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
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
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 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
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
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

Practice notes
Since 6 April 2019, a person that is neither UK tax resident nor resident in a full treaty territory (ie not resident in a territory with which the UK...
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9th Apr
Practice notes
FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: The government is asking for views on the principles and design...
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9th Apr
Practice notes
For a taxable capital gain to arise, there has to be a disposal, or a deemed disposal, of an asset. The taxpayer will need to establish when the...
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9th Apr
Practice notes
Executive summaryAn agreement to transfer chargeable securities for consideration (or, in certain circumstances where either of the SDRT market value...
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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
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
The lifetime charge to inheritance tax (IHT) applies when a person makes a 'transfer of value' or 'disposition' as a result of which the value of his...
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Produced in partnership with Paul Davies of Clarke Willmott 9th Apr
Practice notes
Reasons for restructuring a trustRestructuring a trust may be undertaken for a number of purposes, including to:•restrict the class of...
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9th Apr
Practice notes
The personal representatives (PRs) are responsible for finalising the deceased's tax affairs. They must file outstanding tax returns and claim any...
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9th Apr
Practice notes
This Practice Note was produced in partnership with Tolley Guidance and is now maintained by Lexis®PSL.For income tax rates and allowances applicable...
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9th Apr
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 9th Apr
Practice notes
Principal private residence reliefWhere a person has more than one residence, they may, by notice to HMRC, nominate which is their main residence for...
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Produced in partnership with Peter Lane, Heartwood and David Brookes and Mike Ward, BDO LLP 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
The purpose of this Practice Note is to set out an overview of the key capital gains tax (CGT) reliefs and exemptions applicable to business assets...
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Produced in partnership with Paul Davies of Clarke Willmott, based on material originally written by Stewart Jordan and Alexander Massey 9th Apr
Practice notes
On an individual's death, the personal representatives (PRs) will generally wish to calculate and settle the inheritance tax (IHT) liability in order...
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9th Apr
Practice notes
Why are deadlines important?In order to comply with the legislation and avoid penalties and interest arising due to late payment of tax, it is...
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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

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