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Latest Private Client News

Contentious probate—section 9 of the Wills Act 1837—capacity—knowledge and approval—pleading (Gardiner v Tabet)

The following Private Client news provides comprehensive and up to date legal information on Contentious probate—section 9 of the Wills Act 1837—capacity—knowledge and approval—pleading (Gardiner v Tabet)

Taxation of contractor loans (Hoey v HMRC)

The following Private Client news provides comprehensive and up to date legal information on Taxation of contractor loans (Hoey v HMRC)

Private Client weekly highlights—15 April 2021

The following Private Client news provides comprehensive and up to date legal information on Private Client weekly highlights—15 April 2021

UT rules on construction of closure notices (Daarasp LLP and Betex LLP)

The following Private Client news provides comprehensive and up to date legal information on UT rules on construction of closure notices (Daarasp LLP and Betex LLP)

Featured Private Client content

Notaries and notarisation—notarisation

The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or...

Creation of trusts—blind trusts

What is a blind trust?A blind trust is a trust that is aimed at preventing conflicts of interest arising. Usually, the settlor and beneficiary of the...

Nature and classification of trusts—the three certainties

CertaintyIn order for a settlor to create a private express trust the three certainties must be present, namely:•certainty as to the intention of the...

Lifetime gifts

A lifetime gift is a gratuitous transfer of ownership of any property between living persons and not made in expectation of death. In contrast, gifts...

Practice notes

The meaning of relevant property

The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...

Produced in partnership with Paul Davies of Clarke Willmott 12th Jan

Practice notes

Capacity to litigate

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...

9th Nov

Practice notes

Offshore trusts—offshore income gains (OIGs)

Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...

9th Nov

Practice notes

Trust disputes—sham trusts

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...

9th Nov

Practice notes

What is an offshore trust?

A trust is formed either by lifetime gift or on death when a person (the settlor) transfers assets to another person or persons (the trustees) to hold...

Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan

Practice notes

Beddoe applications

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...

Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 12th Jan

Practice notes

Bermuda trusts

This Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda's regime for private trust...

Produced in partnership with Vanessa Lovell Schrum and Caljonah Smith of Appleby, Bermuda 12th Jan

Practice notes

Cayman Islands STAR trusts—common uses

This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...

Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan

Practice notes

Trust disputes—court jurisdiction and procedure

Trust litigation has been classified as being of three types:•a dispute as to the trusts on which trustees hold the subject matter of the settlement•a...

9th Nov

Practice notes

Trustees—power of advancement

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...

9th Nov

Practice notes

Termination of trusts—methods of termination

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...

9th Nov

Practice notes

Termination of trusts—beneficiaries

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...

9th Nov

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...

9th Nov

Practice notes

Liferent trusts—Scotland

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...

Produced in partnership with Peter Murrin of Turcan Connell 12th Jan

Scottish Law

Practice notes

UK taxation of offshore trusts—inheritance tax

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...

Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 12th Jan

Practice notes

Creation of trusts in Scotland

Express creation of trustsA trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for...

Produced in partnership with Yvonne Evans, Law Lecturer, Solicitor (non-practising), TEP, University of Dundee 12th Jan

Scottish Law

Most recent Non-resident individuals content

Practice notes

Introductory guide to UK tax for non-resident individuals

This Practice Note briefly summarises the main UK taxes which may apply to non-UK resident individuals, including income tax, capital gains tax (CGT),...

20th Apr

Practice notes

Introductory guide to residence and domicile for UK tax purposes

The concepts of residence and domicile are used to establish the extent of an individual's liability to UK taxation. This Practice Note provides a...

9th Apr

Practice notes

Non-resident non-domiciliaries—inheritance tax implications of owning assets in the UK

Generally, where an overseas client owns an asset in the UK, their primary concern will be UK inheritance tax (IHT). For UK residential property,...

