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

The following Family 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

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—breach of trust

Trust disputes—breach of trustIt is a fact of life that beneficiaries and trustees fall out. Often this is due to misunderstandings but occasionally...

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...

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

CGT—gifts

CGT—giftsA gift of an asset is a disposal for capital gains tax (CGT) purposes. It can, therefore, trigger a CGT charge on the gain deemed to have...

Produced in partnership with Laura Poots (Barrister) of Pump Court Tax Chambers 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

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

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

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...

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

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

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...

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

Practice notes

Trustees—power of advancement

Trustees—power of advancementWhere a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married...

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 Spouses, civil partners and cohabitants content

Q&As

A property was held by a couple as legal and beneficial joint tenants. The parties separated and the property was sold. The proceeds of sale are held in the conveyancing solicitor's client account pending a resolution of the dispute over how to split those proceeds of sale. Does a joint tenancy continue over the proceeds of sale and would it therefore need to be severed? In the circumstances, when making a claim under Trusts of Land and Appointment of Trustees Act 1996, would the court fee be for a monetary or non-monetary claim?

A property was held by a couple as legal and beneficial joint tenants. The parties separated and the property was sold. The proceeds of sale are held...

Produced in partnership with Chris Bryden of 4 King’s Bench Walk 1st Aug

Q&As

Where registered property is held by joint tenants and one spouse dies and then the surviving spouse dies, what is needed to effect a valid transfer of title of the property from the second deceased spouse to a third party?

Where registered property is held by joint tenants and one spouse dies and then the surviving spouse dies, what is needed to effect a valid transfer...

Produced in partnership with Jonathan Edwards of Radcliffe Chambers 1st Aug

Q&As

Can the executor of one tenant in common who is also selling as the attorney of the other tenant in common effect a valid transfer of the property?

Can the executor of one tenant in common who is also selling as the attorney of the other tenant in common effect a valid transfer of the...

Produced in partnership with Chris Bryden of 4 King’s Bench Walk 1st Aug

Q&As

Does section 836 of the Income Tax Act 2007 (ITA 2007) apply to all types of property, such that if a husband and wife own assets other than land jointly (eg a shared portfolio), they will be treated as receiving the income in equal shares unless (a) they actually own it in unequal proportions and (b) they have made a declaration to HMRC to that effect?

Does section 836 of the Income Tax Act 2007 (ITA 2007) apply to all types of property, such that if a husband and wife own assets other than land...

1st Aug

Q&As

‘A’ has a 25% share in a property as a tenant in common and wants to settle the share onto inter vivos trusts. How can this be effected?

‘A’ has a 25% share in a property as a tenant in common and wants to settle the share onto inter vivos trusts. How can this be effected?Where there...

Produced in partnership with Chris Bryden of 4 King’s Bench Walk 1st Aug

Q&As

Is there a Precedent for a deed of appointment of new trustee and removal of an existing trustee where the power to remove is vested in a specified person in the trust deed? Will that deed be acceptable to Land Registry to change the ownership of the trust property without the signature of the trustee who is being removed?

Is there a Precedent for a deed of appointment of new trustee and removal of an existing trustee where the power to remove is vested in a specified...

1st Aug

Q&As

Does jointly owning a property as tenants in common and cohabiting that property with the deceased enable the cohabitee to claim against the deceased’s estate under the Inheritance (Provision for Family and Dependants) Act 1975?

Does jointly owning a property as tenants in common and cohabiting that property with the deceased enable the cohabitee to claim against the...

1st Aug

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 1st Aug

Q&As

In an application under section 14 of the Trusts of Land and Appointment of Trustees Act 1996 (TOLATA 1996), can the court make an order for 'partitioning' under TOLATA 1996, s 7? If so, what does partitioning mean? Can the claimant ask the court to divide the land comprised in the trust so that the parties solely own different parts of it?

In an application under section 14 of the Trusts of Land and Appointment of Trustees Act 1996 (TOLATA 1996), can the court make an order for...

1st Aug

Q&As

What are the advantages in severing a joint tenancy?

What are the advantages in severing a joint tenancy?Joint tenancies and tenancies in commonWhere two or more people together own real property, they...

