Inheritance tax

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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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19th May
Practice notes
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...
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19th May
Practice notes
What is an offshore trust?A trust is formed either by lifetime gift or on death when a person (the settlor) transfers assets to another person or...
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Produced in partnership with Mourant Ozannes and Carey Olsen 19th May
Practice notes
Taxation of age 18–25 trusts—IHTThe special category of age 18–25 trusts was introduced by Finance Act 2006 (FA 2006) to offer some compensation for...
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Produced in partnership with Paul Davies of Clarke Willmott 19th May
Practice notes
Private Client—Luxembourg—Q&A guideTaxation regimeWhat factors determine tax liability in your jurisdiction (eg domicile, residence or...
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Produced in partnership with Eric Fort of Arendt & Medernach 19th May
Practice notes
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...
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Produced in partnership with Laura Poots (Barrister) of Pump Court Tax Chambers 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 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—statutory powers of trusteesSource and availabilitySourcesTrustees have certain powers conferred on them by statute, in particular by the...
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19th May
Practice notes
Relief for income tax lossesReliefs entitle taxpayers to reduce the amount of income tax payable. When calculating liability to income tax, a taxpayer...
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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
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

Most recent Inheritance tax content

Q&As
Is the residential nil rate band (RNRB) available where a Will contains a legacy of a qualifying residential interest to a daughter-in-law, given that...
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31st Jul
Q&As
Where an individual dies who had remarried following the death of their spouse, can the executors of the estate use the nil rate band of the...
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31st Jul
Q&As
Is it correct that, following death, assets attracting 100% business property relief valued over £325,000 would have attracted no inheritance tax on...
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Produced in partnership with Robert Smeath of New Quadrant Partners Ltd 31st Jul
Q&As
An individual made a gift of a share of a property within seven years of death. How should the gifted share be valued for the purposes of calculating...
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Produced in partnership with Paul Davies of Clarke Willmott 31st Jul
Q&As
Can the transferable nil rate band and transferable residence nil rate band be claimed when the first spouse died in 1971?This Q&A considers whether...
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Produced in partnership with Piers Master and Sarah Wray of Charles Russell Speechlys LLP 31st Jul
Q&As
If a settlor places a property worth between £900,000 and £1m into an inter vivos discretionary trust, will they lose their residence nil rate band on...
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Produced in partnership with James Brockhurst of Forsters LLP 31st Jul
Q&As
What are the income tax implications of a discretionary settlement that holds an income-producing asset having two settlors?For the purposes of this...
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31st Jul
Q&As
Is there any inheritance tax exemption that may apply to the estates of key workers dying from coronavirus (COVID-19)?While there has not yet, as far...
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31st Jul
Q&As
How is agricultural property relief (APR) from inheritance tax calculated where the land is eligible for 50% APR, the agricultural value is less than...
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31st Jul
Q&As
Will a UK citizen who has not been resident or domiciled in the UK for over ten years fall under the non-domicile rules for inheritance tax (IHT)...
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31st Jul
Q&As
Is the inheritance tax residence nil rate band available where the deceased had gifted their home to their children and/or grandchildren within seven...
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31st Jul
Q&As
What happens where a trust deed is executed but no further action is taken to establish the trust?Constitution of trustsThe first question is whether...
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31st Jul

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