Wills & Trusts Law Reports | Autumn 2023 #192The deceased had made certain inheritance tax planning arrangements which involved the assignment of the reversionary interest of the reversionary beneficiary in MTrust (a 150-year Isle of Man trust) to the deceased, who was then granted an option to become the income beneficiary of the MTrust. Prior to the exercise of the option, the deceased transferred his reversionary interest to the KTrustees in 2010 (prior to the enactment of s74A-C Finance Act 2012).
HMRC issued two notices of determination under s221 of the Inheritance Act 1984 against the executors of th...
Timothy Sherwin considers tax-efficient planning for attorneys under lasting powers of attorney ‘The starting point for assessing the reasonableness of any gift is that attorneys are in a fiduciary position in respect of P, and so must act in a manner appropriate to a fiduciary, including by avoiding self-dealing and conflicts of interest.’ Attorneys under …
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A recent case highlights the importance of meticulous implementation when tax planning. Emma Pearce explains ‘WT Ramsay v IRC [1981] was the leading authority on the approach to statutory interpretation adopted by courts to counter tax avoidance schemes.’ This article discusses the First-tier Tribunal’s (FTT) decision in Trustees of the Morrison 2002 Maintenance Trust v …
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Wills & Trusts Law Reports | June 2015 #150Kingston Smith were engaged to provide inheritance tax planning advice to Mr and Mrs Robin, who had terminal medical conditions, in early 2003. They wished to ensure that as much of their property should be available to support the survivor and, following the death of the survivor, their disabled daughter. Mr Chadda, who was a partner at Kingston Smith, discussed strategy at a meeting with Mr and Mrs Tobin based on utilising their inheritance tax nil rate bands, which would require them to make new wills and (in case of a beneficial joint tenancy) service of a notice of severance in rela...
Imogen Buchan-Smith sets out the key points of the much-anticipated GAAR ‘While the GAAR’s purpose is “the counteraction of tax advantages arising from tax arrangements that are abusive”, and the taxes included within its scope are clear, the actual arrangements that the government intends will fall within its ambit may be less so.’The introduction of …
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Tim Fullerlove gives trusts and estates practitioners an update on the remittance basis for non-doms ‘Section 809I ITA 2007 includes a rather arbitrary but potentially very expensive trap. It states that if a taxpayer nominates a source of income or gains and remits anything from that source before they have remitted all other income and …
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Deborah Clark provides an update on family investment companies ‘The ability to accumulate dividend income tax free and other profits at lower tax rates means that over a 20-year period, especially where the FIC has pursued a strategy of investing for income, a FIC can outperform other investment vehicles such as investment bonds, a private …
Continue reading "Tax Planning: Keeping it in the family"
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