Paul Davies

This Q&A considers whether principal private residence relief is applicable to a sole remainderman's interest in a property that has increased in value since the death of the life tenant.

This Q&A considers the IHT implications of a transfer for no consideration of a half share of a property between siblings.

This Q&A considers how the related settlement rules apply when two trusts are established on death (effected by the Will or by deeds of variation of the dispositions in the estate) and the effect of these rules on the nil rate band available to each trust.

This Q&A considers what options are available where the life tenant of a Will trust wishes to remain in the trust property for their lifetime, but the remainder of the deceased testator’s estate is insufficient to settle the IHT due on the property and the property would otherwise need to be sold.

This Q&A considers the inheritance tax (IHT) treatment of a life interest trust established before the changes in 2006 in a case where the trust fund reverts to the settlor on life interest trusts on the death of the original life tenant.

This Q&A considers the qualifying criteria for an 18–25 trust.

This Q&A considers whether loss on sale of land relief can be claimed where one property in the estate has made a loss compared to the date of death value and another has made a gain. It also notes the considerations for personal representatives when deciding whether or not to make a loss on sale relief claim, including comparing the overall inheritance tax and CGT position in both scenarios.

This Q&A considers the date of disposal for capital gains tax and for inheritance tax purposes in relation to chattels which remain with the life tenant and are not physically delivered to the recipient until some time after the trust deed of appointment.

This Q&A considers the situation where the deceased was foreign domiciled and the vast majority of the estate is in the USA but there is a cross-border element as they left a residential property in the UK which passed to the surviving spouse by survivorship, and where the chattels situated in the UK property had been settled by the deceased during their lifetime on a US trust, and how those chattels are treated for UK inheritance tax and capital gains tax purposes on a sale by the trustees of the US trust.

This Q&A considers the calculation of the available residence nil rate band where there is a gift with reservation of benefit. It also considers the operation of the Inheritance Tax Double Charges (Relief) Regulations 1987, SI 1987/1130.

This Q&A discusses the effect of Brexit on the application of the EU Succession Regulation on cross-border estates, and the drafting of Wills in England and Wales.

This Q&A considers the availability of the residence nil rate band in cases where the value of the estate itself on death does not exceed £2m but where gifts were made in the deceased’s lifetime which bring the chargeable estate above the £2m threshold.

This Q&A discusses when the residence nil rate band is available for a property that has been gifted and what the capital gains tax position is in relation to the uplift in value of a property.

This Q&A considers the availability of the residence nil rate band (RNRB) and transferable RNRB in the event that both spouses or civil partners die simultaneously.

This Q&A discusses at which point the RNRB or transferable RNRB are available on the death of an individual.

This Q&A considers the conditions for replacement business assets to qualify for business property relief from inheritance tax.