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Latest Private Client News

Consultation response on increasing the NMPA—key aspects and implications for pension schemes

The following Pensions news provides comprehensive and up to date legal information on Consultation response on increasing the NMPA—key aspects and implications for pension schemes

Private Client weekly highlights—29 July 2021

The following Private Client news provides comprehensive and up to date legal information on Private Client weekly highlights—29 July 2021

US-UK tax treaty still recognises residents as Europeans

The following Private Client news provides comprehensive and up to date legal information on US-UK tax treaty still recognises residents as Europeans

Order authorising the sale of a minor’s property (Re Shanavazi)

The following Family news provides comprehensive and up to date legal information on Order authorising the sale of a minor’s property (Re Shanavazi)

Featured Private Client content

Types of income for income tax purposes

Types of income for income tax purposesThe main types of income are:•employment income•pension income•social security income•trading income•property...

Trust disputes—action for breach of trust

Trust disputes—action for breach of trustBreach of trustBeneficiaries may consider proceedings either to restore a trust fund or obtain compensation...

Creation of trusts—express trusts

Creation of trusts—express trustsConstituents of a trustWhen drafting, keep in mind that the essentials of creating a validly constituted trust...

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,...

Practice notes

Trustees—appointment of trustees

Trustees—appointment of trusteesOriginal trusteesTrustees will usually be appointed by the instrument that brings the trust into existence. The trust...

19th May

In-house

Practice notes

Private Client—Luxembourg—Q&A guide

Private Client—Luxembourg—Q&A guideTaxation regimeWhat factors determine tax liability in your jurisdiction (eg domicile, residence or...

Produced in partnership with Eric Fort of Arendt & Medernach 19th May

Practice notes

CGT—reliefs

CGT—reliefsFORTHCOMING CHANGE: On 14 July 2020, the Office of Tax Simplification (OTS) published its online survey and a call for evidence to seek...

19th May

Practice notes

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...

Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 19th May

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...

Produced in partnership with Emma Holland of Stewarts Law 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...

19th May

Practice notes

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...

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...

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...

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,...

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...

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,...

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...

19th May

Precedents

Deed of retirement and appointment of new trustees (no separate appointor) (no continuing trustee)

This Deed is made on [date]Parties1[insert name] of [insert address] and [insert name] of [insert address] (the Retiring Trustees) and2[insert name]...

19th May

Practice notes

Cayman Islands STAR trusts—common uses

Cayman Islands STAR trusts—common usesThis Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman...

Produced in partnership with Mourant Ozannes and Carey Olsen 19th May

Practice notes

Discretionary trusts—Scotland

Discretionary trusts—ScotlandWhat is a discretionary trust?A discretionary trust or discretionary settlement is an arrangement created when an...

Produced in partnership with Peter Murrin of Turcan Connell 19th May

Scottish Law

Most recent Pensions, insurance and tax efficient investments content

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?

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...

1st Aug

Q&As

The deceased had a money purchase pension policy which had been an income drawdown policy since 2005. What details of the policy, if any, should be included in Form IHT409?

The deceased had a money purchase pension policy which had been an income drawdown policy since 2005. What details of the policy, if any, should be...

1st Aug

Q&As

Does a refund of contributions from a defined benefit pension arrangement, following the death of a member in deferment, form part of the deceased member’s estate for inheritance tax purposes (as per section 151 of the Inheritance Tax Act 1984, and IHTM17055) even where the refund of contributions is paid via discretionary trusts?

Does a refund of contributions from a defined benefit pension arrangement, following the death of a member in deferment, form part of the deceased...

1st Aug

Q&As

An individual wishes to surrender a life insurance policy which the provider believes is written in trust, but the individual has no recollection of this. A copy of the trust deed (if there is one) cannot be located so it is not known who the trustees are (if there are any). How can the policy be surrendered where it is uncertain as to whether it is written in trust at all and, if the trust does exist, where there is no information about the trust?

An individual wishes to surrender a life insurance policy which the provider believes is written in trust, but the individual has no recollection of...

1st Aug

Q&As

Will payments be treated as 'same-day additions' under IHTA 1984, s 62A, for the purpose of calculating ongoing IHT charges on pilot trusts, where an employee is a member of a contractual contributory pension scheme and that employee has requested that the administrators divide funds to several pilot trusts set up by that employee on different days during his lifetime so that the total funds in each pilot trust remains under the IHT nil rate band?

Will payments be treated as 'same-day additions' under IHTA 1984, s 62A, for the purpose of calculating ongoing IHT charges on pilot trusts, where an...

1st Aug

Q&As

A pilot trust has been established to receive the death benefits from a retirement annuity contract (RAC). If the RAC funds are subsequently transferred to a self-invested pension plan (SIPP), could the pilot trust receive death benefits payable under the SIPP?

A pilot trust has been established to receive the death benefits from a retirement annuity contract (RAC). If the RAC funds are subsequently...

1st Aug

Q&As

A owns an ISA held by investment managers and wishes to pass this as a tax free fund to his spouse. It will form part of the residuary estate in which the spouse is left a life interest. The executors have power of appointment and could pass the ISA to the spouse but will it lose the tax exempt status in the process?

A owns an ISA held by investment managers and wishes to pass this as a tax free fund to his spouse. It will form part of the residuary estate in which...

