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Mary Ashley takes a look at proposals for the residence nil-rate band ‘The RNRB and the downsizing provisions are a positive change insofar as they reduce taxpayers’ liability; however, it adds an additional unnecessary layer of complexity to the tax system, which will add higher compliance costs, increasing the impact on both the individual and …
Continue reading "Inheritance Tax: Less tax is more complexity"
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Geoffrey Shindler considers what bearing the UK’s trust and estate law will have on the EU referendum ‘The issue for us is whether because our legal system, at the level at which we operate, is so different from the systems on continental Europe we should opt out of the European Union.’Remember you read it here …
Continue reading "Musings From Manchester: Civil divide?"
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Marilyn McKeever gives the lowdown on the government’s consultation on non-doms ‘It is proposed that those who are UK resident but not domiciled under general law will become deemed domiciled for all tax purposes once they have been resident in the UK in 15 tax years out of 20.’Over the last few years, tax has …
Continue reading "Tax Update: Is the party over for non-doms?"
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Jo Summers and Azeam Akram reflect on the balancing of competing claims made on Jimmy Savile’s estate ‘There is no doubt NatWest found itself in a difficult position, when faced with an unknown number of potential claimants.’What is the correct approach when an executor is faced with competing claims? How should an executor deal with …
Continue reading "Executors: Duties to maintaining the estate, as well as to beneficiaries"
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In Freedman v Freedman, Clare Stanley QC analyses HMRC’s arguments against rescission of a voluntary disposition due to mistake ‘Practitioners need to bear in mind for the future that HMRC may challenge cases of unintended tax consequences concentrating on the gravity of the mistake.’ This article examines the recent decision of Mrs Justice Proudman in …
Continue reading "Mistake: Facing the consequences"
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Nicola Hibbert examines how changes to the presumption of death legislation have brought in a single framework for dealing with the affairs of a missing person ‘While the Presumption of Death Act 2013 is still in its infancy, the legislation is a positive step to simplify the steps required by a missing person’s relatives to …
Continue reading "Presumption Of Death: Getting closure"
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Claire Roberts outlines a case where a claim was brought under the 1975 Act by a former spouse who was also a co-habitee ‘Practitioners and laymen alike may be surprised that the apparently clear wording of a divorce order prohibiting a claim under the 1975 Act is not an absolute prohibition.’ The law of succession …
Continue reading "Inheritance Act 1975: He loves me… he loves me not"
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Stuart Adams discusses the first round in what appears to be a solid case for the rectification of a deed of variation ‘In Vaughan-Jones the variation, as drafted, failed to include the necessary statements and, instead, referenced the pre-2002 rules by way of clause three. Therefore, it was ineffective for IHT and CGT purposes.’ The …
Continue reading "Rectification: Keeping up with the Vaughan-Joneses"
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Geoffrey Shindler reflects on the many dangers to note in our professional lives ‘There is no such thing as a quick will and there is no such thing as a simple will. Or if there is, it is prefaced by the words dangerous, incorrect or wrong. Nothing done in a hurry is ever going to …
Continue reading "Musings From Manchester: The harm before the storm"
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Is a sub-trust a disposition for the purposes of s53(1)(c) of the Law of Property Act 1925? Mark Pawlowski and James Brown assess the current position ‘When an intermediate trustee makes a declaration of trust of their equitable interest, they do not deprive themselves of that interest but simply create a second equitable interest held …
Continue reading "Trusts: Sub-trusts and formality"
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