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: This analysis examines the High Court’s approval of trustees’ proposed exercise of a power of advancement to address...
Private Client analysis: In Fairweather v AG, the Court of Protection refused to dispense with service of a statutory Will application on an estranged...
Local Government analysis: In this case, the High Court declared a local council’s approach to arranging respite care for a person with eligible...
The Department of Health and Social Care (DHSC) has written to Baroness Casey of Blackstock to provide an update on progress against the initial...
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
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
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
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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