Tax avoidance, evasion and non-compliance

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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

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

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

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...

9th Nov

Practice notes

Situs of assets for succession and IHT

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...

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 Tax avoidance, evasion and non-compliance content

Practice notes

US: Foreign Account Tax Compliance Act (FATCA)—summary

The Hiring Incentives to Restore Employment Act (the HIRE Act) include provisions that give the US Internal Revenue Service (the IRS) administrative...

Produced in partnership with John Narducci (Partner) and Stephen C Lessard (Associate) of Orrick, Herrington & Sutcliffe LLP 22nd Feb

Practice notes

US: FATCA—foreign financial institutions (FFIs)

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with John Narducci (Partner) and Stephen C Lessard (Associate) of Orrick, Herrington & Sutcliffe LLP 22nd Feb

Practice notes

Tax—FATCA tracker

This tax 'tracker' tool displays the current status of both US FATCA and UK FATCA intergovernmental agreements (IGA).The tracker is split into five...

22nd Feb

Practice notes

Economic substance legislation in the Crown Dependencies and Overseas Territories—summary

STOP PRESS: The OECD Forum on Harmful Tax Practices (FHTP) has confirmed that the 12 jurisdictions it considers as having 'no or only nominal'...

22nd Feb

Practice notes

Beneficial ownership registers—private clients and trusts

CORONAVIRUS (COVID-19): Certain aspects of the PSC regime are affected by temporary measures introduced to mitigate the consequences of the...

19th Feb

Practice notes

Unexplained Wealth Orders—UWOs

The unexplained wealth order (UWO)The Criminal Finances Act 2017 (CFA 2017) created new investigatory powers in the form of unexplained wealth orders...

Produced in partnership with Leon Kazakos QC of 2 Hare Court 18th Feb

Precedents

Pro forma index to authorities bundle for a tax tribunal case

TC/[insert year]/[insert case number]In the first tier tribunal(Tax chamber)Between:[Name of appellant]AppellantandThe commissioners for her majesty’s...

17th Feb

Precedents

Pro forma index to documents bundle for a tax tribunal case

TC/[insert year]/[insert case number]In the first tier tribunal(Tax chamber)Between:[Name of appellant]AppellantandThe commissioners for her majesty’s...

17th Feb

Q&As

What are the penalties for late payment of the soft drinks industry levy (SDIL)?

Penalties for late paymentA person who is subject to the Soft Drinks Industry Levy (SDIL) must make returns for the purposes of SDIL for each...

15th Feb

Q&As

Are there any disguised remuneration consequences of leaving shares to an employee under a Will?

This Q&A considers whether the provisions set out in Part 7A of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) apply in a situation...

Produced in partnership with Christopher Snell of New Square Chambers 15th Feb

Q&As

What should be entered in the PSC register of a UK private limited company where the shares are held by an individual via a Dutch foundation entity or Stichting Administratie Kantoor (StAK)? What are the obligations of the company (and the individual) if the Dutch entity refuses to supply details of its investors?

This Q&A relates to the use of a Dutch Depository Foundation or Stichting Administratie Kantoor (StAK) as a special purpose vehicle to potentially...

15th Feb

Practice notes

UK Crown Dependency/Overseas Territory Agreements (CDOT)—FAQs

What are the CDOT agreements?The UK entered into agreements with its three Crown Dependencies (CDs) (Guernsey, Jersey and the Isle of Man), together...

Produced in partnership with Ali Kazimi of Hansuke 14th Feb

Practice notes

Directive for administrative cooperation in the field of taxation (DAC)—FAQs

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with Ali Kazimi and Chris Orchard of Hansuke Consulting Limited 14th Feb

Practice notes

Offshore trusts—attribution of income to settlors

This Practice Note considers the provisions of part 5, sections 619–648 of the Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005) (Ch 5)...

13th Feb

Precedents

Witness statement—generic

Filed on behalf of the [insert party eg [Claimant OR Appellant] or [Defendant OR Respondents]]Number of witness statement: [insert eg first]Date:...

11th Feb

Practice notes

The GAAR advisory panel

The general anti-abuse rule (the GAAR):•counteracts (by the making of adjustments on a just and reasonable basis by HMRC or the taxpayer)•tax...

11th Feb

Practice notes

Tax Information Exchange Agreements

This Practice Note provides a brief introduction to Tax Information Exchange Agreements (TIEAs). For a general introduction to the subject of tax...

10th Feb

Practice notes

Automatic exchange of information—outline

STOP PRESS: The government has enacted amending regulations that significantly restrict the scope of the UK’s disclosable arrangements rules (which...

10th Feb

Q&As

When a non-UK company has a UK permanent establishment or becomes UK tax resident, how and when must it inform Companies House and HMRC? What happens if the deadline is not met?

Companies HouseThe statutory rules in relation to overseas companies are set out in Part 34 of the Companies Act 2006 (CA 2006) and the Overseas...

9th Feb

Practice notes

Ramsay as a guide to statutory construction

Lexis®PSL Tax is grateful to Nigel Doran of Macfarlanes LLP for his comments on an earlier draft of this Practice Note. However, the views expressed...

8th Feb