfordshire Teaching Hospitals NHS Trust began on Monday 20 January.

Incident overview

Cecilia Harper (71) died in Watford General Hospital on 9 February 2022, while being transported from her ward to the radiology department. She had been admitted to the hospital five days earlier.

Circumstances leading to her Death

The mother-of-two had reported breathlessness while in hospital, after initially being provided with oxygen via nasal cannula, her oxygen dependency increased and Cecilia was provided with an non-rebreather oxygen mask for the journey and was accompanied by a porter and student nurse. She was conscious when she left the ward, yet by the time she arrived in the ultrasound room she had lost consciousness. A number of medical staff undertook CPR but Cecilia had sadly died.

Investigation findings

Upon investigation, it was discovered that Cecilia’s oxygen cylinder was empty, it was not clear when this occurred. During the first day of the inquest, it was heard that research carried out by a doctor at the Trust indicated that 10% of patients transferred to the A&E CT department have insufficient oxygen for a return journey, while 9% of patients made the journey with oxygen cylinders switched off.

However, a post-mortem report, which identified metastatic breast carcinoma as the cause of death, made no mention of the impact of the empty oxygen cylinder or oxygen dependency.

The inquest proceedings

An inquest took place at the Coroner’s Office for the Area of Hertfordshire to determine the cause of Cecilia’s death. There have been two previous inquest review hearings to ensure all appropriate evidence has been sought, which has delayed proceedings.

The inquest, which was expected to take place over three days, concluded on Tuesday (21 January). The inquest sought to confirm the exact circumstances surrounding Cecilia’s death.

The coroner determined that Mrs Harper died from natural causes, but it is unclear whether there was any problem with oxygen supply, and it is unclear if there was a problem with oxygen supply, if it contributed to her death.

There was not a determinative finding because of the contradictory evidence and lack of documentary evidence relating to the timings of when things occurred.

Concerns raised by Tees Law

Tees Law, acting for Cecilia’s family, has highlighted possible breaches in regulations by West Hertfordshire Teaching Hospitals NHS Trust.

Hospital staff have reported different times for the length of Cecilia’s journey from her ward to the ultrasound room, however it is understood to have taken at least six minutes. Moreover, it is believed to be contrary to best practice for a porter and a trainee nurse to accompany a patient in the way Cecilia was transported. Instead, she should have been accompanied by appropriately trained professionals.

Statement from Tees Law

Sophie Stuart of Tees, acting for the family, said: “These tragic events pose many questions about the use of oxygen cylinders for patients within West Hertfordshire Teaching Hospitals NHS Trust.

Cecilia’s family is hoping that the inquest will help shine a light on what happened to Cecilia. By highlighting any failings in her care, the family hope that the Trust will address a wider problem in order to ensure this never happens to any other patient.

It is also worth noting that NHS England issued Patient Safety Alerts in relation to oxygen cylinders in 2018 and 2023. Our concern is that despite these alerts this issue still seems to be a problem and could be affecting other patients.”

Remembering Cecilia Harper

Living in St Albans at the time of her death in her early 70s, Cecilia had many jobs throughout her life. Notably, she worked in Hong Kong, managing American expatriates in South-East Asia for the global technology firm IBM. She returned to the UK in 1983, where she lived ever since with her husband John.

Education, Health, and Care Plan for student success

Posted on 13 January 202521 March 2025 by Sarah O'Sullivan

The law states that ahead of a child moving between key phases of education their Education, Health, and Care Plan (EHCP) must be reviewed and reissued to allow for planning and preparation for transition and provision in the new educational setting.

The phase transfers are:

early years provider to school
infant school to junior school
primary school to middle school
primary school to secondary school
middle school to secondary school
secondary school to a post-16 institution.

The deadline for EHCPs to have been reviewed, amended (where necessary), and issued for most phase transfers is 15 February. For transfers for young people from secondary school to a post-16 institution or apprenticeship, the deadline to review and make any amendments to the EHCP is 31 March.

Where the transfer is taking place at a different time of the year to September, the local authority (LA) must take this into account, review, and amend the EHCP at least five months before the transfer takes place.

For those who have not yet received their amended plan, it can be an anxious wait until then.

