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Question of the week: Is there any requirement for the majority of the trustees of a charitable trust registered with the Charity Commission of England and Wales to be resident in England or Wales?
NEWS
This Q&A considers the requirements of charity trustees in terms of UK residence.
Question of the week: Mother and son own a buy to let property 50:50. The rental income is divided accordingly. The mother wishes to gift 25% of her share to her son and retain the other 25% for herself. Following the gift, the mother still wishes to retain 50% of the income. While this appears to be a GROB, it is understood that there is an exception under section 102B(3) of the Finance Act 1986 on the basis that: (a) the mother gives away a share only and not her whole interest; and (b) the mother does not occupy the property. Is this correct? Who would be liable to pay the income tax on the rent: son or mother or both?
NEWS
This Q&A considers whether there is a gift with reservation of benefit where an individual makes a gift of an undivided share in a rental property and does not occupy the property.
Question of the week: On a subsequent sale (within one year of the deceased's death), what would be the acquisition value for capital gains tax (CGT) purposes of a shareholding in the deceased's estate where the original shares were mistakenly (against the executors' instructions) sold by the investment advisor and identical shares were then repurchased by the adviser (all within one year of the deceased's death) who covered the increase in share price so that the estate did not suffer loss? (This impacts the value for IHT purposes and whether or not an IHT35 should be submitted for loss on sale of shares relief)
NEWS
This Q&A considers the CGT and IHT treatment where shares in a deceased's estate are sold (by mistake) and then replacement shares acquired, and those replacement shares then sold, all within one year of the deceased's death.
Question of the week: Our website includes names and photos of staff. Which lawful basis can we rely on to process this personal data under the UK GDPR? Can staff object?
NEWS
This Q&A provides guidance for commercial organisations that display the names and photographs of individual members of staff on their website. It assumes that this constitutes processing personal data under the UK General Data Protection Regulation (UK GDP) and considers which lawful ground for processing may be relied on. It also addresses the right to object and touches on the question of whether photographs can constitute special category personal data.
Question of the week: Should I set de minimis values in my corporate hospitality and gifts policies?
NEWS
This Q&A, produced in partnership with Matthew Vernon, leading financial crime barrister, considers whether firms should set de minimis values in corporate hospitality and gifts policies.
Question of the week: Spouses A and B are the registered owners of a property held as tenants in common and A has died, appointing the couple’s adult child (C) as executor. B has lost capacity and C is also B’s attorney under a registered enduring power of attorney. Does C have power to appoint a second trustee of the property in order to sell it or is the authority of the Court of Protection required?
NEWS
This Q&A considers whether an EPA attorney needs to obtain the authority of the Court of Protection to appoint a second trustee of property in order to sell it.
Question of the week: The deceased left assets which, at the death, were eligible for agricultural property relief (APR) and/or business property relief (BPR) to be held on discretionary trusts under the terms of the Will. The trustees have now owned the property for two years. In order that the trustees qualify for APR/BPR on a transfer, do they all need to carry out the farming/business activity?
NEWS
This Q&A considers the eligibility for business property relief (BPR) and agricultural property relief (APR) from inheritance tax (IHT) for the trustees of a relevant property (or discretionary) trust.
Question of the week: The deceased was Isle of Man resident and domiciled. The majority of their assets were based there but they also held shares in the UK worth around £50,000. A grant of probate has been obtained in the Isle of Man. Does a separate grant of probate need to be issued to deal with the UK assets? If so, how, as the Will is no longer available.
NEWS
Mini-summary: This Q&A considers whether a separate grant of probate needs to be issued to deal with the UK assets of a deceased individual who was resident and domiciled in the Isle of Man, where a grant of probate has already been obtained in Isle of Man.
Question of the week: The following questions concern the proposed changes to the UK inheritance tax rules for pensions which will come into effect in April 2027. Will sums left by Will to a charity from a pension nomination count towards the minimum 10% threshold required for the 36% rate of inheritance tax to apply?; Is there a benefit to the Will stating that the charitable contribution be paid from the pension rather than the residuary estate?
NEWS
This Q&A considers the proposed changes to the UK inheritance tax (IHT) rules for pensions, scheduled to take effect in April 2027. It considers whether sums left to a charity by way of a pension nomination under a Will will count towards the minimum 10% threshold required for the reduced 36% rate of IHT to apply, and whether there is any advantage in directing within the Will that the charitable contribution be paid from the pension rather than from the residuary estate.
Question of the week: The seller of a property held as joint tenants dies after the exchange but before completion. For inheritance tax purposes, should the half share of the house or the right to receive a half share of the sale proceeds (which then pass to the surviving joint owner by survivorship) be reported?
NEWS
This Q&A considers the IHT reporting implications where one of the sellers of property held as joint tenants dies between exchange and completion.
Question of the week: There must be at least two acting trustees to give a valid receipt for the sale proceeds of trust owned land. Where there is only one trustee, common practice is to appoint a second trustee on panel 11 of Form TR1 specifically for the purpose of giving valid receipt for the purchase monies. Provided it is clear on the face of the instrument of appointment that the trustee is being appointed specifically for that purpose, does their appointment cease on completion of the sale or does the appointed trustee have ongoing fiduciary obligations after the sale in relation to trust assets?
NEWS
This Q&A considers whether the appointment of a trustee of land within form TR1, for the purposes of having two trustees to give a valid receipt for he sale proceeds, continues to apply to the sale proceeds and other trust property or assets which subsequently represent the sale proceeds.
Question of the week: There must be at least two acting trustees to give a valid receipt for the sale proceeds of trust owned land. Where there is only one trustee, common practice is to appoint a second trustee on panel 11 of Form TR1 specifically for the purpose of giving valid receipt for the purchase monies. Provided it is clear on the face of the instrument of appointment that the trustee is being appointed specifically for that purpose, does their appointment cease on completion of the sale or does the appointed trustee have ongoing fiduciary obligations after the sale in relation to trust assets?
NEWS
This Q&A considers whether the appointment of a trustee of land within form TR1, for the purposes of having two trustees to give a valid receipt for the sale proceeds, continues to apply to the sale proceeds and other trust property or assets which subsequently represent the sale proceeds.