Estates—income tax and CGT

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Practice notes
On the face of it, there would appear to be no specific impediment, if there is no reason to suppose that a person is without capacity, in them...
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9th Nov
Practice notes
Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...
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9th Nov
Practice notes
The issue of sham is most likely to be raised by the settlor's creditors or former spouse if the settlor is involved in matrimonial proceedings, who...
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9th Nov
Practice notes
A trust is formed either by lifetime gift or on death when a person (the settlor) transfers assets to another person or persons (the trustees) to hold...
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Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan
Practice notes
When trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe application is the best...
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Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 12th Jan
Practice notes
This Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda's regime for private trust...
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Produced in partnership with Vanessa Lovell Schrum and Caljonah Smith of Appleby, Bermuda 12th Jan
Practice notes
This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...
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Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan
Practice notes
Trust litigation has been classified as being of three types:•a dispute as to the trusts on which trustees hold the subject matter of the settlement•a...
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9th Nov
Practice notes
Where a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married under that date but is required...
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9th Nov
Practice notes
Duration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules against remoteness of vesting and against the...
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9th Nov
Practice notes
Duty to distribute to the correct beneficiariesOn the termination of the trust, the trustees are under a duty to distribute the trust assets to the...
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9th Nov
Precedents
This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...
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9th Nov
Practice notes
When you advise an individual on cross-border issues or offshore tax planning, it is important to establish the 'situs' (ie location) of the assets...
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9th Nov
Practice notes
Liferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both, in the trust property...
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Produced in partnership with Peter Murrin of Turcan Connell 12th Jan
Practice notes
An offshore trust is any non-UK resident trust. The liability of trustees of an offshore trust to UK inheritance tax (IHT) is not dependent on the...
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Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 12th Jan
Practice notes
Express creation of trustsA trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for...
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Produced in partnership with Yvonne Evans, Law Lecturer, Solicitor (non-practising), TEP, University of Dundee 12th Jan

Most recent Estates—income tax and CGT content

Practice notes
STOP PRESS: The Office of Tax Simplification published its first report on the review of capital gains tax (CGT) on 11 November 2020. The report...
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9th Apr
Practice notes
Is a tax return required?Personal representatives (PRs) have a duty to report to HMRC any untaxed income received during the period of administration...
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9th Apr
Practice notes
The personal representatives (PRs) are responsible for finalising the deceased's tax affairs. They must file outstanding tax returns and claim any...
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9th Apr
Practice notes
On an individual's death, the personal representatives (PRs) will generally wish to calculate and settle the inheritance tax (IHT) liability in order...
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9th Apr
Practice notes
HMRC's online Trust Registration Service (TRS) was designed to implement the Money Laundering, Terrorist Financing and Transfer of Funds (Information...
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9th Apr
Practice notes
It is possible for trustees or personal representatives to be trading. For example, if a self-employed trader dies, the personal representative might...
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Produced in partnership with Paul Davies of Clarke Willmott 9th Apr
Practice notes
It is common for trustees or personal representatives (PRs) to run a property business. A property business is one which generates income from land...
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Produced in partnership with Paul Davies of Clarke Willmott 9th Apr
Practice notes
This Practice Note was originally produced in partnership with Tolley.When an individual dies, their estate is liable to income tax on the income that...
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9th Apr
Practice notes
FORTHCOMING CHANGE: On 14 July 2020, the Office of Tax Simplification (OTS) published its online survey and a call for evidence to seek views about...
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9th Apr
Practice notes
STOP PRESS: The Office of Tax Simplification (OTS) published its first report on the review of capital gains tax (CGT) on 11 November 2020. The report...
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8th Apr
Practice notes
When the estate of a deceased individual is being administered, the assets will often generate income and sometimes gains will accrue. The period of...
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1st Apr
Q&As
We have assumed that the legacy in question is a gift of personalty.Assets of which the deceased was competent to dispose are deemed to be acquired by...
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22nd Mar
Q&As
This Q&A covers the valuation of property received by a beneficiary for capital gains tax (CGT) purposes.All the deceased's assets of which he is...
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15th Feb
Q&As
This Q&A looks at whether it is possible to vary this type of a legacy by deed of variation so that it is expressed so as to carry the intermediate...
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Produced in partnership with Piers Feltham of Radcliffe Chambers 15th Feb

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