Broadly, personal contract purchase (PCP) is a loan from a finance company for the purchase of a car. However, unlike a normal personal loan, the borrower does not pay off the full value of the car; nor will they own the vehicle at the end of the deal, unless they choose to pay a much larger final ('balloon') payment. The

The personal representative can sell the house and moreover, unless the gift to the school is invalid for some reason, or funds can be raised some other way (such as by mortgaging

A personal representative must show that they have made reasonable efforts to try and locate the beneficiaries of the estate, otherwise they risk committing a breach of duty. Suggestions as to locating a beneficiary: • check the personal effects of the deceased

We have assumed that this Q&A relates to a scenario in which the testator has not made any other Will (eg in another jurisdiction) and also that the English law Will does not contain any declarations as to domicile or choice of law. This Q&A does not state the nationality of the testator, which may also be relevant (see below). In considering the impact of a subsequent same-sex marriage on the validity of the testator’s earlier English law Will but where the testator is now domiciled abroad, questions arise as to the formal validity of the Will and the essential validity of its contents in light of the relevant law applicable to the succession of the testator’s estate. Formal validity of Will Wills Act 1963 (WA 1963),

See Q&A: A testator owns shares in the parent company of a trading group of companies. The value of the shares is restricted for the purposes of business property relief (BPR) due to excepted assets or the group company rules, so that the value will not be fully relieved. One of the LexisNexis Will precedents contains a legacy of property which is eligible for BPR at a rate of 100% to be held on discretionary trusts. Is it possible to amend the precedent to extend to

In answering this Q&A we assume that the estate concerned does not exceed £2m so that the residence nil rate band (RNRB) is not subject to taper. We have also assumed that the testator has not survived a spouse or civil partner (ie that there is no transferable RNRB available to the testator’s estate). Qualifying residential interest The RNRB is set against the value of a residential interest passing to qualifying beneficiaries. It is not necessary for the residence itself to be specifically bequeathed to those beneficiaries. The legislation defines a 'qualifying residential interest' (QRI). The main condition is that the deceased

The 2nd edition of the STEP Standard Provisions (2nd edition) states: ‘1 Incorporation of STEP Provisions 1.1 These provisions (with the exception of the Special Provisions) may be incorporated in a document by the words: The standard provisions of the Society of Trust and Estate Practitioners (2nd Edition) shall apply or in any manner indicating an intention to incorporate them.’ As set out in the Guide for Practitioners, Testators and Settlors (set out at the end of the STEP Standard Provisions

Practice Note: Introductory guide to residence and domicile for UK tax purposes before 6 April 2025 [ARCHIVED] provides a summary of the UK income tax, capital gains tax and inheritance tax (IHT) implications for an individual of being resident and/or domiciled in the UK. Whilst the Q&A refers to the non-UK residence of the surviving spouse, the Practice Note: Introductory guide to residence and domicile for UK tax purposes before 6 April 2025 [ARCHIVED] confirms that when considering

Section 144(1) of the Inheritance Tax Act 1984 (IHTA 1984) provides as follows: ‘144 Distribution etc from property settled by will (1) Subsection (2) below applies where property comprised in a person's estate immediately before his death is settled by his will and, within the period of two years after his death and before any interest in possession has subsisted in the property, there occurs (a) an event on which tax would (apart from subsection (2) below) be chargeable under any provision, other than section 64 or 79, of Chapter III of Part III of this Act, or (b) an event on which tax would be so chargeable but for section 65(4), 75, 75A or 76 above or paragraph 16(1) of Schedule 4 to this Act.’ Therefore,

A transitional serial interest (TSI) is an interest in possession (IIP) which commenced immediately on the termination of an earlier IIP, subject to those interests in possession meeting the conditions in either section 49C or 49D of the Inheritance Tax Act 1984 (IHTA 1984). In each case, the effect of the TSI is that, following the death of the original life tenant, the trust property is not relevant property for the purposes of IHTA 1984, Pt III, but instead the value of

An assent is different from a transfer or conveyance because you can only assent property from the estate of someone who is deceased. In the context of real property and, in particular, registered land, an assent is used by the personal representatives to vest the property in the person or persons entitled to it on the death of the deceased. An assent will not be executed until such time as it is clear that the property

It is assumed that the testatrix wishes to give concurrent rights namely: • a life interest in property A to B, and • a right to occupy in property A to C at their death. At its simplest, a life interest entitles the life tenant an interest in property solely for their life. In other words, it ends on their death. The grant of a life interest in a property is often limited so that it is determinable on a specified event, such as co-habitation. Additionally, it is not uncommon for the right to come with conditions as to insurance and maintenance of the property. The trustees