The following Trusts and Inheritance Tax guidance note Produced by Tolley in association with Higgs & Sons provides comprehensive and up to date tax information covering:
A Will is a written document in which a person records his wishes that are intended to take effect after his death. His wishes may be set out in more than one document (perhaps dealing with his property in different parts of the world) and thus it is possible to have more than one valid Will. Any changes or additions to a Will may be made by one or more codicils. The Will and its codicils are regarded and interpreted as one document.
The primary purpose of a Will is to provide for the disposal of property after death. It may also be used to express other wishes including the appointment of executors and guardians for minor children and to give direction for the disposal of the deceased’s remains.
A Will (together with its codicils, if any) takes effect only on death; it cannot confer benefits while the testator is still alive. Also, a Will cannot limit dealing with property during his lifetime and, until death, the Will can always be amended or revoked.
In order to be valid, both the testator and the document have to satisfy a number of requirements.
A testator has to be 18 years old or over to make a valid Will. There is a rule that a person under the age of 18 can make a Will if he is a member of the Armed Forces on active service, but this is extremely rare in practice today.
A Will is only valid if the testator was of sound mind, memory and understanding when he signed the Will or when he gave instructions for the Will to be drawn up. The common law test for capacity was set out by the court in the case of Banks v Goodfellow and the statutory test is in the Mental Capacity Act 2005, s 2. The principles established by Banks v Goodfellow are that a testator shall:
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
This guidance note explains the main scenarios where UK companies (other than financial institutions, etc) must withhold tax at source on payments of interest and how this is dealt with in practice.Obligation to withhold income tax from certain paymentsWhen UK companies, or partnerships of which a
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marked the end of the Brexit transition / implementation period entered into following the UK’s withdrawal from the EU. At this point in time, key transitional arrangements came to an end and significant changes began to take effect across the UK’s
IntroductionA company that is not resident in the UK will only be subject to UK corporation tax if it carries on a trade in the UK through a permanent establishment. Where it does so, it will be subject to UK corporation tax on all profits that are attributable to the UK permanent establishment.
When does a trust come to an end?A trust may come to an end because it has run its course and comes to a natural end. If a trust has no assets , it ceases to exist. Alternatively, a trust ends because the trustees or beneficiaries decide to wind it up: the trustees distribute the assets by