The following Private Client practice note provides comprehensive and up to date legal information covering:
When you advise an individual on cross-border issues or offshore tax planning, it is important to establish the 'situs' (ie location) of the assets owned by or for the individual. This Practice Note explains the relevance of situs for succession and inheritance tax (IHT) and looks at the meaning of 'situs' for these purposes.
The aim is to introduce the common law concept of situs. However, in practice the situs of each asset must be considered on a case by case basis, with reference to the relevant case law.
Although the common law (or private international law) generally determines the situs of an asset it may be modified by legislation for specific taxes (eg capital gains tax (CGT)), double taxation relief or non-tax purposes. For guidance on the situs of assets for CGT, see Practice Note: Situs of assets for CGT (and private client).
The law of England and Wales makes a distinction between movable and immovable assets; succession to movables is governed by the law of domicile and succession to immovables is governed by the law of the country in which they are situate. This needs to be taken into account when drafting a Will for an individual domiciled in England and Wales who holds assets in a foreign jurisdiction or a foreign domiciled
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Fraud by false representationFraud by false representation applies to a broader range of conduct than the offences under the preceding legislation (the Theft Act 1968 (TA 1968)). No gain or loss need actually be made, and no deception need operate on the mind of the deceived for the Fraud Act 2006
LiabilityFalse imprisonment consists of the complete deprivation of liberty without a lawful basis. Claims will in practice be made against a public body that exercises detention powers, usually a local police force, the Secretary of State for the Home Department or the Secretary of State for
Overlapping insurance policesThere are various reasons why an insured may end up with overlapping insurance cover, whether deliberately or otherwise.Examples include the situation where the insured takes the benefit of other insurance arranged by another party or where, in the commercial world, risk
This Precedent letter covers disclosure obligations under CPR 31. It does not apply to proceedings subject to the disclosure pilot scheme under CPR PD 51U. For guidance on the disclosure pilot scheme, see Practice Note: Business and Property Courts—the disclosure pilot scheme. For a client letter on
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.