Stamp taxes

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UT rules on construction of closure notices (Daarasp LLP and Betex LLP)

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Agency—undisclosed commission—rescission—whether fiduciary relationship required (Wood v Commercial First Business)

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Government response to Law Commission report ‘Technical Issues in Charity Law’

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Creation of trusts—blind trusts

What is a blind trust?A blind trust is a trust that is aimed at preventing conflicts of interest arising. Usually, the settlor and beneficiary of the...

Nature and classification of trusts—the three certainties

CertaintyIn order for a settlor to create a private express trust the three certainties must be present, namely:•certainty as to the intention of the...

Lifetime gifts

A lifetime gift is a gratuitous transfer of ownership of any property between living persons and not made in expectation of death. In contrast, gifts...

The meaning of relevant property

The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...

Practice notes

Capacity to litigate

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...

9th Nov

Practice notes

Offshore trusts—offshore income gains (OIGs)

Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...

9th Nov

Practice notes

Trust disputes—sham trusts

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...

9th Nov

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 persons (the trustees) to hold...

Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan

Practice notes

Beddoe applications

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...

Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 12th Jan

Practice notes

Cayman Islands STAR trusts—common uses

This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...

Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan

Practice notes

Trust disputes—court jurisdiction and procedure

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...

9th Nov

Practice notes

Trustees—power of advancement

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...

9th Nov

Practice notes

Termination of trusts—methods of termination

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...

9th Nov

Practice notes

Termination of trusts—beneficiaries

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...

9th Nov

Precedents

Deed of appointment terminating discretionary trust

This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...

9th Nov

Practice notes

Situs of assets for succession and IHT

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...

9th Nov

Precedents

Partial deed of revocation of lasting power of attorney

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...

9th Nov

Practice notes

Liferent trusts—Scotland

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...

Produced in partnership with Peter Murrin of Turcan Connell 12th Jan

Scottish Law

Practice notes

UK taxation of offshore trusts—inheritance tax

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...

Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 12th Jan

Practice notes

Creation of trusts in Scotland

Express creation of trustsA trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for...

Produced in partnership with Yvonne Evans, Law Lecturer, Solicitor (non-practising), TEP, University of Dundee 12th Jan

Scottish Law

Most recent Stamp taxes content

Practice notes

Disclosure of tax avoidance schemes—SDLT

This Practice Note describes the rules on the disclosure of tax avoidance schemes (DOTAS) applying to stamp duty land tax (SDLT).The procedural...

9th Apr

Practice notes

SDLT—section 75A: the SDLT GAAR

Why are the SDLT anti-avoidance provisions important?The stamp duty land tax (SDLT) anti-avoidance provisions set out in section 75A of the Finance...

9th Apr

In-house

Practice notes

SDLT chargeable consideration

This Practice Note looks at the meaning of chargeable consideration, which determines the amount of stamp duty land tax (SDLT) payable on a chargeable...

9th Apr

Practice notes

Stamp duty on transfers—consideration and calculation

FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: The government is asking for views on the principles and design...

9th Apr

Practice notes

Interaction between SDRT and stamp duty

FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: The government is asking for views on the principles and design...

9th Apr

Practice notes

Stamp duty reserve tax—when it applies

FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: The government is asking for views on the principles and design...

9th Apr

Practice notes

SDLT—notifiable transactions

This Practice Note considers the steps to take in relation to SDLT once it is established there is a chargeable transaction. For details about the...

9th Apr

Practice notes

Administration and enforcement of SDRT

This Practice Note deals with the administration and enforcement provisions applicable to the principal charge and the higher rate charge to stamp...

9th Apr

Practice notes

Stamp duty on transfers—scope, administration and enforcement

Coronavirus (COVID-19) impact on stamp duty process: During the coronavirus outbreak, the Stamp Office is temporarily only accepting electronic...

9th Apr

Practice notes

What does stamp duty apply to?

FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: The government is asking for views on the principles and design...

9th Apr

Practice notes

Exemptions from the principal charge to SDRT

Executive summaryAn agreement to transfer chargeable securities for consideration (or, in certain circumstances where either of the SDRT market value...

9th Apr

Practice notes

SDLT—marriages, civil partnerships and divorce

Stamp duty land tax (SDLT) is charged on chargeable land transactions (the acquisition of a chargeable interest). For further guidance on how SDLT...

9th Apr

Practice notes

SDLT—transfers by Will or on intestacy

Stamp duty land tax (SDLT) is charged on chargeable land transactions (the acquisition of a chargeable interest). For further guidance on how SDLT...

9th Apr

Practice notes

Introductory guide to stamp taxes

Coronavirus (COVID-19) impact on stamp duty process: During the coronavirus outbreak, the Stamp Office is temporarily only accepting electronic...

9th Apr

Practice notes

Exemptions from stamp duty

If an exemption from stamp duty applies, a document (ie an instrument of transfer) which would otherwise be subject to UK stamp duty is exempt from...

6th Apr

Practice notes

Rates of SDLT

This Practice Note considers the various rates of stamp duty land tax (SDLT), including rates of SDLT applicable on transactions involving rent. For...

6th Apr

Practice notes

Wales: Land transaction tax (LTT)—the basics

This Practice Note provides an overview of land transaction tax (LTT) which replaced stamp duty land tax (SDLT) in Wales with effect from 1 April...

Produced in partnership with Andrew Evans 6th Apr

Practice notes

3 per cent higher rates of SDLT on additional residential properties

The higher 3% rates of stamp duty land tax (SDLT) apply to:•purchases of certain additional residential properties by individuals, and•purchases of...

31st Mar

Practice notes

15 per cent rate of SDLT for high-value residential property transactions

The higher rate of stamp duty land tax (SDLT) for high-value residential property (the 15% rate) was introduced as part of a package of measures aimed...

30th Mar

Practice notes