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.
Private Client analysis: The High Court held that an adult daughter was entitled to reasonable financial provision under the Inheritance (Provision...
This week’s edition of Private Client highlights includes: (1) analysis of Townsend v Epsom, an important decision concerning the Mental Capacity Act...
This Q&A looks at whether the trusteeship of a will trust vests in the personal representatives under section 18(2) of the Trustee Act 1925 where the...
Tax analysis: In Gwyn-Jones v HMRC, the Upper Tribunal (UT) dismissed the taxpayer’s appeal against a decision of the First-Tier Tax Tribunal (FTT)...
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...
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
Qualifying interest in possession trusts—IHT treatmentTrust property, which is the subject of a qualifying interest in possession (QIIP), may become chargeable to inheritance tax (IHT) on the following occasions:•on the death of the beneficiary with the interest in possession (the life tenant)•on
Pro forma CGT calculation for an individualCalculation for an individual (or trust or estate)Sale proceedsxxxxxxLess: Costs of salexxxxxOriginal cost of assetxxxxxCost of improvementsxxxxxTotal costsxxxxxx_______Gain: before loss reliefxxxxxxLess: Losses brought forward (if any)/Current Year
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
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