UK taxes for Private Client

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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
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
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
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
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
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
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
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
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
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
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
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
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...
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9th Nov
Practice notes
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...
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9th Nov
Practice notes
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...
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Produced in partnership with Michael O’Sullivan of 5 Stone Buildings 12th Jan
Practice notes
The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or...
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9th Nov

Most recent UK taxes for Private Client content

Q&As
For the purposes of this Q&A we have assumed that:•the trustees and the debtor have been UK resident for tax purposes at all relevant times, and•the...
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29th Nov
Q&As
The conditional exemption from inheritance tax on a transfer of value of a qualifying asset is available at the discretion of the Treasury. The aim,...
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29th Nov
Q&As
Life insurance trustsA life insurance trust is often created so that the policy proceeds do not form part of the deceased's estate, or so that the...
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29th Nov
Q&As
Unfortunately, we do not have a Precedent that specifically refers to the legacy being up to the value of the available residence nil rate band....
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29th Nov
Q&As
This Q&A assumes that the deceased died after April 2011.Inheritance tax treatment of a drawdown pensionWhere a person elects to draw down all or part...
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29th Nov
Q&As
A disposal made by way of a gift is deemed to have been made for a consideration equal to the market value of the asset (section 17 of the Taxation of...
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29th Nov
Q&As
We would like to refer you to the below content which will be helpful in your research:•Overview: Estate administration—Scotland...
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29th Nov
Q&As
The residence nil rate band (RNRB) is an addition to the basic nil rate band (NRB), which further reduces the inheritance tax (IHT) payable on death....
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29th Nov
Q&As
When considering the following issues, the following resources may be of assistance:•the insurance bond pays out on the death of D’s two children and...
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29th Nov
Q&As
The residence nil rate band (RNRB) is an addition to the basic nil rate band (NRB), which further reduces the inheritance tax (IHT) payable on an...
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29th Nov
Q&As
A beneficiary of an estate may alter the effect of a Will (or the intestacy provisions) by passing to someone else any property that the operation of...
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29th Nov
Q&As
The statutory legacy forms part of the intestacy rules, which are set out in section 46 of the Administration of Estates Act 1925 (as amended). Since...
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29th Nov
Q&As
In this Q&A, we have assumed that the assets would qualify for business property relief (BPR) at 100% (sections 104–105 of the Inheritance Tax Act...
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29th Nov
Q&As
Section 142 of the Inheritance Tax Act 1984 (IHTA 1984) gives inheritance tax (IHT) relief and section 62(6) of the Taxation of Chargeable Gains Act...
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29th Nov
Q&As
18–25 Trusts—ConditionsSince the coming into force of Finance Act 2006 (FA 2006), all trusts created by Will on or after 22 March 2006 (subject to...
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29th Nov
Q&As
If shares are later sold for more than a post-transaction valuation agreed with HMRC, then whether HMRC can revisit that valuation will depend on the...
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29th Nov

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