1st Aug

Q&As

How might the UK tax a lump sum payment from a non-UK pension scheme to a UK resident where some of the pension monies within the non-UK scheme originated within a UK pension scheme? How does section 130A of the Taxation (International and Other Provisions) Act 2010 affect the position?

How might the UK tax a lump sum payment from a non-UK pension scheme to a UK resident where some of the pension monies within the non-UK scheme...

1st Aug

Q&As

Does the value of an insurance bond (life policy) owned by the deceased and assured on the deceased’s children’s lives form part of the deceased’s estate for inheritance tax purposes?

Does the value of an insurance bond (life policy) owned by the deceased and assured on the deceased’s children’s lives form part of the deceased’s...

1st Aug

Q&As

H took out a life assurance policy in 1966 with himself as the life assured and his wife W as the sole beneficiary. The policy is expressed to be subject to section 11 of the Married Women’s Property Act 1882. W has predeceased H, who is still alive. Can the trustees of the policy surrender it during H’s lifetime and pay its proceeds to H’s children?

H took out a life assurance policy in 1966 with himself as the life assured and his wife W as the sole beneficiary. The policy is expressed to be...

1st Aug

Q&As

Where a parent takes receipt of child allowance payments under a pension scheme on behalf of their minor child (payable monthly for a ten-year period), is the parent under a duty to hold the benefits on trust for the child?

Where a parent takes receipt of child allowance payments under a pension scheme on behalf of their minor child (payable monthly for a ten-year...

1st Aug

Q&As

Can a trust over policy proceeds be implied when trust documentation was not completed?

Can a trust over policy proceeds be implied when trust documentation was not completed?Case studyWhere shareholders of a private company had an...

1st Aug

Q&As

How many trustees should sign a contract for it to be binding on all trustees? Does it make any difference if the trust is an occupational pension scheme?

How many trustees should sign a contract for it to be binding on all trustees? Does it make any difference if the trust is an occupational pension...

1st Aug

Q&As

S settled a UK investment bond on trust to be held for his adult children, A and B in equal shares absolutely. When the trust was established, S, A, B and the trustee were all resident in the UK for tax purposes. A is now non-UK resident, but the other parties all remain UK resident. What are the UK tax implications if the trustee assigns the life policies underlying the bond to A and B in equal shares, and A and B surrender those policies?

S settled a UK investment bond on trust to be held for his adult children, A and B in equal shares absolutely. When the trust was established, S, A, B...

1st Aug

Q&As

A grandparent wants to set up Junior ISAs for their grandchildren in order to invest shares on their behalf. A Junior ISA may only be opened by someone with parental responsibility for the child but could the children’s parent delegate power to the grandparent by ordinary power of attorney to open the accounts on the children’s behalf?

A grandparent wants to set up Junior ISAs for their grandchildren in order to invest shares on their behalf. A Junior ISA may only be opened by...

1st Aug

Q&As

An individual, X, joined a trust-based pension scheme in 2006. In 2011, X established a £10 pilot trust. Following X’s death in 2012, the trustees of the pension scheme transferred X’s death benefits to the pilot trust. What perpetuity period applies to the transferred death benefits?

An individual, X, joined a trust-based pension scheme in 2006. In 2011, X established a £10 pilot trust. Following X’s death in 2012, the trustees of...

31st Jul

Q&As

Are there any restrictions on, or tax consequences arising as a result of, UK pension scheme trustees (whether individual or corporate) being resident outside the UK?

Are there any restrictions on, or tax consequences arising as a result of, UK pension scheme trustees (whether individual or corporate) being resident...

Produced in partnership with Oliver Hilton of Radcliffe Chambers 31st Jul

Practice notes

Death benefits—money purchase schemes

Death benefits—money purchase schemesFORTHCOMING DEVELOPMENT: The Office of Tax Simplification (OTS) has released a report outlining recommendations...

Produced in partnership with Louise Howard of Universities Superannuation Scheme (Ltd) 31st Jul

Practice notes

Death benefits—final salary schemes

Death benefits—final salary schemesTHIS PRACTICE NOTE APPLIES ONLY TO REGISTERED FINAL SALARY OCCUPATIONAL PENSION SCHEMESMost pension schemes provide...

Produced in partnership with Louise Howard of Universities Superannuation Scheme (Ltd) 31st Jul

Practice notes

Types of overseas pension schemes

Types of overseas pension schemesThere are different categories of overseas pension schemes, with various layers of requirements. These...

Produced in partnership with Stephenson Harwood and Fraser Sparks of PwC 31st Jul

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Pensions, insurance and tax efficient investments

View Private Client by content type:

Latest Private Client News

Consultation response on increasing the NMPA—key aspects and implications for pension schemes

Private Client weekly highlights—29 July 2021

US-UK tax treaty still recognises residents as Europeans

Order authorising the sale of a minor’s property (Re Shanavazi)

Featured Private Client content

Types of income for income tax purposes

Trust disputes—action for breach of trust

Creation of trusts—express trusts

Liferent trusts—Scotland

Most recent Pensions, insurance and tax efficient investments content

Popular documents

Pension commencement lump sums (PCLSs)

Issue of redeemable shares

Claiming negligent misrepresentation or negligent misstatement—practical considerations

AML and counter-terrorist financing—source of funds and source of wealth

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