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Heritage property, landed estates and farming families

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Latest Private Client News

HMRC settles US$1bn General Electric tax fraud lawsuit

HMRC settles US$1bn General Electric tax fraud lawsuit

The following Private Client news provides comprehensive and up to date legal information on HMRC settles US$1bn General Electric tax fraud lawsuit

Private Client weekly highlights—16 September 2021

Private Client weekly highlights—16 September 2021

The following Private Client news provides comprehensive and up to date legal information on Private Client weekly highlights—16 September 2021

Whose fraud is it anyway? The effect of forgery and the defence of illegality on equitable property interests (Victus (2) v Munroe; Benjamin v Victus (1))

Whose fraud is it anyway? The effect of forgery and the defence of illegality on equitable property interests (Victus (2) v Munroe; Benjamin v Victus (1))

The following Dispute Resolution news provides comprehensive and up to date legal information on Whose fraud is it anyway? The effect of forgery and the defence of illegality on equitable property interests (Victus (2) v Munroe; Benjamin v Victus (1))

FTT rules on validity of discovery assessments (GC Field & Sons Ltd v HMRC)

FTT rules on validity of discovery assessments (GC Field & Sons Ltd v HMRC)

The following Private Client news provides comprehensive and up to date legal information on FTT rules on validity of discovery assessments (GC Field & Sons Ltd v HMRC)

Featured Private Client content

Notaries and notarisation—notarisation

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...

Beddoe applications

Beddoe applications

Beddoe applicationsWhen trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe...

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?

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...

Trustees—removal of trustees

Trustees—removal of trustees

Trustees—removal of trusteesA trustee may be removed against their will in any of the following ways:•under an express power in the trust...

Precedents

Partial deed of revocation of lasting power of attorney

This partial deed of revocation is made on [date] by [donor] of [address].1I granted a Lasting Power of Attorney for [Financial Decisions/Health and...
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19th May
Precedents

Deed of revocation of ordinary power of attorney

This Deed OF REVOCATION is made on [date] by me [name of donor] of [address of donor].This Deed provides:1Revocation...
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19th May
Practice notes

Trustees—statutory powers of trustees

Trustees—statutory powers of trusteesSource and availabilitySourcesTrustees have certain powers conferred on them by statute, in particular by the...
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19th May
Q&As

At what stage and to whom can a Deed of Appropriation take place when selling a second property in an estate?

At what stage and to whom can a Deed of Appropriation take place when selling a second property in an estate?We assume you refer to the situation when...
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19th May
Practice notes

Creation of trusts—blind trusts

Creation of trusts—blind trustsWhat is a blind trust?A blind trust is a trust that is aimed at preventing conflicts of interest arising. Usually, the...
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Produced in partnership with Michael O’Sullivan of 5 Stone Buildings 19th May
Practice notes

The Cy-près doctrine

The Cy-près doctrineFORTHCOMING CHANGE: On 22 March 2021, the government published its response  to the Law Commission’s report of 14 September 2017,...
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19th May
Practice notes

Relief for income tax losses

Relief for income tax lossesReliefs entitle taxpayers to reduce the amount of income tax payable. When calculating liability to income tax, a taxpayer...
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19th May
Practice notes

Assessment for residential accommodation

Assessment for residential accommodationCoronavirus (COVID-19): The content of this Practice Note is temporarily affected by the coronavirus...
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19th May
Q&As

Can a life tenant in a Will bring a life interest to an end by choosing to end it themselves or does it only expire on death?

Can a life tenant in a Will bring a life interest to an end by choosing to end it themselves or does it only expire on death?Life tenantsA life...
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Produced in partnership with Lynne Counsell of 9 Stone Buildings 19th May
Practice notes

Capacity to litigate

Capacity to litigateOn the face of it, there would appear to be no specific impediment, if there is no reason to suppose that a person is without...
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19th May
Practice notes

Termination of trusts—methods of termination

Termination of trusts—methods of terminationDuration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules...
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19th May
Practice notes

Costs and expenses in the Court of Protection

Costs and expenses in the Court of ProtectionThere are court fees and disbursements which will be payable by all applicants on making a new...
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19th May
Practice notes

Acceptance in Lieu scheme and other heritage property reliefs

Acceptance in Lieu scheme and other heritage property reliefsSTOP PRESS: HMRC has updated its guidance on calculating the special price in Acceptance...
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19th May
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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19th May
Practice notes

Offshore trusts—offshore income gains (OIGs)

Offshore trusts—offshore income gains (OIGs)Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are...
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19th May
Practice notes

Trust disputes—court jurisdiction and procedure

Trust disputes—court jurisdiction and procedureTrust litigation has been classified as being of three types:•a dispute as to the trusts on which...
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19th May

Most recent Heritage property, landed estates and farming families content

Practice notes

IHT—agricultural property relief

IHT—agricultural property reliefAgricultural property relief (APR) was provided for from the outset when capital transfer tax was introduced by the...
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Produced in partnership with Hayden Bailey and Gabrielle Dewes of Boodle Hatfield 6th Sep
Practice notes

Gifts of art to the nation

Gifts of art to the nationCoronavirus (COVID-19): HMRC has published guidance regarding the relaxation of rules requiring public access to...
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Produced in partnership with Robert Brodrick and Emily Hewlett of Payne Hicks Beach Solicitors 16th Aug
Practice notes

Acceptance in Lieu scheme and other heritage property reliefs

Acceptance in Lieu scheme and other heritage property reliefsThe Acceptance in Lieu (AiL) scheme allows those who are liable to UK inheritance tax...
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16th Aug
Practice notes