The Review Process

The review for phase transfers should follow the usual annual review process. Four weeks after the annual review, the LA must send the proposed amendments and a draft of the EHCP to the parent or young person. The parent or young person then has at least 15 days to make representations about the proposed amendments/content of the EHCP and to request a particular school be named. The LA must issue the final amended EHCP, with notice of appeal rights, which should be included in the decision letter within eight weeks of the draft. To comply with these statutory deadlines, the annual review for all transfers, except those between secondary to post-16 institutions, must have been held by no later than 22 November 2024, and the draft EHCPs issued by 20 December 2024.

Phase Transfer, and particularly the transfer from primary to secondary school, is frequently when it becomes necessary for a child to move from mainstream to specialist provision. This decision, in and of itself, can be daunting but it’s crucial to be aware that you must inform the LA of the type (be that specialist or mainstream) and the name of the school you’d like named in your child’s EHCP. Usually, the venue for these discussions would be the annual review but if one’s not been called you may need to take things into your own hands. The LA must then consult your school of preference and any others they are considering before they name one in the EHCP. Schools must be given 15 days within which to complete the consultation and must have view of the draft EHCP as well.

What if you are not happy with the amended EHCP?

If the local authority has issued a final EHCP and you are unhappy with the special educational needs reflected in Section B, the special educational provision listed in Section F, or the setting named in Section I, you have the right to appeal the LA’s decision in the First Tier Tribunal. You can also ask the tribunal to make non-binding recommendations in respect of health and social care needs and provisions (known as an Extended Tribunal).

You have two calendar months from the date that the LA made their decision to lodge the appeal. Before doing so, where your appeal includes Sections B and F of the EHCP, you must obtain a mediation certificate. The decision letter will include instructions on how to obtain the certificate. Once obtained, you have an additional 30 days from the date of the mediation certificate to lodge the appeal. However, you should act quickly once you have received the EHCP because time is of the essence ahead of the transition in September and the tribunal will receive an influx of these appeals at the same time.

If you are only appealing Section I of the EHCP (educational placement) you do not need a mediation certificate.

What should you do if a review has not been carried out?

If your child is a phase transfer and the local authority has not yet arranged a review, the LA is in breach of its statutory duty.

You have a right to complain to the local authority if they have not complied with the statutory deadlines listed. Depending on the circumstances, it may be necessary to consider a public law remedy arising from the Judicial Review process.

Contact

If you would like advice or assistance about the above, please contact Legal Director, Polly Kerr, who leads the Education team at Tees, on 0330 135 5806 or by email at education@teeslaw.com.

Basildon based Enterprise Adhesives & Chemicals Limited manufacturer sold to Pafra Adhesives Limited

Posted on 9 January 202527 March 2025 by Sarah O'Sullivan

Based in Basildon, Enterprise Adhesives has manufactured a wide range of adhesives and glues for its UK customers and distributors for over 35 years.

Pafra Adhesives Limited, owned by Gluecom UK Limited and headquartered in Belgium, has produced various industrial adhesives since 1959. The acquisition will strengthen Pafra’s and Gluecom’s presence and manufacturing business in the UK market.

Tees Law assisted the shareholders, Ian Harvey and Andrew Harvey, with the Enterprise Adhesives sale, advising on the corporate, real estate and various legal aspects. Lucy Folley, partner and head of Tees Law Corporate and Commercial department, said: “We were delighted to support the shareholders with the sale of Enterprise Adhesives and are pleased to see the growing business opportunity that presents, with Pafra’s reputation in the adhesives industry.”

Commenting on the deal, Ian said: “Enterprise Adhesives is a successful regional business, and I’m pleased that by joining Pafra, one of the market leaders of the UK adhesives, owned by Gluecom group, the company will continue developing its business and extending variety of adhesives products.”

The advisory team of Tees Law included Partner Lucy Folley and solicitors Nana Maisuradze and Nana Poku, trainee solicitor Alex Haines. Partner Daniel Fairs advised on real estate matters.

Ryan Symonds from FRP Advisory advised the Enterprise Adhesives shareholders on financial advisory matters.

