Estates—inheritance tax

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Practice notes
IHT—quick succession reliefQuick succession relief (QSR), which is not to be confused with taper relief, applies to a transfer of value which attracts...
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Produced in partnership with Katya Vagner of PwC 19th May
Practice notes
Nature and classification of trusts—the three certaintiesCertaintyIn order for a settlor to create a private express trust the three certainties must...
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19th May
Practice notes
CGT—reliefsFORTHCOMING CHANGE: On 14 July 2020, the Office of Tax Simplification (OTS) published its online survey and a call for evidence to seek...
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19th May
Practice notes
Beddoe applicationsWhen trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe...
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Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 19th May
Q&As
When can a mistake in an executed deed be rectified by a manuscript amendment rather than by a deed of rectification?This Q&A explains when it is...
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Produced in partnership with Emma Holland of Stewarts Law 19th May
Precedents
This partial deed of revocation is made on [date] by [donor] of [address].1I granted a Lasting Power of Attorney for [Financial Decisions/Health and...
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19th May
Precedents
This Deed OF REVOCATION is made on [date] by me [name of donor] of [address of donor].This Deed provides:1Revocation...
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19th May
Practice notes
Trustees—removal of trusteesA trustee may be removed against their will in any of the following ways:•under an express power in the trust...
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19th May
Q&As
Can a life tenant in a Will bring a life interest to an end by choosing to end it themselves or does it only expire on death?Life tenantsA life...
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Produced in partnership with Lynne Counsell of 9 Stone Buildings 19th May
Practice notes
Assessment for residential accommodationCoronavirus (COVID-19): The content of this Practice Note is temporarily affected by the coronavirus...
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19th May
Practice notes
Trust disputes—court jurisdiction and procedureTrust litigation has been classified as being of three types:•a dispute as to the trusts on which...
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19th May
Practice notes
Trustees—self-dealing, unauthorised profits and conflicts of interestThe self-dealing ruleThe self-dealing rule is connected to, but distinct from,...
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19th May
Precedents
This Deed is made on [date]Parties1[insert name] of [insert address] and [insert name] of [insert address] (the Retiring Trustees) and2[insert name]...
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19th May
Practice notes
Trustees—power of advancementWhere a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married...
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19th May
Practice notes
Cayman Islands STAR trusts—common usesThis Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman...
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Produced in partnership with Mourant Ozannes and Carey Olsen 19th May
Practice notes
Discretionary trusts—ScotlandWhat is a discretionary trust?A discretionary trust or discretionary settlement is an arrangement created when an...
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Produced in partnership with Peter Murrin of Turcan Connell 19th May

Most recent Estates—inheritance tax content

Q&As
How is a 16-year old beneficiary’s interest classified where a testator leaves their estate to their child by Will on an 18–25 trust with the...
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15th Jul
Practice notes
Funding inheritance taxSources of fundsPractitioners should advise the personal representatives (PRs) to make arrangements for funding inheritance tax...
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12th Jul
Practice notes
Calculating the IHT charge on deathThis Practice Note outlines how to calculate the amount of inheritance tax (IHT) that arises on an individual’s...
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8th Jul
Practice notes
IHT—residence nil rate bandThis Practice Note introduces the residence nil rate band (RNRB), which is also known as the additional threshold,...
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2nd Jul
Practice notes
Variation of Will or intestacy after deathVariations and other post-death rearrangementsAlthough the terms of a testator’s Will or the provisions...
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28th Jun
Practice notes
Post-death rearrangementsAlthough the terms of a testator’s Will or the provisions applicable on intestacy cannot actually be altered by the...
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17th Jun
Practice notes
Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For...
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10th Jun
Q&As
When calculating the value of the estate to determine whether the tapering provisions of the residence nil rate band (RNRB) apply to reduce the...
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9th Jun
Practice notes
IHT—valuation principles and particular types of propertyThe need to value the estateWhen an individual dies they are considered to have made a...
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Produced in partnership with Ailsa Moorhouse of Penningtons Manches Cooper 8th Jun
Q&As
If (post-transaction) HMRC agrees a valuation for shares, and those shares are then sold on at a higher value, can HMRC go back on the agreed...
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6th Jun
Q&As
If you have a lifetime interest in a property, this will form part of your estate for IHT purposes. Is the same true if you have a right to occupy a...
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6th Jun

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