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Latest Private Client News

Question of the week: Where a trust of a life policy otherwise falls within the definition of an 'excluded trust' set out in paragraph 4 of Schedule 3A of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, does it lose that excluded trust status if it opens a non-interest bearing bank account in order to pay insurance premiums for the policy?

Question of the week: Where a trust of a life policy otherwise falls within the definition of an 'excluded trust' set out in paragraph 4 of Schedule 3A of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, does it lose that excluded trust status if it opens a non-interest bearing bank account in order to pay insurance premiums for the policy?

Question of the week: Where a trust of a life policy otherwise falls within the definition of an 'excluded trust' set out in paragraph 4 of Schedule 3A of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, does it lose that excluded trust status if it opens a non-interest bearing bank account in order to pay insurance premiums for the policy?

Tax update spring 2025—Tax analysis

Tax update spring 2025—Tax analysis

The following Tax news provides comprehensive and up to date legal information on Tax update spring 2025—Tax analysis

Sizeable refunds could follow taxpayer’s FTT win as HMRC directed to issue enquiry closure notices in ten-year dispute (Refinitiv Ltd v HMRC)

Sizeable refunds could follow taxpayer’s FTT win as HMRC directed to issue enquiry closure notices in ten-year dispute (Refinitiv Ltd v HMRC)

The following Tax news provides comprehensive and up to date legal information on Sizeable refunds could follow taxpayer’s FTT win as HMRC directed to issue enquiry closure notices in ten-year dispute (Refinitiv Ltd v HMRC)

High Court makes order regarding funeral arrangements where two executors disagree (Patel v Patel)

High Court makes order regarding funeral arrangements where two executors disagree (Patel v Patel)

The following Private Client news provides comprehensive and up to date legal information on High Court makes order regarding funeral arrangements where two executors disagree (Patel v Patel)

Featured Private Client content

Can a power of attorney lapse or expire or does it last indefinitely? Does it need to be updated or 'refreshed'?

Can a power of attorney lapse or expire or does it last indefinitely? Does it need to be updated or 'refreshed'?

Can a power of attorney lapse or expire or does it last indefinitely? Does it need to be updated or 'refreshed'?Lasting powers of attorneyIn contrast...

Death in service benefits

Death in service benefits

Death in service benefitsOverview of the types of death in service benefits and their tax treatmentThere are three types of death in service...

Nature and classification of trusts—the three certainties

Nature and classification of trusts—the three certainties

Nature and classification of trusts—the three certaintiesCertaintyIn order for a settlor to create a private express trust the three certainties must...

Lifetime gifts

Lifetime gifts

Lifetime giftsA lifetime gift is a gratuitous transfer of ownership of any property between living persons and not made in expectation of death. In...

Practice notes

Exemptions and reliefs from income tax

Exemptions and reliefs from income taxFor income tax rates and allowances applicable in the current tax year, see Practice Note: Key UK tax rates,...
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1st Mar
Practice notes

Payment of legacies

Payment of legaciesIdentification of beneficial interestsThe personal representatives (PRs) of an estate must identify:•the beneficiary or...
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2nd Mar
Practice notes

Liferent trusts—Scotland

Liferent trusts—ScotlandLiferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both,...
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Produced in partnership with Pete Murrin of Turcan Connell
28th Mar
tag iconScottish Law
Practice notes

Notaries and notarisation—notarisation

Notaries and notarisation—notarisationThe principles of the notarial act are that it is:•an act of the notary and not of the parties named in the...
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2nd Mar
Practice notes

Trustees—self-dealing, unauthorised profits and conflicts of interest

Trustees—self-dealing, unauthorised profits and conflicts of interestThe self-dealing ruleThe self-dealing rule is connected to, but distinct from,...
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1st Mar
Practice notes

Benevolent funds

Benevolent fundsFORTHCOMING CHANGE: The Charities Act 2022 (CA 2022) received Royal Assent on 24 February 2022 and will be implemented on a staggered...
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1st Mar
Practice notes

