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Latest Private Client News

Consultation response on increasing the NMPA—key aspects and implications for pension schemes

The following Pensions news provides comprehensive and up to date legal information on Consultation response on increasing the NMPA—key aspects and implications for pension schemes

Private Client weekly highlights—29 July 2021

The following Private Client news provides comprehensive and up to date legal information on Private Client weekly highlights—29 July 2021

US-UK tax treaty still recognises residents as Europeans

The following Private Client news provides comprehensive and up to date legal information on US-UK tax treaty still recognises residents as Europeans

Order authorising the sale of a minor’s property (Re Shanavazi)

The following Family news provides comprehensive and up to date legal information on Order authorising the sale of a minor’s property (Re Shanavazi)

Featured Private Client content

Notaries and notarisation—notarisation

Notaries and notarisation—notarisationThe principles of the notarial act are that it is:•an act of the notary and not of the parties named in the...

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)FORTHCOMING CHANGE: The Society of Trust and Estate Practitioners...

Trust disputes—breach of trust

Trust disputes—breach of trustIt is a fact of life that beneficiaries and trustees fall out. Often this is due to misunderstandings but occasionally...

Trustees—duties

Trustees—dutiesNature of dutiesThe difference between a duty and a power is:•the performance of a duty is obligatory•powers are to a greater or lesser...

Practice notes

IHT—quick succession relief

IHT—quick succession reliefQuick succession relief (QSR), which is not to be confused with taper relief, applies to a transfer of value which attracts...

Produced in partnership with Katya Vagner of PwC 19th May

Practice notes

Liferent trusts—Scotland

Liferent trusts—ScotlandLiferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both,...

Produced in partnership with Peter Murrin of Turcan Connell 19th May

Scottish Law

Practice notes

Capital gains tax issues on death

Capital gains tax issues on deathSTOP PRESS: The Office of Tax Simplification published its first report on the review of capital gains tax (CGT) on...

19th May

Practice notes

Private Client—Luxembourg—Q&A guide

Private Client—Luxembourg—Q&A guideTaxation regimeWhat factors determine tax liability in your jurisdiction (eg domicile, residence or...

Produced in partnership with Eric Fort of Arendt & Medernach 19th May

Practice notes

Creation of trusts—beneficiaries

Creation of trusts—beneficiariesWho may be beneficiariesEvery person who would be capable of owning property if of full age and sound mind may be a...

19th May

Practice notes

CGT—gifts

CGT—giftsA gift of an asset is a disposal for capital gains tax (CGT) purposes. It can, therefore, trigger a CGT charge on the gain deemed to have...

Produced in partnership with Laura Poots (Barrister) of Pump Court Tax Chambers 19th May

Practice notes

Beddoe applications

Beddoe applicationsWhen trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe...

Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 19th May

Practice notes

Trustees—removal of trustees

Trustees—removal of trusteesA trustee may be removed against their will in any of the following ways:•under an express power in the trust...

19th May

Q&As

At what stage and to whom can a Deed of Appropriation take place when selling a second property in an estate?

At what stage and to whom can a Deed of Appropriation take place when selling a second property in an estate?We assume you refer to the situation when...

19th May

Practice notes

Creation of trusts—blind trusts

Creation of trusts—blind trustsWhat is a blind trust?A blind trust is a trust that is aimed at preventing conflicts of interest arising. Usually, the...

Produced in partnership with Michael O’Sullivan of 5 Stone Buildings 19th May

Practice notes

Termination of trusts—methods of termination

Termination of trusts—methods of terminationDuration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules...

19th May

Practice notes

Costs and expenses in the Court of Protection

Costs and expenses in the Court of ProtectionThere are court fees and disbursements which will be payable by all applicants on making a new...

19th May

Practice notes

Trustees—self-dealing, unauthorised profits and conflicts of interest

Trustees—self-dealing, unauthorised profits and conflicts of interestThe self-dealing ruleThe self-dealing rule is connected to, but distinct from,...

