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) a decision of the Business and Property Division (BPD) which held that a devise to a...
Private Client analysis: In Langley v Langley, the High Court exercised its jurisdiction under section 117 of the Senior Courts Act 1981 (SCA 1981) to...
This Q&A considers whether inheritance tax is chargeable on the value of trust property both upon the death of individual A, who leaves their estate...
Private Client analysis: The Court of Protection confirmed that managing Direct Payments under any of four statutory schemes requires specific...
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
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
Is it best practice to submit an IHT30 clearance certificate when no inheritance tax is payable?If the estate is an excepted estate and Form IHT205 has been filed, there is no need to submit an application for a clearance certificate in Form IHT30 as clearance is provided automatically after 35 days
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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