Heritage property, landed estates and farming families

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Practice notes
The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...
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Produced in partnership with Paul Davies of Clarke Willmott 12th Jan
Practice notes
On the face of it, there would appear to be no specific impediment, if there is no reason to suppose that a person is without capacity, in them...
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9th Nov
Practice notes
Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...
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9th Nov
Practice notes
The issue of sham is most likely to be raised by the settlor's creditors or former spouse if the settlor is involved in matrimonial proceedings, who...
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9th Nov
Practice notes
When trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe application is the best...
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Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 12th Jan
Practice notes
This Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda's regime for private trust...
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Produced in partnership with Vanessa Lovell Schrum and Caljonah Smith of Appleby, Bermuda 12th Jan
Practice notes
This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...
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Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan
Practice notes
Where a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married under that date but is required...
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9th Nov
Practice notes
Duration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules against remoteness of vesting and against the...
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9th Nov
Practice notes
Duty to distribute to the correct beneficiariesOn the termination of the trust, the trustees are under a duty to distribute the trust assets to the...
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9th Nov
Precedents
This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...
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9th Nov
Practice notes
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...
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9th Nov
Precedents
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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9th Nov
Practice notes
Liferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both, in the trust property...
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Produced in partnership with Peter Murrin of Turcan Connell 12th Jan
Practice notes
An offshore trust is any non-UK resident trust. The liability of trustees of an offshore trust to UK inheritance tax (IHT) is not dependent on the...
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Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 12th Jan
Practice notes
Express creation of trustsA trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for...
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Produced in partnership with Yvonne Evans, Law Lecturer, Solicitor (non-practising), TEP, University of Dundee 12th Jan

Most recent Heritage property, landed estates and farming families content

Practice notes
Coronavirus (COVID-19): HMRC has published guidance regarding the relaxation of rules requiring public access to conditionally exempt property during...
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30th Apr
Practice notes
Woodlands may attract one of three different types of relief from inheritance tax (IHT) depending on the nature of the land and timber...
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Produced in partnership with Emma Haley of Boodle Hatfield LLP 9th Apr
Practice notes
Coronavirus (COVID-19): HMRC has published guidance regarding the relaxation of rules requiring public access to conditionally exempt property during...
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Produced in partnership with Robert Brodrick and Emily Hewlett of Payne Hicks Beach Solicitors 9th Apr
Practice notes
Business property relief (BPR) is an important relief for inheritance tax (IHT) purposes. The relief applies both to individuals and to trusts that...
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Produced in partnership with Hayden Bailey and Gabrielle Dewes of Boodle Hatfield 9th Apr
Practice notes
STOP PRESS: The Agriculture Act 2020 received Royal Assent on 11 November 2020. See: LNB News 17/01/2020 2.With the current generic challenges by...
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Produced in partnership with Julie Butler FCA of Butler & Co. 9th Apr
Practice notes
Agricultural property relief (APR) was provided for from the outset when capital transfer tax was introduced by the Finance Act 1975. The nature of...
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Produced in partnership with Hayden Bailey and Gabrielle Dewes of Boodle Hatfield 9th Apr
Practice notes
STOP PRESS: HMRC has updated its guidance on calculating the special price in Acceptance in Lieu cases where the 36% reduced rate of Inheritance Tax...
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9th Apr
Practice notes
Riparian ownershipThis Practice Note looks at riparian ownership of non-tidal waterways, dealing with the fishing rights which may attach to such...
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8th Apr
Practice notes
Manorial rights are relics of the feudal system of land tenure. They can still exist in relation to land that:•is former copyhold land, or•was...
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8th Apr
Practice notes
What is a profit à prendre?A profit à prendre is the right to take the products of natural growth from the land of another. Examples of profits...
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8th Apr
Practice notes
Letting of agricultural landAgricultural tenanciesThe Agricultural Tenancies Act 1995 (ATA 1995) introduced farm business tenancies (FBTs) to replace...
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30th Mar
Practice notes
Statutory rights of succession in relation to an agricultural tenancy only exist if the Agricultural Holdings Act 1986 (AHA 1986) applies to that...
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24th Mar
Q&As
In light of the coronavirus (COVID-19) pandemic and the government’s guidance relating to social distancing and staying at home, HMRC has confirmed...
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24th Mar
Practice notes
IntroductionRural development schemes provide financial assistance to farmers who voluntarily agree to adopt agricultural practices which are...
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18th Mar
Practice notes
IntroductionThe Basic Payment Scheme (BPS) provides direct financial support (subsidy) payments to farmers as a supplement to their income from...
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16th Mar
Practice notes
What is a strict settlement?A strict settlement is a settlement of land falling under the Settled Land Act 1925 (SLA 1925).Some strict settlements are...
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Produced in partnership with Charles Russell Speechlys LLP 15th Mar
Practice notes
What is a grazing licence?A grazing licence is an agreement under which a landowner allows a grazier to use the landowner’s land to graze animals...
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4th Mar
Practice notes
IntroductionBefore the Agricultural Tenancies Act 1995 (ATA 1995) came into force on 1 September 1995, grazing agreements were widely adopted by...
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3rd Mar
Practice notes
Farm business tenancies were introduced with effect from 1 September 1995 by the Agricultural Tenancies Act 1995 (ATA 1995). They mark a radical...
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3rd Mar
Practice notes
A landed estate typically consists of a holding of some hundreds or even thousands of acres of land, held by or for a family over the generations....
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Produced in partnership with Alexander Caton of Charles Russell Speechlys LLP 26th Feb

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