Produced in partnership with Emma Pearce of Pump Court Tax Chambers and Laura Poots of Pump Court Tax Chambers 9th Apr

Practice notes

Non-resident non-domiciliaries wishing to benefit UK residents

Overseas clients (ie non-UK resident and non-UK domiciled) may wish to benefit individuals who are resident, or may become resident, in the UK. Their...

Produced in partnership with Emma Pearce of Pump Court Tax Chambers 9th Apr

Practice notes

Non-resident non-domiciliaries—income tax and capital gains tax issues

The Practice Note deals with the income tax and capital gains tax (CGT) issues arising for individuals who are not UK resident and not domiciled in...

Produced in partnership with Emma Pearce of Pump Court Tax Chambers 9th Apr

Practice notes

Glossary of UK trust and taxation law terms for international clients

AAdministrationThe process starting on the date of the deceased's death and ending on the date the deceased's affairs are finalised by his personal...

9th Apr

Practice notes

Non-residents and tax on chargeable gains from 6 April 2019—gains and UK immovable property

STOP PRESS relating to property rich collective investment vehicles and certain investors: HMRC consulted until 16 December 2020 on regulations that...

6th Apr

Practice notes

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

CORONAVIRUS (COVID-19): CIOT has asked the government to consider delaying changes to principal private residence relief (PPR) (which are due to take...

Produced in partnership with Alison Cartin of Taylor Wessing LLP 12th Mar

Q&As

Is the inter spouse exemption for CGT under TCGA 1992 available to a non-UK resident spouse who wishes to gift to a UK-resident spouse a UK residential property which is not the principal residence of the non-UK resident spouse. If the exemption is available, what are the reporting requirements?

As a general rule, transfers of assets, in a tax year, between spouses or civil partners who are living together in any part of that year are regarded...

22nd Jan

Q&As

If a non-UK resident individual invests in an EIS qualifying company in the UK, would any subsequent disposal by him, made while a non-UK resident, be subject to UK capital gains tax?

The enterprise investment scheme (EIS) is designed to encourage investment in smaller, higher-risk trading companies by offering a range of tax...

22nd Jan

Q&As

When are trustees of a bare trust obliged to account for tax on income they receive where the beneficiary of the bare trust is an adult resident outside the UK?

The general rule is that trustees of bare trusts (that is, where beneficiaries have an absolute entitlement to capital and income) are not required to...

22nd Jan

Q&As

Is the UK income tax treatment the same for the receipt of a dividend from a UK company by a UK non-resident individual in the situation where there is a direct holding of UK shares by the individual as distinct from the holding of the shares via a limited partnership? The limited partnership does not trade and only holds investments and all the limited partners and the general partner are non-UK resident. The expected tax treatment is to treat as disregarded savings and investment income with no additional UK tax liability.

For UK income tax purposes, there would, as a technical matter, appear to be broad grounds to treat a non-UK resident individual’s share of a dividend...

Produced in partnership with Michael Fluss of Keystone Law 22nd Jan

Precedents

Residence for tax purposes—client guide

Key points•the concept of residence is used to establish the extent of an individual's liability to UK income tax and capital gains tax (CGT)•an...

29th Nov

Q&As

Will a UK citizen who has not been resident or domiciled in the UK for over ten years fall under the non-domicile rules for inheritance tax (IHT) purposes?

The following facts have been assumed:•the UK citizen in question had a domicile of origin in one of the home nations of the UK•the reference to the...

29th Nov

Q&As

Is there a special rule which means that a British ambassador is deemed to be resident and/or domiciled in the UK for tax purposes, even if he/she is living for the time being in the country to which he/she has been sent?

Broadly, UK diplomats serving overseas are subject to the rules regarding residence and domicile for UK tax purposes, as are set out in: Residence of...

29th Nov

Q&As

Will days that an individual is forced to spend in the UK because of travel restrictions fall within the ‘exceptional circumstances’ exception under the statutory residence test?

FORTHCOMING CHANGE: proposed temporary relaxation of the statutory residence test: On 9 April 2020, a letter from the Chancellor to the Chair of the...

29th Nov

COVID-19