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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 …
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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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Katy Shayle considers the EU Savings Directive from a trustee’s perspective ‘The application of the Directive to trustees will depend upon whether there is an absolute entitlement to income arising under a trust, as an individual must be the beneficial owner of the income to be within scope Towards the end of the 1990s, the …
Continue reading "Trustees: Information exchange"
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Jo Summers finds Ray & McLaughlin’s Practical Inheritance Tax Planning a useful read Ray & McLaughlin’s Practical Inheritance Tax Planning (10th ed) by Mark McLaughlin, Geoffrey Shindler, Paul Davies and Ralph Ray £140.80 ISBN: 9781847667779 Published Feb 12 by Bloomsbury Professional The tenth edition of Ray & McLaughlin’s Practical Inheritance Tax Planning is a helpful …
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