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Free UK data flows approved as EU states vote unanimously for ‘adequacy’ decisions

The following Commercial news provides comprehensive and up to date legal information on Free UK data flows approved as EU states vote unanimously for ‘adequacy’ decisions

Share subscription amounts were consideration for SDLT purposes (Brown and Brown v HMRC)

The following Private Client news provides comprehensive and up to date legal information on Share subscription amounts were consideration for SDLT purposes (Brown and Brown v HMRC)

Private Client weekly highlights—17 June 2021

The following Private Client news provides comprehensive and up to date legal information on Private Client weekly highlights—17 June 2021

The rule in Saunders v Vautier and disability v priority models of trust law in a complex commercial proprietary claim (Serious Fraud Office v Litigation Capital Ltd)

Featured Private Client content

UK tax liability

UK tax liabilityThis Practice Note briefly summarises the main UK taxes which may apply to UK resident individuals, including income tax, capital...

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...

Deed of appointment terminating discretionary trust

This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...

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

Capital gains tax issues on death

Capital gains tax issues on deathSTOP PRESS: The Office of Tax Simplification published its first report on the review of capital gains tax (CGT) on...

19th May

Practice notes

Taxation of age 18–25 trusts—IHT

Taxation of age 18–25 trusts—IHTThe special category of age 18–25 trusts was introduced by Finance Act 2006 (FA 2006) to offer some compensation for...

Produced in partnership with Paul Davies of Clarke Willmott 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

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...

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...

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

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...

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...

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

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

Practice notes

Beneficial ownership registers—private clients and trusts

Beneficial ownership registers—private clients and trustsCORONAVIRUS (COVID-19): Certain aspects of the PSC regime are affected by temporary measures...

19th May

Most recent Q&As content

Q&As

There are two residuary beneficiaries of an estate, one of whom is also the executor. There is a dispute between them relating to the executor's expenses. The executor has instructed the solicitors to make the final distribution of the estate assets to themselves and the other residuary beneficiary. How should the solicitors act in light of the dispute?

There are two residuary beneficiaries of an estate, one of whom is also the executor. There is a dispute between them relating to the executor's...

8th Jun

Q&As

Where a claimant dies during small claims litigation, how should the court be alerted to the death of the claimant whose executor wishes to continue the proceedings? Is there an automatic stay until Grant of Probate or can a hearing proceed without?

Where a claimant dies during small claims litigation, how should the court be alerted to the death of the claimant whose executor wishes to continue...

Produced in partnership with Daniel Laking of 39 Essex Chambers 7th Jun

Q&As

Are you able to vary a statutory Will through a deed of variation?

Are you able to vary a statutory Will through a deed of variation?We refer you to Practice Note: Statutory Wills—Court of Protection applications,...

7th Jun

Q&As

Can a Will be valid if it is undated?

Can a Will be valid if it is undated?The requirements for a valid Will are set out in Wills Act 1837 (as amended by the Administration of Justice Act...

7th Jun

Q&As

What rights do PRs/Trustees have to retain estate assets to meet potential liabilities instead of distributing them all to a beneficiary who is requesting them? Is it advised that assets are retained to meet potential liabilities?

What rights do PRs/Trustees have to retain estate assets to meet potential liabilities instead of distributing them all to a beneficiary who is...

7th Jun

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?

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...

7th Jun

Q&As

Will first-time buyer's stamp duty land tax relief apply to one spouse who is buying their first major interest in a dwelling but where the other spouse has previously owned property, but will not be a named owner on the property being acquired by the first spouse?

Will first-time buyer's stamp duty land tax relief apply to one spouse who is buying their first major interest in a dwelling but where the other...

Produced in partnership with Sean Randall of Blick Rothenberg 6th Jun

Q&As

Under a scheme made by the Charity Commission to appoint a sole corporate trustee of a non-incorporated charity, will land held by the trustees of the charity automatically vest in the corporate trustee? If so, does that apply to leasehold land where landlord’s consent is required for an assignment of the lease?

Under a scheme made by the Charity Commission to appoint a sole corporate trustee of a non-incorporated charity, will land held by the trustees of the...

