Inheritance


Cryptocurrency estate planning: lessons from QuadrigaCX

12 April 2019

In a plot line worthy of a Dan Brown novel, the 30 year old CEO and founder of QuadrigaCX, Gerald Cotton, was reported as having died in India at the end of last year, seemingly having taken the passwords to the company’s cold storage wallets with him to his grave.

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Gifting millions under Lasting Power of Attorney: the JMA case

4 October 2018

One of the less talked about implications of losing capacity in old age is that Inheritance Tax (IHT) planning often becomes impossible without court intervention.  Incapable wealthy family members cannot make gifts because they lack the capacity to authorise them.  Even if they have had the foresight to sign a Property & Financial Affairs Lasting […]

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IHT relief and holiday homes: has the tide turned?

6 September 2018

Confidence in claiming Inheritance Tax (IHT) Business Property Relief (BPR) in relation to holiday homes has been at a low ebb in recent years, following a string of cases that have ultimately gone against the taxpayer.  However, in the recent case of Graham v HMRC ([2018] UKFTT 0306 (TC)), the taxpayer was victorious.  Has this […]

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Domicile dramas

26 July 2018

Many advisers have to grapple with the sometimes difficult question of establishing their client’s domicile. A client’s domicile is fundamentally important in a diverse range of English legal and tax areas, such as whether: a client can bring divorce proceedings in the UK; a client is liable to UK Inheritance Tax on worldwide assets as […]

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The best Christmas present for your family: a discretionary trust?

30 November 2017

It’s beginning to look a lot like Christmas out there, as Bing says.  Thoughts turn to what gifts to give our family.  When it comes to making big gifts to family members, though, in lifetime or on death, still not enough people think of using a trust. Many people hardly know what a trust is; […]

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Ilott v Mitson Supreme Court decision: UK testamentary freedom reasserted

23 March 2017

Last week, the Supreme Court brought to an end a 13 year legal battle over the late Mrs Jackson’s Will. The Will left virtually all of Mrs Jackson’s assets (some £480,000) to three UK charities, cutting out entirely her only child (Mrs Ilott), who was for many years estranged from her mother but who lived […]

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‘Toxic’ survivorship clauses: does your Will contain one?

12 January 2017

Do you have a survivorship clause in your Will? Chances are you do, if you leave assets to someone outright in your Will. The mischief that these clauses are designed to avoid is this. If A gives a gift to B in his Will and B dies the day after A, B’s estate will get […]

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Corporate beneficial ownership registers – where are we now?

2 June 2016

In my last blog, I looked at automatic exchange of information regimes and this blog carries on the transparency theme but in the sphere of corporate transparency. Britain is ‘having a transparency moment’, as some might say. Regular readers of this blog will know that Britain has already introduced a public register of beneficial ownership […]

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Pension death benefits and spousal bypass trusts: time to review

5 May 2016

April 2015 saw another radical overhaul of the taxation of UK pensions on death. Gone is the 55% tax charge on payment of a lump sum death benefit after death, if the pension member either died after their 75th birthday or died pre-75 having already entered into drawdown. Instead, pension payments from a money purchase […]

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Calling all EU asset owners: you’ve got mail (from Brussels)

3 September 2015

Finally, the EU Succession Regulation (Brussels IV) is fully in force. It’s been a long time coming. Part of it came into effect as long ago as 2012 but in recent months, as 17 August 2015 (‘coming into force’ day) approached, there has been much more discussion about what Brussels IV is going to mean […]

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