December 2024: Inflation rises, growth stalls, markets shift

Posted on 8 January 202528 March 2025 by Sophie Soraf

Headline inflation at eight-month high

Release of the latest inflation statistics showed consumer prices are now rising at their fastest rate since March 2024, while last month also saw Bank of England (BoE) policymakers become more divided over the need to cut interest rates.

Data published by the Office for National Statistics (ONS) showed the Consumer Prices Index (CPI) 12-month rate – which compares prices in the current month with the same period a year earlier – rose from 2.3% in October to 2.6% in November. ONS said the rise was primarily driven by an increase in motor fuel and clothing prices, which was only partially offset by a drop in air fares.

November’s CPI rise was, though, in line with expectations expressed in a Reuters poll of economists. Additionally, there was some relief in relation to underlying price pressures, with services inflation – a measure closely monitored by the BoE – remaining unchanged at 5.0%.

The latest decision of the BoE’s interest-rate setting body was announced a day after the inflation release, with the nine-member Monetary Policy Committee (MPC) voting by a 6-3 majority to maintain Bank Rate at 4.75%. The three dissenting voices each preferred an immediate 0.25 percentage point reduction in order to boost growth, but the six-strong majority, which included BoE Governor Andrew Bailey, expressed concern about wage growth and ‘inflation persistence.’

Commenting after announcing the Committee’s decision, Mr Bailey said he still believed the path for interest rates was “downwards.” However, he added, “We think a gradual approach to future interest rate cuts remains right, but with the heightened uncertainty in the economy we can’t commit to when or by how much we will cut rates in the coming year.”

The next MPC meeting is scheduled for early next month, with the outcome of the Committee’s deliberations due to be announced on 6 February.

UK economy has ‘largely stalled’

Figures released last month by ONS showed the UK economy shrank for a second successive month in October, while more recent survey evidence suggests it remained ‘largely stalled’ as 2024 drew to an end.

The latest official monthly gross domestic product (GDP) statistics revealed that economic output declined by 0.1% in October, defying analysts’ expectations for a small monthly expansion. October’s decline followed a similar-sized contraction in September and represents the first consecutive monthly drop in GDP since March and April 2020.

Revised data subsequently released by ONS also revealed that the economy performed worse than previously thought during earlier parts of last year. The updated statistics showed a growth rate of 0.4% across the second quarter, down from a previously published figure of 0.5%, while the economy is now estimated to have produced zero growth in the third quarter of 2024, down from an initial estimate of 0.1%.

The current economic malaise was also highlighted in updated growth projections published last month by the BoE. The Bank now estimates the UK will have seen no growth during the final three months of 2024.

Preliminary data from the latest S&P Global/CIPS UK Purchasing Managers’ Index (PMI) also points to a loss of economic momentum. While December’s flash headline growth indicator did remain at November’s 50.5 level, this left the Index only marginally above the 50.0 no change threshold.

S&P Global Market Intelligence’s Chief Business Economist Chris Williamson said, “The flash PMI data for December indicate the UK economy remained largely stalled at the end of 2024. New orders fell in December for the first time in over a year, reflecting a deterioration in demand as a deepening downturn in manufacturing shows growing signs of spreading to the services economy.”

Markets (Data compiled by TOMD)

Although most major indices closed 2024 higher year-on-year, trading at month end was mixed.

US markets outperformed Europe in 2024. In the US, major indices registered double-digit annual gains, supported by interest rate cuts, Trump’s return to the White House and enthusiasm for AI. The Dow closed the year over 12% higher on 42,544.22, while the tech-orientated NASDAQ closed the year up over 28% on 19,310.79.

Meanwhile, the Euro Stoxx 50 closed the year over 8% higher on 4,895.98. In Japan, the Nikkei 225 ended the year on 39,894.54, gaining over 19% in 2024, despite retreating on the last trading day of the year from a five-month high reached the previous session.

In the UK, the blue-chip FTSE 100 index closed December on 8,173.02, a gain of just under 6% for 2024 as a whole, locking in gains for a fourth straight year. The domestically focused FTSE 250 closed the year just under 5% higher on 20,622.61, while the FTSE AIM closed on 719.63, a loss of over 5% in the year.

On the foreign exchanges, the euro closed the month at €1.20 against sterling. The US dollar closed at $1.25 against sterling and at $1.03 against the euro.