6th Jun

Q&As

A testatrix leaves a residential property to her children, A and B. A and B are also the executors of her Will. It is agreed that A and her husband C will buy B’s share of the property. What is the correct method of transferring the property into the joint names of A and C? Can there be a transfer directly from A and B as executors to A and C as purchasers? Or must there be an assent from A and B as executors to A and B as beneficiaries and then a transfer to A and C as purchasers?

A testatrix leaves a residential property to her children, A and B. A and B are also the executors of her Will. It is agreed that A and her husband C...

Produced in partnership with Helen Galley of XXIV Old Buildings 6th Jun

Q&As

In order to qualify for property rental business relief from ATED, must the company’s sole purpose be a property rental business or may the company also have another purpose (eg a dental practice)?

In order to qualify for property rental business relief from ATED, must the company’s sole purpose be a property rental business or may the company...

6th Jun

Q&As

Do you have a precedent lease where the tenant has to vest the land with the Official Custodian for Charities?

Do you have a precedent lease where the tenant has to vest the land with the Official Custodian for Charities?Title to a charity’s land can be vested...

6th Jun

Q&As

A property is held as tenants in common. The first owner has died and the second lacks capacity. There is a life interest trust. The family have an enduring power of attorney (EPA) and want to add trustees to the title. Can this be done? If the family wish to sell do the trustees need further powers or leave of the court?

A property is held as tenants in common. The first owner has died and the second lacks capacity. There is a life interest trust. The family have an...

Produced in partnership with Chris Bryden of 4 King’s Bench Walk 6th Jun

Q&As

If (post-transaction) HMRC agrees a valuation for shares, and those shares are then sold on at a higher value, can HMRC go back on the agreed valuation for the initial sale and claim more tax is payable?

If (post-transaction) HMRC agrees a valuation for shares, and those shares are then sold on at a higher value, can HMRC go back on the agreed...

6th Jun

Q&As

What is the process for amending a Grant of Probate in England and Wales, specifically the gross and net values of the estate?

What is the process for amending a Grant of Probate in England and Wales, specifically the gross and net values of the estate?As explained in...

6th Jun

Q&As

A is a beneficiary of Z’s estate and receives 40% of a property under Z’s will. A and B (spouse) purchase the remainder at 60% of the agreed probate value of the property. Would SDLT be payable on the entire value of the property or the amount paid by A and B for the remaining 60%?

A is a beneficiary of Z’s estate and receives 40% of a property under Z’s will. A and B (spouse) purchase the remainder at 60% of the agreed probate...

6th Jun

Q&As

What are the UK’s automatic exchange of information obligations with Guernsey?

What are the UK’s automatic exchange of information obligations with Guernsey?What are the UK’s automatic exchange of information obligations with...

6th Jun

Q&As

Where a beneficiary under a Will witnesses a codicil to that Will, are the gifts to the beneficiary under the original Will still valid where the codicil did not make any further gifts to the beneficiary?

Where a beneficiary under a Will witnesses a codicil to that Will, are the gifts to the beneficiary under the original Will still valid where the...

6th Jun

Q&As

Is it possible to claim a refund where the higher 3% rates of stamp duty land tax are charged to a bare trust purchasing a property for a child beneficiary because the child's parents have not yet sold their previous main house but plan to sell within three years? Provided all other conditions are satisfied and the parents plan to use the new property bought by the trust as their main residence, will the parents be seen as the purchasers for the purposes of condition D as well as condition C so that a refund can be sought?

Is it possible to claim a refund where the higher 3% rates of stamp duty land tax are charged to a bare trust purchasing a property for a child...

Produced in partnership with Michael Fluss of Keystone Law 6th Jun

Q&As

If there is a family business owned solely by the deceased and the business passes to one beneficiary and there is still one staff member being employed (after death), is the beneficiary (as the new owner) responsible for making payment of ongoing wages, etc rather than the estate?

If there is a family business owned solely by the deceased and the business passes to one beneficiary and there is still one staff member being...

Produced in partnership with Chris Bryden of 4 King’s Bench Walk 6th Jun

Q&As

Where a ‘qualifying annual payment’ is made by a UK company to UK corporate trustees of a discretionary trust, can the UK company payer rely on the exemption from UK withholding tax in section 933 of the Income Tax Act 2007? Is that payment made ‘by or through’ the trustees for the purposes of withholding tax?

Where a ‘qualifying annual payment’ is made by a UK company to UK corporate trustees of a discretionary trust, can the UK company payer rely on the...

6th Jun