Estates—inheritance tax

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Practice notes
The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...
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Produced in partnership with Paul Davies of Clarke Willmott 12th Jan
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
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
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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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

Most recent Estates—inheritance tax content

Q&As
A trust held solely for charitable purposes is not subject to the relevant property regime, and hence is not liable to ten-year or exit...
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Produced in partnership with James Brockhurst of Forsters LLP 19th Apr
Practice notes
Variations and other post-death rearrangementsAlthough the terms of a testator’s Will or the provisions applicable on intestacy cannot actually be...
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9th Apr
Practice notes
Although the terms of a testator’s Will or the provisions applicable on intestacy cannot actually be altered by the beneficiaries of the estate...
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9th Apr
Practice notes
Sources of fundsMake arrangements for funding inheritance tax (IHT) early so that funds are available as soon as the grant is ready to be...
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9th Apr
Practice notes
The charge on deathThe Inheritance Tax Act 1984 (IHTA 1984) sets out how a charge to inheritance tax (IHT) may arise when an individual dies. When a...
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Produced in partnership with Pria Mehta of Penningtons Manches Cooper 9th Apr
Practice notes
The 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...
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9th Apr
Practice notes
The need to value the estateWhen an individual dies they are considered to have made a 'transfer of value' equal to the value of their estate...
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Produced in partnership with Ailsa Moorhouse of Penningtons Manches Cooper 9th Apr
Practice notes
FORTHCOMING CHANGE: Following the Inheritance Tax Review Call for evidence and Survey, which ran from 27 April and 8 June 2018, the Office of Tax...
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9th Apr
Practice notes
FORTHCOMING CHANGE: Following the Inheritance Tax Review Call for evidence and Survey, which ran from 27 April and 8 June 2018, the Office of Tax...
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Produced in partnership with Katie Doyle of Mishcon de Reya LLP 9th Apr
Practice notes
The calculation and apportionment of inheritance tax (IHT) due on death can be complex, especially taking account of trust interests, chargeable...
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9th Apr
Practice notes
This Practice Note sets out the principles under which the basic nil rate band (NRB) and the transferable NRB are calculated and applied on the death...
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9th Apr
Practice notes
FORTHCOMING CHANGE: As announced at Budget 2018, draft legislation to be included in Finance Bill 2019–20 was published on 11 July 2019 and includes a...
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Produced in partnership with Alison Cartin of Taylor Wessing LLP 9th Apr
Practice notes
This Practice Note outlines how to calculate the amount of inheritance tax (IHT) that arises on an individual’s estate on death. For a broader...
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9th Apr
Practice notes
Nil rate band (NRB) and transferable nil rate band (TNRB)Each person's estate is exempt from inheritance tax (IHT) up to a certain threshold, called...
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Produced in partnership with Lucy Edwards of Penningtons Manches LLP and now maintained by Lexis®PSL 9th Apr
Practice notes
Quick succession relief (QSR), which is not to be confused with taper relief, applies to a transfer of value which attracts a second inheritance tax...
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Produced in partnership with Katya Vagner of PwC 6th Apr
Practice notes
Coronavirus (COVID-19): Due to potential difficulties in having paperwork signed during the coronavirus (COVID-19) pandemic, certain rules relating to...
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25th Mar
Practice notes
Coronavirus (COVID-19): Due to potential difficulties in having paperwork signed and posted during the coronavirus (COVID-19) pandemic, certain rules...
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25th Mar
Practice notes
Coronavirus (COVID-19): Due to potential difficulties in having paperwork signed and sent during the coronavirus (COVID-19) pandemic, certain rules...
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24th Mar

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