Gold closed the year trading around $2,637 a troy ounce, an annual gain of over 26%, its strongest since 2010. The price was supported by various factors including central bank reserve purchases and rising geopolitical tensions, prompting investors to seek safe haven assets. Brent crude closed the year trading at around $74 a barrel, an annual loss of over 2%. At year end, robust economic data from China and a weakening US dollar supported the oil price.

Index	Value (31/12/24)	Movement since 29/11/24
FTSE 100	8,173.02	-1.38%
FTSE 250	20,622.61	-0.72%
FTSE AIM	719.63	-1.76%
Euro Stoxx 50	4,895.98	+1.91%
NASDAQ Composite	19,310.79	+0.48%
Dow Jones	42,544.22	-5.27%
Nikkei 225	39,894.54	+4.41%

*Closing value 30/12/24 (market was closed 31/12/24)

Retail sales post small November rise

Official retail sales data released last month showed a small rise in sales volumes during November, although more recent survey evidence continues to show a tough retail environment despite another modest rise in consumer sentiment.

Figures released last month by ONS revealed that retail sales volumes rose by 0.2% in November. While this did represent a bounce back from October’s 0.7% decline, the figure was below economists’ expectations and left sales in the three months to November up by only 0.3%, the weakest performance according to this measure since the three months to June 2024.

Evidence from the recently released CBI Distributive Trades Survey also suggests retailers had a relatively weak run-up to Christmas. The CBI said retailers had ‘endured a gloomy festive period’ and looking ahead, they expected ‘sales to fall again in January’ with wholesalers and motor traders ‘braced for sharper sales declines.’

Data from GfK’s latest consumer confidence index, however, did offer the retail sector some hope for the new year, with the long-running survey showing households becoming modestly more cheery about their finances for the year ahead. Overall, December’s headline sentiment figure rose to -17 from -18 in November, lifting consumer morale to a four-month high.

Wage growth surprise: vacancies fall again

The latest batch of labour market statistics revealed a surprise pick-up in pay growth as well as a fall in both the level of job vacancies and the number of staff on payrolls.

According to the latest ONS data, average weekly earnings excluding bonuses rose at an annual rate of 5.2% in the three months to October 2024; this was up from 4.9% across the preceding three-month period and higher than a consensus forecast of 5.0% from a Reuters poll of economists. ONS Director of Statistics Liz McKeown commented, “After slowing steadily for over a year, growth in pay excluding bonuses increased slightly in the latest period driven by stronger growth in private sector pay.”

Job vacancies, however, fell once again, with 31,000 fewer reported in the September–November period compared to the previous three months. The latest release also revealed a drop in the number of people on payrolls, with provisional data indicating a 35,000 decline in November.

Last month, Reed Chief Executive Officer, James Reed, also noted that his firm had seen a “significant decline” in the number of jobs being advertised, while a number of surveys highlighted a slowdown in recruitment activity in the face of rising employers’ National Insurance Contributions.

Key takeaways:

Data from the ONS shows the CPI 12-month rate rose from 2.3% in October to 2.6% in November
UK economic output declined 0.1% in October, defying analysts’ expectations for a small monthly expansion.
Retailers ‘endured a gloomy festive period’ according to the CBI, who expect ‘sales to fall again in January’

All details are correct at the time of writing (02 January 2025)

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.

This material is intended to be for information purposes only and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Tees is a trading name of Tees Financial Limited which is regulated and authorised by the Financial Conduct Authority—registered number 211314.

Tees Financial Limited is registered in England and Wales—registered number 4342506.

Tees Law launches Make a Will Month campaign

Posted on 6 January 202529 March 2025 by Sarah O'Sullivan

Major regional legal and wealth management firm Tees Law is to offer Will writing services with waived fees across February 2025 in the launch of ‘Make a Will Month’.

The initiative aims to highlight the importance of estate planning and provides an opportunity to create Wills and support the local community. This step helps participants secure their legacy and honour their wishes.

The only request from Tees is that those taking up the opportunity donate to the firm’s Better Future Fund which is set up to support local communities to a better future by funding local community projects and organisations.

The Better Future Fund offers grants of up to £5,000 for projects that focus on learning and education and/or health and wellbeing, including supporting mental health for young people, children and families.

