On 13 July the Chancellor wrote to the Office of Tax simplification requesting that it reviews capital gains tax and those elements of corporation tax that relate to chargeable gains. This is not an unexpected development and it follows closely a consultation in respect of proposed inheritance tax reform. The rate of CGT for higher […]
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.
An attempt to appeal the UK’s first Unexplained Wealth Order (UWO) has recently failed in the High Court. In February 2018, the UK’s National Crime Agency sought an UWO against Mrs A (whose anonymity may only be temporary), seeking information about the purchase of a valuable London property. UWOs require an individual to provide a […]
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 […]
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 ( UKFTT 0306 (TC)), the taxpayer was victorious. Has this […]
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 […]
Lewis v Tamplin ( EWHC 777 (Ch)) is a useful reminder to trustees and their advisers of the difficulty of resisting requests for disclosure of trust documents from trust beneficiaries, where the purpose of the request is to obtain information about the trust, its assets and the trustees’ stewardship of them, to enable the beneficiaries […]
Following the initial shock of the outcome of the EU referendum in June 2016, confidence about the UK’s future is slowly returning.
As this continues, HNWIs from outside the EU are again looking to […]
The Public Guardian’s new ‘Practice Note PN7: giving gifts’ is a must-read for any attorney appointed under an Enduring or Lasting Power of Attorney, or deputy, faced with the thorny issue of whether they can use the incapable donor’s funds in a transaction which is not for value – such as a payment by way […]
Using family trusts to save IHT is not just for the super-rich, but it does help to have had some well-advised ancestors… No doubt you’ve read the press reports about the sixth Duke of Westminster who has arranged his financial affairs so that the bulk of his £9bn property portfolio passes to his son, Hugh, […]
The UK’s Autumn Budget contained a welcome lack of new measures affecting the capital gains taxation of offshore (i.e. non-UK) trusts. However, there are Capital Gains Tax changes waiting in the wings, already announced, coming into effect on 6 April 2018. There may be steps that UK resident non-doms and their trustees ought to be […]
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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