Navigating the complexities of UK taxes is paramount for specialists in the Private Client sector. This topic offers essential insights into tax regulations affecting individuals and estates, ensuring your clients benefit from optimal tax strategies. Explore practical advice on income tax, inheritance tax, capital gains tax, and more, tailored to safeguarding client wealth and compliance.
Law360, London: British citizens who reside in the United Arab Emirates (UAE) and other Persian Gulf states returning home because of the war in Iran...
This week’s edition of Private Client highlights includes: (1) Ugolor v Ugolor, in which a Will was declared invalid for want of knowledge and...
This Q&A considers the exceptions to the requirement that relevant business property must be owned for at least two years in order to be eligible for...
Tax analysis: In R (on the application of Rokos) v HMRC, the High Court (Mrs Justice Foster) dismissed the taxpayer’s claim for judicial review of...
Nature and classification of trusts—the three certaintiesCertaintyIn order for a settlor to create a private express trust the three certainties must...
ProtectorsWhat is a protector?A protector is a person who holds powers under a trust but who is not a trustee. A protector is a person who is...
Preparing the application form PA1P/PA1A for probate or letters of administrationFORTHCOMING CHANGE: The postal application forms PA1P and PA1A for...
Administration actions—personal representatives and the deceased's liabilitiesAn individual may assume obligations, for example in respect of...
What guidance is there—(a) on the valuation of royalty income for the purposes of inheritance tax, and (b) on the distribution of royalties to an estate beneficiary?RoyaltiesA royalty is a payment made by one party to another, the owner of the asset, for the ongoing use of that asset.Royalties can
The meaning of relevant propertyThe term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in Practice Note: Introductory guide to the taxation of trusts, the IHT treatment of trust property falls into two broad
Grossing up and partly exempt estatesThe transfer of value on death is one transfer affecting the whole estate. Where there are no contrary provisions in the deceased’s Will, the general principle is that the inheritance tax (IHT) due on all UK free (not settled) property which vests in the personal
In the case of a failed potentially exempt transfer (PET), the transferee refuses to pay the inheritance tax (IHT) on the gift with the result that the executor has to pay the IHT, that is not a testamentary expense. What are the implications of the IHT not being a testamentary expense? Does that
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