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Geoffrey Shindler looks at the argument that senior citizens are disadvantaging younger generations by retaining their wealth ‘Anyone giving assets away needs to be very careful about the nature of the asset being given and the timing of the gift.’ If you were listening to Radio West Midlands on 2 December at 12:48pm you will …
Continue reading "Musings from Manchester: King Lear or Scrooge?"
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Rebecca Durrant gives the lowdown on family investment companies ‘By introducing family shareholders, the FIC can be an effective way of transferring assets to the next generation and saving inheritance tax.’ In recent years the family investment company (FIC) has become the vehicle of choice for the high-net-worth individual as a useful tool for tax …
Continue reading "Family investment companies: Magic or myth?"
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When will an NNDR tax avoidance scheme be subject to a successful challenge? Nicholas Trompeter examines a case that sheds light on the points considered ‘The local authorities in Rossendale submitted that the notion of an “owner” of an unoccupied property had to be interpreted purposively as an owner with a real entitlement to possession.’ …
Continue reading "Tax: The limitations of Ramsay"
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Christopher Salomons outlines the significance of the latest interaction between EU and UK law ‘A fundamental consideration was whether or not the tribunal has the power to adopt a conforming interpretation by implying an option to defer into domestic law.’ What should the UK do when the European Court of Justice (ECJ) finds UK legislation …
Continue reading "EU Law: A question of interpretation"
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Laura Abbott reviews recent case law to discern current attitudes towards rectifying a genuine mistake ‘If a trustee takes advice which later proves to be incorrect, Hastings-Bass is unlikely to relieve the trust of the financial consequences, but the broadened rule of mistake may (in some limited cases) serve to do so, depending on the …
Continue reading "Trustees and mistake: Where are we now?"
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The Supreme Court decision in Routier confirms that the IHT exemption for charities can apply to charitable purposes outside the UK. Anthony Nixon and Clementine Burch discuss ‘HMRC’s position was, not only, that free movement of capital was not engaged between the UK and Jersey, but that, if the principle did apply, a restriction to …
Continue reading "IHT and charities: Location, location, location"
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Luke Busbridge considers the lessons from a recent case on handling farming partnerships ‘It is essential to have a properly drafted partnership agreement that sets out what are and are not partnership assets, and defines the basis on which they are to be valued.’ It is a regrettable fact that among farming families, the death …
Continue reading "Succession planning: Ham-fisted"
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Is it a gift or resulting trust? Stephanie Wookey discusses a case which elucidates what is required for a complete gift ‘Clear words of a gift are not only required to the intended donee but also to any third party involved in giving effect to that intended gift.’ In August 2019, Murray J ruled in …
Continue reading "Gifts: When to perfect the imperfect"
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John Ward-Prowse reports on a case that provides useful points to cover when a new will cuts out family members ‘It was not the judge’s task to decide whether the 2015 will was justified or fair. He was only required to decide if it was valid, which he did.’ Anna Rea was 85 when she …
Continue reading "Will disputes: Valid concerns?"
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A successful taxpayer appeal against HMRC has lessons on how the courts will interpret legislation on the transfer of assets abroad. Remi Aiyela explains ‘Even though Mr Rialas orchestrated the purchase side of the transaction as HMRC claimed, it was stretching the meaning of the word “procure” beyond breaking point to suggest that the fact …
Continue reading "Offshore trusts: A taxing business"
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