19th May

Practice notes

Acceptance in Lieu scheme and other heritage property reliefs

Acceptance in Lieu scheme and other heritage property reliefsSTOP PRESS: HMRC has updated its guidance on calculating the special price in Acceptance...

19th May

Practice notes

Statutory Wills—Court of Protection applications

Statutory Wills—Court of Protection applicationsWhat is a statutory Will?Where a person is incapable of making a valid Will for themselves, the Court...

19th May

Precedents

Deed of retirement and appointment of new trustees (no separate appointor) (no continuing trustee)

This Deed is made on [date]Parties1[insert name] of [insert address] and [insert name] of [insert address] (the Retiring Trustees) and2[insert name]...

19th May

Most recent UK taxes for Private Client content

Q&As

X owned shares in a private limited company which X sold and invested the net sale proceeds in other assets. The original holding of shares would have been eligible for BPR if X had held them at their death and the replacement assets met the conditions for BPR, except that X held them for only one year before their death. Can X's executors claim BPR in respect of the replacement assets due to section 107 of the Inheritance Tax Act 1984?

X owned shares in a private limited company which X sold and invested the net sale proceeds in other assets. The original holding of shares would have...

Produced in partnership with Paul Davies of Clarke Willmott 1st Aug

Q&As

The trustees of a discretionary ‘nil rate band trust’ created by a Will have transferred the legal title to the spouse of the testator, in exercise of the trustees’ power of appointment. Can the trustees now say that the transfer was made in consideration of a debt created by the spouse in favour of the trustees?

The trustees of a discretionary ‘nil rate band trust’ created by a Will have transferred the legal title to the spouse of the testator, in exercise of...

1st Aug

Q&As

Is it possible to make an appointment out of a discretionary Will trust to a deceased beneficiary (who died after the testator) in order to claim the ‘reading back’ for inheritance tax purposes under section 144 of the Inheritance Tax Act 1984?

Is it possible to make an appointment out of a discretionary Will trust to a deceased beneficiary (who died after the testator) in order to claim the...

1st Aug

Q&As

Does a charitable trust have to be registered with the Charity Commission for an estate to benefit from inheritance tax (IHT) exemption on a gift to it?

Does a charitable trust have to be registered with the Charity Commission for an estate to benefit from inheritance tax (IHT) exemption on a gift to...

1st Aug

Q&As

A property, a specific legacy, has been sold on the instructions of the legatee at a significant gain. Would the executors be responsible for accounting to HMRC for the capital gains tax gain and would the tax due be payable by the estate or the specific legatee?

A property, a specific legacy, has been sold on the instructions of the legatee at a significant gain. Would the executors be responsible for...

Produced in partnership with Chris Bryden of 4 King’s Bench Walk 1st Aug

Q&As

Can a deed of variation create a trust that appoints a protector?

Can a deed of variation create a trust that appoints a protector?For information on deeds of variation, see Practice Note: Variation of Will or...

1st Aug

Q&As

The deceased had a money purchase pension policy which had been an income drawdown policy since 2005. What details of the policy, if any, should be included in Form IHT409?

The deceased had a money purchase pension policy which had been an income drawdown policy since 2005. What details of the policy, if any, should be...

1st Aug

Q&As

Are there any issues to be aware of if the executors of an estate appropriate a property subject to a mortgage to a beneficiary before the property is sold in order to be able to offset the beneficiary’s losses against a capital gain arising on the sale?

Are there any issues to be aware of if the executors of an estate appropriate a property subject to a mortgage to a beneficiary before the property is...

1st Aug

Q&As

Do damages, received after the date of death in respect of a litigation action to which the deceased was a party, form part of the estate within the meaning of section 5 of the Inheritance Tax Act 1984?

Do damages, received after the date of death in respect of a litigation action to which the deceased was a party, form part of the estate within the...

