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Latest Private Client News

Government response to Law Commission report ‘Technical Issues in Charity Law’

The following Private Client news provides comprehensive and up to date legal information on Government response to Law Commission report ‘Technical Issues in Charity Law’

Appointment of administrator pending suit following difficulties financing former family home (Ugolor v Ugolor)

The following Private Client news provides comprehensive and up to date legal information on Appointment of administrator pending suit following difficulties financing former family home (Ugolor v Ugolor)

Bankruptcy annulment and divorce (Lin v Gudmundsson (a bankrupt) and others)

The following Private Client news provides comprehensive and up to date legal information on Bankruptcy annulment and divorce (Lin v Gudmundsson (a bankrupt) and others)

Continuing duties after Walsham—limitation and the pitfalls of delay (Equitas v Sande Investments)

The following Commercial news provides comprehensive and up to date legal information on Continuing duties after Walsham—limitation and the pitfalls of delay (Equitas v Sande Investments)

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

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

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

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 UK taxes for Private Client content

Practice notes

CGT—business asset disposal relief (formerly entrepreneurs' relief)

Business asset disposal relief (BADR), which was called entrepreneurs' relief for tax years prior to 2020–21, is a capital gains tax (CGT) relief that...

Produced in partnership with Satwaki Chanda 12th Apr

Q&As

A person wishes to sell their home to their daughter and son in law, but wishes to continue living at the property. How can the arrangement be structured so as to give the seller security of occupation, while avoiding the value of an interest in the property falling within the seller's estate for inheritance tax?

It is assumed that•the person who is selling the house is selling the whole legal and beneficial interest to the buyers•the sale price for the house...

12th Apr

Practice notes

Capital gains tax issues on death

STOP PRESS: The Office of Tax Simplification published its first report on the review of capital gains tax (CGT) on 11 November 2020. The report...

9th Apr

Practice notes

Pension death benefit trusts

FORTHCOMING DEVELOPMENT: The Office of Tax Simplification (OTS) has released a report outlining recommendations to make considerable aspects of the...

Produced in partnership with Kevin Gude of Gowling WLG 9th Apr

Practice notes

Variation of Will or intestacy after death

Variations and other post-death rearrangementsAlthough the terms of a testator’s Will or the provisions applicable on intestacy cannot actually be...

9th Apr

Practice notes

Disclosure of tax avoidance schemes—SDLT

This Practice Note describes the rules on the disclosure of tax avoidance schemes (DOTAS) applying to stamp duty land tax (SDLT).The procedural...

9th Apr

Practice notes

CGT—investors’ relief

Investors’ relief is a capital gains tax (CGT) relief introduced by Finance Act 2016, designed for individuals who invest in unquoted trading...

Produced in partnership with Satwaki Chanda 9th Apr

Practice notes

SDLT—section 75A: the SDLT GAAR

Why are the SDLT anti-avoidance provisions important?The stamp duty land tax (SDLT) anti-avoidance provisions set out in section 75A of the Finance...

9th Apr

In-house

Practice notes

SDLT chargeable consideration

This Practice Note looks at the meaning of chargeable consideration, which determines the amount of stamp duty land tax (SDLT) payable on a chargeable...

9th Apr

Practice notes

Stamp duty on transfers—consideration and calculation

FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: The government is asking for views on the principles and design...

9th Apr

Practice notes

Interaction between SDRT and stamp duty

FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: The government is asking for views on the principles and design...

9th Apr

Practice notes

Stamp duty reserve tax—when it applies

FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: The government is asking for views on the principles and design...

9th Apr

Practice notes

ATED—administration and payment of tax

The basic charge to ATED is explained in Practice Note: ATED—the basics. This Practice Note summarises how ATED is administered and the steps...

9th Apr

Practice notes

SDLT—notifiable transactions

This Practice Note considers the steps to take in relation to SDLT once it is established there is a chargeable transaction. For details about the...

9th Apr

Practice notes

Property income—the income tax charge

The charge to UK income tax applies to the profits of both a UK and overseas property business.A property business is one which generates income from...

9th Apr

Practice notes

When can a person recover VAT?

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 Michael Ridsdale of Wedlake Bell LLP 9th Apr

Practice notes

Capital gains tax charge on ATED-related gains [Archived]

ARCHIVED: This Practice Note has been archived and is not maintained.The annual tax on enveloped dwellings (ATED) was introduced in Finance Act 2013...

9th Apr

Practice notes

Administration and enforcement of SDRT

This Practice Note deals with the administration and enforcement provisions applicable to the principal charge and the higher rate charge to stamp...

9th Apr

Practice notes

Dealing in property or property investment?

Whether a property transaction is an investment or trading (ie dealing) activity is of key importance to each of the parties to the transaction since...

9th Apr

Practice notes