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Alison Cartin examines entrepreneurs’ relief: disposals by the trustees and the qualifying beneficiary requirement ‘In relation to disposals by individuals of shares or securities of a company, entrepreneurs’ relief will be available in respect of all shares in the company disposed of by the individual shareholder even if some of those shares have been held …
Continue reading "Tax: HMRC guidance trumped by court"
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Daniel Burton considers a recent case involving trusts of land, family fallouts and a special purchaser ‘The land was held on an express trust for sale and there was a special purchaser who was prepared to pay well in excess of the market value for part of the land.’ Practitioners who regularly act in farming …
Continue reading "Farming disputes: Brothers in arms"
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Geoffrey Shindler attempts to make sense of recent and proposed changes to the probate process ‘The delay in issuing grants of representation is a serious inconvenience and expense to many people.’ Probate, or letters of administration if your client forgets to make a will, is a staple part of our workload. No doubt not the …
Continue reading "Musings From Manchester: Does reform equal improvement?"
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The government has provided some clarity on the scope of the UK trusts register. Alison Cartin examines the implications of the recently published technical consultation ‘Currently, only express trusts with a UK tax consequence have to be registered on the TRS. From March 2020 the registration requirement will be extended.’ The long-awaited technical consultation on …
Continue reading "UK trusts register: Where are we now?"
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Jennifer Fox updates the position on anti-Bartlett clauses ‘The 2018 decision of the Hong Kong Court of Appeal in Zhang Hong Li had raised questions on whether it is actually possible for an anti-Bartlett clause to exclude the trustee’s duty to enquire and supervise in respect of an underlying company.’ Those in the private wealth …
Continue reading "Trust deeds: Normal service resumed…"
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Mark Baxter sets out the current thinking on proving the existence of lost wills ‘It appears difficult to prove a lost will in the absence of supporting evidence that a will existed at all: the court will wish to corroborate the evidence in favour of the lost will with evidence that a will that could …
Continue reading "Wills: Gone, but not forgotten"
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Who died first? Scott Taylor and Hayley Robinson discuss a case which explores the modern approach to an age-old problem ‘Judge Kramer raised that the facts surrounding the death are equivocal and the picture is incomplete even when considered in conjunction with the evidence of the pathologists.’ In the recent case of Scarle v Scarle …
Continue reading "Probate: A modern shipwreck"
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Gareth Thomas considers the refusal of Beddoe relief in a case with circumstances that will be familiar to practitioners ‘This is a useful decision for practitioners addressing a common factual scenario of adult beneficiaries having fallen into dispute over alleged estate assets, the procuring of which would, without a derivative claim, be the responsibility of …
Continue reading "Trustees: Adult-appropriate"
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Jo Summers reviews the latest edition of James Kessler QC and Charlotte John’s Drafting Trusts and Will Trusts Drafting Trusts and Will Trusts: A Modern Approach James Kessler QC and Charlotte John Sweet & Maxwell; 14th ed ISBN: 9780414068087 My husband saw the title of this book and joked: ‘A modern approach to drafting, does …
Continue reading "Book review: A comprehensive read"
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The rules on estate duty for works of art have changed, to the detriment of the owner. Charles King-Farlow argues for redress ‘The Finance Act 2016 has effectively introduced a new tax charge payable by grandchildren or even more remote issue of an owner, on whose death an estate duty exemption was granted more than …
Continue reading "Tax: HMRC – a retrospective"
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