Paul Davies

Paul Davies is a partner in the private client team of Clarke Willmott. He is a solicitor, a chartered tax advisor, and a member of the Society of Trust and Estate Practitioners, as well as being a chartered accountant (albeit no longer practising as such). He specialises in providing advice across the range of different tax and legal issues that face high net worth individuals, executors, and trustees.
Paul's work spans all areas of private client work, including wills, trusts of all kind, inheritance tax, succession planning, probate and estate administration, and lasting powers of attorney.

Paul acts as a professional trustee for a number of family trusts, and is also regularly called on to act as a professional executor.
Contributed to

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Bare trusts—IHT
Practice notes

This Practice Note explains that a ‘bare trust’ is an arrangement where the legal ownership of property is in a different name from that of the person beneficially entitled to it. It considers some of the situations in which a bare trust might arise and why they might be used, the inheritance tax (IHT) status of a bare trust and the duties of a bare trustee.

Bare trusts—income tax and CGT
Practice notes

This Practice Note explains how trustees of bare trusts are treated for income tax and capital gains tax (CGT) purposes. It provides examples of bare trusts and the reporting and compliance obligations of trustees and beneficiaries of such trusts.

Discretionary trusts—income tax
Practice notes

This Practice Note explains how income tax applies to discretionary trusts (and trusts where income may be accumulated). It includes a discussion of the types of income a trust may receive, deductions the trust may make (trust management expenses (TMEs)) and the rates of tax that apply.

Interest in possession trusts—income tax
Practice notes

This Practice Note explains how to calculate the income tax liability of trustees of an interest in possession (IIP) trust. It also covers the general principles of income tax that apply to the trustees of such a trust.

Relevant property trusts—chargeable lifetime transfers
Practice notes

This Practice Note explains how to calculate the amount of inheritance tax (IHT) that arises on a chargeable lifetime transfer (CLT), also called an immediately chargeable transfer (ICT), including how grossing up and the timing of the transfers affect the calculation. In general terms, the lifetime charge will apply to individuals who transfer property into a trust that is subject to the relevant property regime.

Taxation of age 18–25 trusts—IHT
Practice notes

This Practice Note considers the inheritance tax (IHT) treatment of an age 18–25 trust. It also sets out briefly how to calculate the amount of IHT payable when an age 18–25 trust comes to an end.

Practice areas

Membership

  • Chartered Institute of Taxation
  • Law Society
  • Society of Trust and Estate Practitioners

Panel

  • Contributing Author
  • Q&A Panel

Education

  • University of Nottingham 2(1) LLB

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