Creation of trusts—life insurance trusts

Creation of trusts—life insurance trustsDefining life insurance trustsA life insurance trust usually involves either:•an assignment of an insurance...
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2nd Mar
Practice notes

CGT—PPR relief for UK residents with overseas dwellings and non-UK residents with UK dwellings

CGT—PPR relief for UK residents with overseas dwellings and non-UK residents with UK dwellingsPrincipal private residence relief (PPR relief) exempts...
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Produced in partnership with Alison Cartin of Taylor Wessing LLP
28th Mar
Q&As

When can a mistake in an executed deed be rectified by a manuscript amendment rather than by a deed of rectification?

When can a mistake in an executed deed be rectified by a manuscript amendment rather than by a deed of rectification?This Q&A explains when it is...
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Produced in partnership with Emma Holland of Stewarts Law
28th Mar
Practice notes

Calculating the IHT charge on death

Calculating the IHT charge on deathThis Practice Note outlines how to calculate the amount of inheritance tax (IHT) that arises on an individual’s...
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2nd Mar
Practice notes

Protectors

ProtectorsWhat is a protector?A protector is a person who holds powers under a trust but who is not a trustee. A protector is a person who is...
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Produced in partnership with Alison Cartin of Taylor Wessing LLP
28th Mar
Q&As

A trust holds the beneficial ownership of shares in a company of which one trustee is a director. Of the three beneficiaries, two are adults and there is a declaration of trust in respect of the shares held for them. The other is a minor and there is a separate declaration of trust for him. What would or should happen to the company shares on the death of a beneficiary? Neither declaration of trust deals with this issue.

A trust holds the beneficial ownership of shares in a company of which one trustee is a director. Of the three beneficiaries, two are adults and there...
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Produced in partnership with Chris Bryden of 4 King’s Bench Walk
28th Mar
Practice notes

The Cy-près doctrine

The Cy-près doctrineFORTHCOMING CHANGE: The Charities Act 2022 (CA 2022) received Royal Assent on 24 February 2022 and will be implemented on a...
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2nd Mar
Practice notes

Perpetuities and accumulations

Perpetuities and accumulationsThe rules relating to perpetuities and accumulations stem from the common law and the provisions in the Perpetuities and...
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1st Mar
News

Changes to the excepted estate rules for IHT and procedure from January 2022

Private Client analysis: The new process for reporting the gross and net value of an estate, for inheritance tax (IHT) purposes, is effective for...
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2nd Mar
Q&As

A grant of probate has been issued with powers reserved to an appointed executor under a Will. How can the executor obtain full powers?

A grant of probate has been issued with powers reserved to an appointed executor under a Will. How can the executor obtain full powers?Reservation of...
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Produced in partnership with Lynne Counsell of 9 Stone Buildings
28th Mar

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What is the difference between an appeal and a review?

What is the difference between an appeal and a review?What is an appeal?An appeal in insolvency proceedings is no different to an appeal in normal litigation. An appeal will be allowed only if the appeal court is satisfied that the decision of the lower court was 'wrong' or 'unjust because of a

Financial clean break orders in family proceedings

Financial clean break orders in family proceedingsDuty of the court to consider a clean breakAlthough there is no presumption in favour of there being a financial clean break between parties on divorce, the court is under a duty to consider whether it would be appropriate to exercise its powers so

Contributory negligence in personal injury claims

Contributory negligence in personal injury claimsContributory negligence is a partial defence which can lead to a discount in damages.Other defences may also be relevant. See Practice Notes: Did the claimant consent to the risk of injury? and Was the claimant involved in an illegal activity?If a

Where are misrepresentations made? Jurisdictional traps for the unwary (Bellmare Holdings Ltd v Wells)

Dispute Resolution analysis: The High Court has provided concise guidance as to how misrepresentation should be analysed when considering jurisdictional gateways. Under Article 5(3) of the Lugano Convention, in negligent misstatement cases, the place of the event giving rise to damage is normally