Peace of mind starts with a plan

Creating a Will is about more than just dividing assets—it’s about providing peace of mind and leaving a legacy for those you care about. Through early planning, you can protect your family members, and even contribute to causes that are meaningful to you.

Why writing a Will is essential

Tees encourages everyone to take this important step toward safeguarding their future. Here are some key benefits of creating a well-structured will:

Secure your family’s future

Ensure your assets are distributed according to your wishes, providing financial security for your loved ones and avoiding potential disputes.

Minimise tax burdens

Careful estate planning can reduce the tax burden on your family and make the probate process smoother and more efficient.

Appoint guardians for your children.

A Will allows you to designate trusted guardians for your children, ensuring they are cared for by those you choose, should the need arise.

Organise your legacy

Including charitable donations in your Will allows you to make a meaningful difference to the causes you care about, extending your positive impact beyond your lifetime.

2024 Property trends: Sales, demand, and 2025 outlook

Posted on 6 January 202525 March 2025 by Sarah O'Sullivan

As we approach the new year, Zoopla has highlighted trends in the UK property market in 2024.

It is expected that, by the end of the year, there will have been 1.1 million sales completed – 10% more than last year. Meanwhile, January was the busiest month for visitors to the Zoopla site, followed by March and February. Interestingly, 80% of potential buyers were looking at the floorplans of a property before the photos, highlighting that pictures aren’t everything.

As for sellers, May was the most popular month to put a home up for sale – just in time for the summer, which is typically the busiest period for house moves. August saw 104,740 completions – the busiest month of the year according to HMRC. It took the average homeowner 33 days to sell – a slight reduction on 34 days in 2023. The most popular property type this year was a three-bedroom semi-detached house.

The top five fastest moving markets in the UK were all located in Scotland – Falkirk took the top spot with an average of 15 days to sell. In Scotland, properties are listed with a valuation and survey upfront, thus speeding up the sales process.

Where has buyer demand increased?

Comparison site GetAgent has revealed the levels of buyer demand in cities across Britain.

The report highlighted the areas with the strongest growth in buyer activity this year. Out of 21 major cities, Sunderland came out on top; half of all homes on the market have currently found a buyer – 10% more than the start of the year. Leicester was second on the list with a 9% increase in buyer demand, followed by Liverpool (8%), Newcastle (7%) and Leeds (6%).

Aberdeen saw the lowest increase, with only a +0.2% change in buyer demand this year. London was also near the bottom of the list, with a 3.3% increase in activity. Although some increases were marginal, it is promising that every major UK city did see some growth in buyer demand in 2024.

What’s in store for residential property investment?

2025 is expected to be a good year for residential property investment despite recent policy changes.

Labour’s target to build 1.5 million new homes during this Parliament is likely to encourage investment in the residential property market. Capital Gains Tax on residential property remained unchanged in the Chancellor’s Autumn Budget, which came as a relief for many. However, those buying a second home are now subject to a higher rate of Stamp Duty Land Tax.

Following the Budget, the Bank of England warned that inflation could rise again, causing interest rates to fall at a slower pace. There was concern that this could make the UK less appealing to European investors, who could play an important role in achieving the government’s housing target. The impact remains to be seen; however, the Bank still hopes to reduce interest rates in 2025.

All details are correct at the time of writing (18 December 2024)

Corporate and Commercial: A year in review and looking ahead to 2025

Posted on 6 January 20257 April 2025 by Sarah O'Sullivan

In 2024, Tees’s Corporate and Commercial team welcomed new members and was involved in transactions totalling more than £100 million. This comes in the face of widespread business uncertainty provoked by the budget and broader market forces, with revised figures indicating zero growth in the UK economy between July and September.

Some work highlights

In May, Tees advised the sole shareholder of GTES Holdings Limited (the holding company of GT Engine Services Limited) on the sale of their shares to STS Aviation Services. GTES offers a range of aircraft maintenance, repair and overhaul services, working with some of the world’s leading aircraft repair and engine maintenance companies. Its acquisition by STS required experts in the corporate, commercial property and employment departments to work together to ensure the deal was completed on time.

