Private Client analysis: What happens when a beneficiary fails to disclose a lifetime gift? Charlie Tee, a partner in the wealth planning team at Withers LLP, advises that the case of Hutchings v HMRC is an important and significant one in terms of clearly showing the steps an executor must take when dealing with the question of lifetime gifts and reporting them to HMRC in the IHT400.

A trust where the instrument or declaration by which it is created directs the subsequent execution of an instrument defining the trust.

A legal representative of a deceased person who administers the deceased's estate.

The process of winding up the estate of a deceased person in accordance with a Will or with the law of intestate succession.

The winding-up of a deceased person's estate.

FORTHCOMING CHANGE: The Trusts and Succession (Scotland) Act 2024 received Royal Assent on 30 January 2024, marking the first review of trusts law in Scotland in over 100 years since the principal legislation, the Trusts (Scotland) Act 1921, was passed. The trusts provisions will require secondary legislation from Scottish Ministers to be brought into force whereas the provisions relating to succession law came into effect on 30 April 2024. The main changes to modernise the law are summarised in News Analysis: Trusts and Succession (Scotland) Bill passed. Practice Notes on areas of Scottish trusts and succession law will be updated further to reflect this new legislation. This Checklist provides guidance on the administration of estates where the deceased died domiciled in Scotland. A Immediately after death 1 Register the death 1.1 Obtain medical certificate giving cause of death 1.2 Arrange appointment with local Registrar of Births, Deaths and Marriages and register the death 1.3 Obtain Extract Death Certificates 2 Arrange the funeral 2.1 Check

Date of initial meeting: Present at initial meeting: Preliminary checks: (A) Conflict of interest (B) Anti-money laundering (C) Letters of engagement Initial discussion: (A) Terms of Will (B) Procedure for administration of estate 1 Full name and address of the deceased 2 Address at date of death 3 Date and place of birth 4 Date and place of death 5 Occupation 6 Death certificate received 7 Domicile 8 Marital status 9 National Insurance number 10 If married:Full name of spouseDate and place of marriageIf Spouse predeceased:Date and place of deathEstate confirmed?Solicitor who dealt with estateNames of the beneficiaries 11 Testate/IntestateWhereabouts of Will/Codicil 12 Any informal writings? 13 Are the testamentary writings self-proving? If not, note requirements 14 Copies passed to executors? 15 If testate, are all specific gifts in the Will still in the ownership of the deceased?How will they be distributed? 16 If intestate, is there a cohabitant

Damages assessed to punish the defendant for the manner in which he committed the wrong against the claimant.

A charity listed in the Charities Act 2011, Sch 3, or any other charity which legislation declares to be exempt.

This Practice Note explains which agreements are exempt under the Financial Conduct Authority’s (FCA’s) consumer credit regime. It also provides an overview of exemptions for consumer hire agreements. Legislative background to the exemptions On 1 April 2014, the FCA assumed responsibility for consumer credit regulation from the Office of Fair Trading (OFT), which ceased to exist. The transfer of consumer credit to the FCA resulted in a hybrid regime, requiring firms to comply with the Consumer Credit Act 1974 (CCA 1974) and the Financial Services and Markets Act 2000 (FSMA 2000), together with statutory instruments under each and the various sourcebooks in the FCA Handbook, in particular the provisions of the Consumer Credit sourcebook (CONC). For further information on the FCA consumer credit regime, see Practice Note: Consumer credit—essentials. What is a regulated credit agreement? Under the Financial Services and Markets Act (Regulated Activities) Order 2001, SI 2001/544 (RAO), a regulated credit agreement means, in the case of an agreement entered into on or after 1 April 2014, any credit agreement which is not an exempt agreement. CCA

A person who manages investment accounts on a discretionary basis and is recognised by the Panel as an exempt fund manager for the purposes of the Code. Persons who manage investment accounts on a discretionary basis must apply to the Panel in order to seek exempt status. See Notes under the Code definition of 'exempt principal trader' and Appendix 3 of the Code (Directors’ Responsibilities and Conflicts of Interest Guidance Note), Section 2 (Financial Advisers and Conflicts of Interest). See also Exempt principal trader.

Specified descriptions of information which may be exempt from disclosure by principal councils in relation to meetings, their agendas and connected reports, and minutes and background papers (see Local Government Act 1972 (LGA 1972), pt VA, s 100I and Sch 12A).