Last updateTue, 24 Feb 2015 5pm

Tax Chambers, 15 Old Square

Tax Chambers, 15 Old Square

Mary Ashley looks at modernising trusts through variation

Once a trust is created, the trustees are effectively bound by the terms of it. At times, this can mean that trustees must obey outdated directions of a trust instrument which can lead to uncertainty, inflexibility and the potential for the trust to be brought to a premature end.

Mary Ashley looks at Lobler v HMRC [2015], which has an interesting take on rectification

As the saying goes, ‘hard cases make bad law’; however, in the context of the tax code, the converse is true: bad law makes hard cases. The overly prescriptive tax code has once again led to an unexpected outcome of a very difficult case, but for once it is in favour of the taxpayer!

Mary Ashley takes a look at proposals for the residence nil-rate band

With inflation, the number of estates subject to inheritance tax is set to increase significantly by 2020. According to the Summer Budget 2015, the government considers that rising house prices are contributing nearly to double the number of estates facing an inheritance tax bill by 2020-2021 as compared with 2014-2015.