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Sarah Lee outlines the ramifications of the 10% IHT relief for charitable giving By directing money away from central government and into charities’ hands, the government aims to empower these organisations to take on more responsibility in society.’ On 10 August 2012, HMRC produced new guidance on the 36% reduced rate of IHT for estates …
Continue reading "IHT: Incentivising charitable donations"
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Richard Frimston discusses the implications of the EU Succession Regulation ‘The provisions of the SR (Succession Regulation), including those governing choice of law, are vital for all practitioners to understand.’ The EU Succession Regulation (SR) came into force on 17 August 2012. It is designed to counter the problem that different states have completely different …
Continue reading "Europe: Act now"
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Duncan Bailey explores the truth behind the media perception of trusts ‘In the current climate of huge bonuses and reports of millionaires paying low rates of tax, is the lambasting of trusts as a means of tax avoidance or even evasion fair, or are trusts getting a bad press?’ The publicity offices of organisations such …
Continue reading "Trusts: Can we trust trusts?"
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Emily Campbell looks at recent cases that help to define the role of trustees in litigation ‘There are two main types of claim in litigation concerning a trust: ‘external’ disputes and ‘internal’ disputes. A typical example of an external dispute is a negligence claim by trustees against the trust accountants. A typical example of an …
Continue reading "Trustees: An emerging pragmatism"
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Failure to disclose a change in shareholding could result in a large financial penalty, as Colin Smith and Christopher Groves explain ‘The high level of the fine, which was imposed despite Sir Ken’s early cooperation with the FSA and despite the fact that it was accepted that he had nothing to gain by failing to …
Continue reading "Shareholdings: Listed shares? Beware"
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Harriet Atkinson examines HMRC’s new guide to capital taxation and the national heritage ‘Those closely involved with national heritage property will also be encouraged by the memorandum’s early statement that the government recognises the importance of national heritage and intends to continue with a policy of encouraging its preservation for the public in private ownership.’On …
Continue reading "Tax: Preservation for the public"
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Tim Harrison sets out the current position on caveats ‘Earlier in the year there was an apparent change in the procedures regarding the entry of a caveat, although the change was not communicated to those who practise this area of law.’ Lindley LJ said, at p216 of the Court of Appeal decision in Moran v …
Continue reading "Caveats: Back to basics"
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The Australian case Grimaldi v Chameleon Mining takes an interesting stance on key points of equity law, as Carrie Rome-Sievers reports ‘Subject to the particular facts of a case of misdirected corporate funds or property received by a third party, a claimant in Australia may be well-advised to plead an orthodox property law claim separately …
Continue reading "Equity: Fiduciary failings"
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Eleanor Sepanski looks at some issues facing private client practitioners in the months ahead ‘It may be a while before there is a reasonable amount of certainty on tax avoidance issues. This presents an extra challenge to tax planning.’The summer holidays are over. The Queen’s Diamond Jubilee celebrations and the Olympics, which have provided a …
Continue reading "Guest Editorial: Back to school"
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Jonathan Burchfield and Ann Phillips summarise Lord Hodgson’s recent review of the Charities Act On 16 July 2012, Lord Hodgson published his much-anticipated 160-page review of the Charities Act 2006, containing no fewer than 113 recommendations, which he submitted to Nick Hurd, the Minister for Civil Society. Lord Hodgson should be congratulated on having completed, …
Continue reading "Charities: Power to the people"
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