Inheritance tax

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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 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
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
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 Inheritance tax content

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 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
This Practice Note sets out the key UK tax rates, thresholds and allowances most relevant to Private Client practitioners. It is intended as a quick...
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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 2018 and 8 June 2018, the Office of Tax...
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Produced in partnership with Emma Haley of Boodle Hatfield LLP 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
Woodlands may attract one of three different types of relief from inheritance tax (IHT) depending on the nature of the land and timber...
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Produced in partnership with Emma Haley of Boodle Hatfield LLP 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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Produced in partnership with Keith Bruce-Smith, Judith Robertson and Katie Walsh of Sinclair Gibson LLP 9th Apr
Practice notes
History of the gift with reservation (GWR) regimeThe old capital transfer tax regime contained no rules concerning the reservation by a transferor of...
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Produced in partnership with Helen Freely of Druces LLP 9th Apr
Practice notes
Business property relief (BPR) is an important relief for inheritance tax (IHT) purposes. The relief applies both to individuals and to trusts that...
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Produced in partnership with Hayden Bailey and Gabrielle Dewes of Boodle Hatfield 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
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
Agricultural property relief (APR) was provided for from the outset when capital transfer tax was introduced by the Finance Act 1975. The nature of...
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Produced in partnership with Hayden Bailey and Gabrielle Dewes of Boodle Hatfield 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
A discretionary trust is a very flexible form of trust. In these trusts, the trustees have the discretion to determine when, how and to whom...
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Produced in partnership with Katya Vagner of PwC 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. This...
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Produced in partnership with Emma Haley of Boodle Hatfield LLP 9th Apr
Practice notes
The pre-owned asset tax (POAT) is an inheritance tax (IHT) anti-avoidance measure, introduced by Schedule 15 to the Finance Act 2004 (FA 2004), and...
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Produced in partnership with Stephen Parnham 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 Adam Hampton TEP of Lamb & Holmes Solicitors 9th Apr
Practice notes
Overview of the UK taxation treatment of furnished holiday lettings (FHLs) in the UK and the European Economic Area (EEA)This note covers the UK tax...
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Produced in partnership with Keith Bruce-Smith, Judith Robertson and Katie Walsh of Sinclair Gibson LLP 9th Apr
Practice notes
When looking at the definition of chargeable transfers and transfers of value in the Inheritance Tax Act 1984 (IHTA 1984), it is perhaps not...
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Produced in partnership with Katya Vagner of PwC 9th Apr

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