Legal News

Private Client weekly highlights—19 May 2022

Published on: 19 May 2022
Published by: LexisPSL
  • Private Client weekly highlights—19 May 2022
  • In this issue:
  • Brexit
  • Coronavirus (COVID-19)
  • Penalties for not telling HMRC about Coronavirus Job Retention Scheme grant overpayments
  • Probate
  • FCA publishes CP22/9, Expansion of the Dormant Assets Scheme
  • Elderly and vulnerable clients
  • FS Consumer Panel calls on FCA to take further action in the equity release market
  • UK taxes for Private Client
  • More...

Article summary

This week’s edition of Private Client highlights includes: (1) The Financial Conduct Authority’s consultation paper CP22/9 on the expansion of the Dormant Assets Scheme; (2) Beard v HMRC, a decision of the First Tier Tax Tribunal which held that distributions paid by a Jersey company out of share premium were dividends of an income nature for UK tax purposes; (3) Analysis of Middleton v Middleton Enterprises (Holdings) Ltd, in which the court held that a series of interest-free loan agreements between a company’s shareholders and the company could be set aside for mistake under the equitable principles applicable to voluntary dispositions as set out in Pitt v Holt; (4) Analysis of Re Cooper deceased (probate) (Cooper (a child) v Chapman, in which the High Court admitted a missing Will to probate; (5) A Taxpayer v HMRC, the first case to consider the exceptional circumstances exemption in the statutory residence test, and (6) In the matter of the estate of Sheikh Saoud Mohamed A A Al Thani (deceased), a decision of the Eastern Caribbean Court of Appeal which provides helpful guidance on the enforcement of foreign wills in the BVI. or take a trial to read the full analysis.

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