Tees also acted for the sellers of a construction software company in a cross-border transaction further complicated by the need to secure approval under the National Security and Investment regime. The team worked tirelessly to ensure compliance with all regulatory requirements whilst liaising with lawyers in different time zones to ensure the transaction proceeded smoothly.

We also continued to advise clients on a range of commercial agreements. In addition to contracts for the supply of goods and services, we have also advised on an advertising licence for a ferry company and framework agreements for licensing intellectual property rights. The team’s flexibility and commercial acumen have allowed us to understand our client’s needs and then draft bespoke agreements that best protect our client’s commercial interests.

Our People

The team has continued to grow at all seniorities following Baljeet Kaur’s promotion to Partner in April 2023 before Partner Claire Powell joined the team in September 2023. The team increased to four partners with the arrival of Tracey Dickens in October 2024, whilst solicitor Nana Maisuradze joined, and trainee solicitor Charlie Neal qualified into the team in September.

This organic growth underscores Tees’ commitment to serving businesses in the wider Essex and Hertfordshire region.

Looking forward to 2025

Ahead of the budget, the team advised several clients on forming Employee Ownership Trusts, which provide a tax-efficient method of disposing of shares in a company. On Wednesday, 29 January 2025, Tracey Dickens will host a webinar looking at what makes Employee Ownership Trusts (EOTs) an attractive option for succession planning. Kingsley Tedder will join her from Mobius Group, and together they will discuss:

some practical guidance on the process and key considerations;
the tax incentives for sellers and their company;
the structure and day-to-day operation of EOTs; and
the traps to avoid.

2025 promises to be another busy year for the team with business owners looking to avoid the further increases to CGT by selling their interests before the 6 April deadline.

Head of department, Lucy Folley added that “2024 has been a fantastic year for the department with some complicated and exciting deals together with welcoming new team members. We are excited to return in the New Year and continue providing sound commercial and corporate advice to our clients.”

Meet the team:

Lucy Folley:

As Head of Corporate and Commercial, Lucy has over 20 years’ experience specialising in a range of corporate and commercial matters across several industry sectors, including M&A group restructuring, joint ventures and partnerships, MBOs, employee incentivisation schemes, finance and banking, and commercial agreements.

Tracey Dickens:

Having joined Tees in October 2024, Tracey brings with her two decades of experience in corporate and commercial matters including demergers, M&A, share restructuring, JVs, LLPs and partnerships, Employee Ownership Trusts and commercial agreements.

Claire Powell:

Claire joined the team in September 2023 and has over two decades of experience advising businesses on a range of commercial and corporate matters including joint ventures, reorganisations and mergers and acquisitions.

Baljeet Kaur:

Baljeet was appointed to the Tees Law partnership in April 2023 and specialises in mergers and acquisitions, disposals, management buy outs, joint ventures, financial restructuring and reorganisations, as well as company constitutional advice.

Natasha Bhandari:

Natasha joined the team in January 2021 as an Associate and has 4 years of experience in corporate and commercial fields. Natasha’s clients include SMEs, private equity companies, banks, large corporates and independently owned and managed businesses.

Elliot Stafford:

Elliot joined the team in January 2025 as an Associate and brings over 6 years of expertise in IP and Commercial Contracts to help the firm and its clients achieve even greater success. There’s enormous potential to provide additional value while maintaining the same high-quality and cost-effective service that our clients expect.

Nana Maisuradze:

Nana joined the corporate and commercial team in September 2024 and assists the team on various matters within the corporate and commercial field and is a dual-qualified lawyer qualified as a solicitor in England and Wales and as an advocate in Georgia.

Nana Poku:

Nana joined the team in March 2023 and provides key support to the team on a wide range of matters, including acquisitions and disposals, company restructurings, drafting constitutional documents, and advising on loan documentation.

Charlie Neal:

Charlie qualified in September 2024 following the completion of his training contract at Tees, spending two of his three training seats in the department, and brings over 2 years’ experience in the corporate and commercial field to the team.

Gabriella Cox:

Gabriella joined the team as a trainee in March 2024 having also spent time in the litigation and residential property departments. Gabriella supports the team with various corporate and commercial matters.

Alex Haines:

Alex joined the team as a trainee in September 2024, having spent time in various private client and business departments. Alex supports the team on numerous corporate and commercial matters and authoring articles highlighting changes to company law.