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.
This week’s edition of Private Client highlights includes: (1) analysis of JB v Official Solicitor, where the court adopted a more fact-sensitive,...
Private Client analysis: From April 2027 some pension death benefits will be within scope of inheritance tax (IHT). New Regulations were published on...
This Q&A considers the IHT treatment of an overdrawn partnership current account on the death of a partner in an unincorporated partnership....
The Charity Commission has published its Charity Sector Risk Assessment 2026, identifying financial resilience, private benefit abuse and structural...
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...
Where a property is owned jointly by an individual and their adult children, with none of them in occupation, is there a joint ownership discount applicable to reduce the CGT that may otherwise arise on a deemed disposal by the parent on gifting their share to their children?A discount of 10-15% is
Taxation of trusts—sub-fundsA ‘sub-fund’ of a trust is said to exist when a specific asset (or specific assets) of the trust are held subject to separate and distinct trust provisions to those applicable to the other assets of the trust. A trust may have any number of sub-funds. Normally, the same
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
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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