1st Aug

Q&As

A taxable estate consists of failed potentially exempt transfers (PETs) and a gift with a reservation of benefit. There is no direction in the Will stating that the estate bears the burden of the tax and so this burden will fall to the donees subject to taper relief. Is it necessary for the executors to submit IHT100 to disclose these failed PETs and the gifts with reservation of benefit or is that the responsibility of the donees of the failed PETs and the person to whom the gift with reservation was made?

A taxable estate consists of failed potentially exempt transfers (PETs) and a gift with a reservation of benefit. There is no direction in the Will...

1st Aug

Q&As

Who pays inheritance tax on joint property passing by survivorship?

Who pays inheritance tax on joint property passing by survivorship?This question may have particular significance where a valuable asset (such as a...

1st Aug

Q&As

If a property is settled on a bare trust for a beneficiary, is that beneficiary subject to the 3% higher rate of SDLT when they purchase a property later on?

If a property is settled on a bare trust for a beneficiary, is that beneficiary subject to the 3% higher rate of SDLT when they purchase a property...

1st Aug

Q&As

How would trustees claim principal private residence (PPR) relief on the disposal of settled property?

How would trustees claim principal private residence (PPR) relief on the disposal of settled property?The availability of principal private residence...

1st Aug

Q&As

A disabled person’s trust was set up after 8 April 2013, but the trust documentation refers to the pre-2013 rules requiring half of the trust capital applied during the disabled person’s lifetime to be applied for their benefit. Which rules will apply and what options are available to the trustees to rectify the position if the current rules are preferred?

A disabled person’s trust was set up after 8 April 2013, but the trust documentation refers to the pre-2013 rules requiring half of the trust capital...

1st Aug

Q&As

A, who died before 6 April 2017, left a life interest in their residential property to B, with remainder to B, C and D, who are all children of A. B dies and leaves the whole of his estate to his two children, E and F. To what extent is the residence nil rate band available in respect of the residential property on B’s death?

A, who died before 6 April 2017, left a life interest in their residential property to B, with remainder to B, C and D, who are all children of A. B...

1st Aug

Q&As

Would the residence nil rate band be available where a residential property interest is left on trust for the deceased’s unmarried partner for life with the remainder to the deceased’s children?

Would the residence nil rate band be available where a residential property interest is left on trust for the deceased’s unmarried partner for life...

1st Aug

Q&As

The testatrix was a life tenant of a property, further to a life interest trust created in her late huband's will. Upon her death, the property passes to her children. There is no IHT payable on the testatrix's estate, which includes the value of the property, so does an IHT100 still need filing?

The testatrix was a life tenant of a property, further to a life interest trust created in her late huband's will. Upon her death, the property passes...

1st Aug

Q&As

When varying a specific gift in a Will, is it possible to substitute the gift that has been left for something different?

When varying a specific gift in a Will, is it possible to substitute the gift that has been left for something different?A deed of variation executed...

1st Aug

Q&As

What is the Business Property Relief position with regard to running a business on land owned personally by the sole shareholder?

What is the Business Property Relief position with regard to running a business on land owned personally by the sole shareholder?Business Property...

Produced in partnership with Ward Hadaway 1st Aug

Q&As

What is the inheritance tax position where a testator makes a Will leaving an interest in possession to his spouse or civil partner but the spouse or civil partner executes a deed of variation?

What is the inheritance tax position where a testator makes a Will leaving an interest in possession to his spouse or civil partner but the spouse or...

1st Aug

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UK taxes for Private Client

View Private Client by content type:

Latest Private Client News

Consultation response on increasing the NMPA—key aspects and implications for pension schemes

Private Client weekly highlights—29 July 2021

US-UK tax treaty still recognises residents as Europeans

Order authorising the sale of a minor’s property (Re Shanavazi)

Featured Private Client content

Notaries and notarisation—notarisation

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)

Trust disputes—breach of trust

Trustees—duties

Most recent UK taxes for Private Client content

Popular documents

Enquiries before contract

The commercialisation of sport

Indirect discrimination

Financial Conduct Authority—Principles for Businesses (PRIN)

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