January/February 2020 #213 – Law Journals

Tax: The limitations of Ramsay

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.’ …

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EU Law: A question of interpretation

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 …

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Trustees and mistake: Where are we now?

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 …

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IHT and charities: Location, location, location

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 …

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Succession planning: Ham-fisted

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 …

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Musings from Manchester: King Lear or Scrooge?

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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 …

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Family investment companies: Magic or myth?

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 …

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