Trust and tax planning for landed estates

Trust and tax planning for landed estatesA landed estate typically consists of a holding of some hundreds or even thousands of acres of land, held by...
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Produced in partnership with Alexander Caton of Charles Russell Speechlys LLP 16th Aug
Practice notes

Heritage property—the conditional exemption

Heritage property—the conditional exemptionCoronavirus (COVID-19): HMRC has published guidance regarding the relaxation of rules requiring public...
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16th Aug
Practice notes

Agricultural property—land transactions

Agricultural property—land transactionsLetting of agricultural landAgricultural tenanciesThe Agricultural Tenancies Act 1995 (ATA 1995) introduced...
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15th Aug
Practice notes

IHT—business property relief

IHT—business property reliefBusiness property relief (BPR) is an important relief for inheritance tax (IHT) purposes. The relief applies both to...
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Produced in partnership with Hayden Bailey and Gabrielle Dewes of Boodle Hatfield 15th Aug
Practice notes

Strict settlements

Strict settlementsWhat is a strict settlement?A strict settlement is a settlement of land falling under the Settled Land Act 1925 (SLA 1925).Some...
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Produced in partnership with Charles Russell Speechlys LLP 15th Aug
Practice notes

Landed estates and diversification

Landed estates and diversificationSTOP PRESS: The Agriculture Act 2020 received Royal Assent on 11 November 2020. See: LNB News 17/01/2020 2.With the...
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Produced in partnership with Julie Butler of Butler & Co Chartered Accountants 15th Aug
Practice notes

IHT—woodlands relief

IHT—woodlands reliefWoodlands may attract one of three different types of relief from inheritance tax (IHT) depending on the nature of the land and...
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Produced in partnership with Emma Haley of Boodle Hatfield LLP 15th Aug
Q&As

Is grassland left fallow, neither cut, nor used for hay, nor for grazing, used for agricultural purposes for the purpose of inheritance tax and agricultural property relief?

Is grassland left fallow, neither cut, nor used for hay, nor for grazing, used for agricultural purposes for the purpose of inheritance tax and...
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15th Aug
Q&As

Where the main asset of an estate is land that qualifies for IHT agricultural property relief at 100%, do the PRs need to file a corrective account if the land sells a few months later for a much higher value than the agreed probate value?

Where the main asset of an estate is land that qualifies for IHT agricultural property relief at 100%, do the PRs need to file a corrective account if...
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15th Aug
Q&As

Is an option that has not been exercised or conditional contract where the condition has not been met a ‘binding contract of sale’ for the purposes of inheritance tax (IHT), which would disqualify the relevant asset from business property relief (BPR) or agricultural property relief (APR)?

Is an option that has not been exercised or conditional contract where the condition has not been met a ‘binding contract of sale’ for the purposes of...
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15th Aug
Q&As

A strict settlement was created by Will in 1953 on the death of a settlor. The tenant for life (A) has now died. B would have ordinarily taken but predeceased A. The interest then passed to the eldest son of B in tail male with remainder. Male heir C survives B with his son (D). Does C take absolutely? Alternatively, does C take a life interest with D taking on his death?

A strict settlement was created by Will in 1953 on the death of a settlor. The tenant for life (A) has now died. B would have ordinarily taken but...
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Produced in partnership with Chris Bryden of 4 King’s Bench Walk 15th Aug
Q&As

When was the creation of new entailed interests prohibited (if at all)? If land was ever declared to be in ‘tail male’ or in ‘tail general’ what is the effect of this at law? Can such land be sold while it is ‘entailed’?

When was the creation of new entailed interests prohibited (if at all)? If land was ever declared to be in ‘tail male’ or in ‘tail general’ what is...
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Produced in partnership with Graham Stott of gunnercooke LLP 15th Aug
Q&As

Where the transferee of an asset which qualified for business property relief (BPR) at the time of transfer sells the asset, do all the net sale proceeds need to be reinvested in assets that would be eligible for BPR or would BPR still be available if only some of the net proceeds of sale are reinvested in assets that qualify for BPR?

Where the transferee of an asset which qualified for business property relief (BPR) at the time of transfer sells the asset, do all the net sale...
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Produced in partnership with Katharina Byrne TEP, LLM of LexisNexis 15th Aug
Q&As

Can conditional exemption be claimed on a ten-year charge if it has not been previously claimed? If so, how?

Can conditional exemption be claimed on a ten-year charge if it has not been previously claimed? If so, how?Conditional exemption from inheritance tax...
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Produced in partnership with Chris Bryden of 4 King’s Bench Walk 15th Aug
Q&As

What is the correct procedure for a beneficiary with an entailed interest under a strict settlement to bar the entail?

What is the correct procedure for a beneficiary with an entailed interest under a strict settlement to bar the entail?Tenant in tail in possessionA...
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15th Aug
Practice notes

Agricultural tenancies—rights of succession

Agricultural tenancies—rights of successionStatutory rights of succession in relation to an agricultural tenancy only exist if the Agricultural...
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11th Aug
Q&As

A landowner intends to grant a lease of land including a gallop, stables and a house. The tenant will use the property for training of horses. Would this use be an agricultural activity thus meaning a Farm Business Tenancy (FBT) is the appropriate document?

A landowner intends to grant a lease of land including a gallop, stables and a house. The tenant will use the property for training of horses. Would...
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Produced in partnership with Chris Bryden of 4 King’s Bench Walk 10th Aug

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Interim injunctions—the American Cyanamid guidelines

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What is a statutory declaration of solvency, and what happens if a false declaration of solvency is made

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