This Q&A looks at the inheritance tax reporting position where a deceased gifted property to their children several years ago but continued to live in it, thereby creating a gift with reservation of benefit. It considers the requirements for reporting on form IHT403, whether HMRC would require a RICS Red Book valuation at the date of the gift, and whether the property can be sold immediately or should be held pending any further HMRC investigations.

This Q&A examines the meaning of ‘normally’ in the context of a Charity Constitution clause stating: "trustees can be reappointed but will not normally serve for more than three consecutive terms of office".

This Q&A explains how the annual exemption, the basic nil rate band and taper relief apply to failed potentially exempt transfers made by the deceased between three and seven years before their death.

This Q&A looks at whether the trusteeship of a will trust vests in the personal representatives under section 18(2) of the Trustee Act 1925 where the sole appointed trustee has disclaimed before acting, and how section 36 of the Trustee Act 1925 applies in those circumstances.

This Q&A considers whether an application for a grant of representation can be made by an executor without the consent of another appointed executor and give notice to that other executor that he has the power to apply for a second and separate grant at a later date, effectively making a decision on behalf of the other executor that he will reserve power to apply for a grant.

This Q&A considers client due diligence (CDD) requirements for law firms acting for a seller in a property transaction involving an auction.

This Q&A explains which provisions of the SRA Standards and Regulations or StaRs are subject to a fixed financial penalty if they have been breached. It sets out what the provisions cover and the consequences of breach of one of the specified requirements.

This Q&A sets out the issues to consider in terms of who may apply for a grant of representation where an individual has died while living abroad but where otherwise all connections are to the UK.

This Q&A considers business property relief (BPR) under the succession and successive transfer rules set out in IHTA 1984, ss 108 and 109 where a spouse or civil partner of the deceased inherits an AIM share portfolio which qualifies for BPR. It also considers the application of BPR to ISAs holding AIM shares, as well as AIM shares passing to an interest in possession trust for the benefit of the surviving spouse/civil partner.

This Q&A considers whether downsizing relief for the residence nil rate band would be available on the death of a life tenant with an IPDI if the trust assets are not closely inherited.

This Q&A considers the value of an estate in terms of assessing the adjusted allowance of the residence nil rate band (RNRB) for the purposes of the taper threshold where the deceased was not long-term resident in the UK and had a worldwide estate exceeding £2m of which only £500k is attributable to UK situs assets.

This week’s question of the week is what’s the impact of failing to obtain a valid consent under the GDPR? Can you use a privacy notice to make up for a defect in such a consent? Read our Q&A to learn more about this topic and what issues law firms may face.