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 Wilkinson (as executor of the estate of John Whewell, deceased) v Kirkham,...
Tax analysis: In British Institute of Technology Ltd v HMRC, the First-tier Tax Tribunal (FTT) refused HMRC’s application to strike out appeals...
Tax analysis: In Krason v HMRC, the First-Tier Tax Tribunal (FTT) cancelled penalties for inaccuracies in relation to a remuneration trust scheme. As...
This Q&A considers whether parties can apply for a stay to allow negotiations to take place before pleadings close, in circumstances where a claim for...
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
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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