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The case of Barclays Bank Trust Co Ltd v HMRC is a rare examination of the workings of trusts for disabled beneficiaries, as Mark Lindley explains ‘A draftsman tasked with advising on succession planning where “disabled persons” (within the meaning of the Inheritance Tax Act 1984, or otherwise) are the intended beneficiaries, is faced with …
Continue reading "Trusts For Disabled Beneficiaries: Purpose is paramount"
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Tim Gregory discusses the proposed simplification of the residence test ‘A statutory residence test is long overdue as the current law often relies on principles established in the 1920s and 1930s, when business practices overall were very different from those of today.’ As promised in the 2011 Budget, on 17 June the government issued its …
Continue reading "Residence: Welcome clarity"
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Fiona Campbell-White assesses whether we are still at liberty to leave our property to whomever we choose, however irrational ‘A testator can be unreasonable when making their will, provided that they are not deluded at the same time. Similarly, a will can be irrational, provided that the testator is capable of making a rational, fair …
Continue reading "Wills: The right to spite"
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Zahra Kanani sets out recent developments in anti-money laundering, enforcement and BPR From 1 April 2011, equitable liability was replaced by a new statutory, special relief. Special relief is a form of overpayment relief that can only apply to amounts charged in HMRC determinations for income tax self-assessment or corporation tax self-assessment where no other …
Continue reading "Update: News round-up"
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Ruth Moore sums up planned changes to the Forfeiture Act ‘The Forfeiture Act 1982 formalised case law and worked on the principle that you should not be able to benefit from your crime. If you were named as a beneficiary in a will or on intestacy then the Act operated to deny murderers a right …
Continue reading "Forfeiture: Sins of the fathers"
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Caroline Cohen outlines the pros and cons of French tax reform for the non-resident investor ‘From 2011 taxpayers with a net value of assets below 1.3m are fully exempt from wealth tax; and taxpayers with a net value of assets below the threshold of 3m will no longer have to file a wealth tax return.’On …
Continue reading "France: All change"
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Rhys Thomas discusses the pros and cons of QNUPS ‘Unlike a registered scheme, a QNUPS is not automatically subject to the lifetime and annual allowances, nor to restrictions on the “authorised payments” that can be made to beneficiaries.’Qualifying non-UK Pension Schemes (QNUPS) have attracted a lot of attention since being introduced by the Inheritance Tax …
Continue reading "Tax And Pensions: Golden opportunity?"
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The court’s approach in Smith v Cooper sheds light on presumed undue influence in the case of cohabitation, as Anna Clarke relays ‘In circumstances where an actual agreement between the parties is vitiated by undue influence and consequently avoided, it is not proper or possible to impute the same, or virtually the same, agreement to …
Continue reading "Undue Influence: Practical justice"
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Sian Hodgson outlines a case that clarifies the standard of proof required to ‘prove’ a missing will ‘Given the nature of the claim, there was very little by way of documentary evidence and the court therefore had to take a view very much based on witness evidence.’It is generally accepted that, as a matter of …
Continue reading "Wills: Good Will Hunting"
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Joseph Jaconelli finds Constructive and Resulting Trusts an invaluable guide for practitioners This volume consists of 12 essays: six each on constructive and resulting trusts. Its origins are in a conference held in April 2009 at King’s College London. There already exist specialist treatments of the two types of trust in question: Oakley’s Constructive Trusts, …
Continue reading "Book Review: Collective thinking"
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