1st Aug

Q&As

A and B owned a property as beneficial tenants in common and A has died. Does B need to appoint a second trustee of the legal title of the property to overreach the beneficial interests of the beneficiaries of A's estate?

A and B owned a property as beneficial tenants in common and A has died. Does B need to appoint a second trustee of the legal title of the property to...

1st Aug

Q&As

Where registered property is held as tenants in common and one owner passes away, does the surviving owner of the property need to obtain probate to transfer the property into the survivors sole name?

Where registered property is held as tenants in common and one owner passes away, does the surviving owner of the property need to obtain probate to...

1st Aug

Q&As

Three parties hold a freehold property on trust for a partnership. Two are continuing partners of the partnership and the other individual has retired and is no longer involved in the partnership. Is there a mechanism for applying to court to transfer the freehold title into the names of the two continuing partners?

Three parties hold a freehold property on trust for a partnership. Two are continuing partners of the partnership and the other individual has retired...

1st Aug

Q&As

An individual owns a property which they want to leave to the current tenant (who occupies under an Assured Shorthold Tenancy (AST)) on a life interest trust. How should the AST be terminated on the landlord's death (for example, by Will or by letter of wishes to the executors)? If the tenant pays rent under the AST to the trustees (to which the tenant is entitled as life tenant of the life interest trust), what effect does this have on the AST?

An individual owns a property which they want to leave to the current tenant (who occupies under an Assured Shorthold Tenancy (AST)) on a life...

1st Aug

Q&As

A discretionary trust made a loan to one of the beneficiaries that is secured by way of legal charge over a property in favour of the trustees. The legal charge is registered at the Land Registry and the trustees at the time of the legal charge are registered as the proprietors of the charge. A deed of retirement and appointment has been executed to change the trustees. Can the registered proprietors of the charge at the Land Registry be changed, and if so how? Can the charge be varied so that it is in favour of ‘the trustees of the trust for the time being’ rather than the named trustees?

A discretionary trust made a loan to one of the beneficiaries that is secured by way of legal charge over a property in favour of the trustees. The...

1st Aug

Q&As

In their Will, X leaves land to their children and grandchildren, some of whom are minors, who are living at their death and attain the age of 21, if more than one in equal shares. Will X's personal representatives (PRs) be able to sell the land while some of the beneficiaries are under the age of 21? As the Will excludes section 11 of Trusts of Land and Appointment of Trustees Act 1996 (TOLATA 1996), can X's PRs sell the property without consulting the beneficiaries or does TOLATA 1996, s 11 not apply to a specific legacy?

In their Will, X leaves land to their children and grandchildren, some of whom are minors, who are living at their death and attain the age of 21, if...

1st Aug

Q&As

Would a purchaser of land from a sole nominee who holds the land for a pension scheme trustee receive a good receipt for the purchase moneys?

Would a purchaser of land from a sole nominee who holds the land for a pension scheme trustee receive a good receipt for the purchase moneys?A nominee...

1st Aug

Q&As

If a husband gifts a buy-to-let property into the joint names of himself and his wife, having purchased the property in 2016 on a subsequent sale, will capital gains tax (CGT) be based on the value of the property in 2016 or the value at the date of the deed of gift?

If a husband gifts a buy-to-let property into the joint names of himself and his wife, having purchased the property in 2016 on a subsequent sale,...

1st Aug

Q&As

How should the transfer of the legal and beneficial interests in a property, from one spouse to both spouses, to be held as tenants in common in equal shares be documented?

How should the transfer of the legal and beneficial interests in a property, from one spouse to both spouses, to be held as tenants in common in equal...

1st Aug

Q&As

How is unregistered land automatically held where it isn't stated as tenants in common or beneficial joint tenants on the conveyance?

How is unregistered land automatically held where it isn't stated as tenants in common or beneficial joint tenants on the conveyance?Where property is...

1st Aug

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Spouses, civil partners and cohabitants

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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

UK tax liability

Trust disputes—breach of trust

Trust disputes—action for breach of trust

Deed of appointment terminating discretionary trust

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