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Emily Deane gives the lowdown on FATCA and CRS ‘Under the Intergovernmental Agreement all professionals dealing with trusts whether as a trustee, legal adviser, account holder, bank or trust company will need to identify which trusts are caught by FATCA and which ones need to register.’ This article will endeavour to provide practical guidance as …
Continue reading "Trustees: It’s a small world"
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Emma Loveday provides a snapshot of the status of consultations affecting the private client practitioner ‘Virtually all IHT planning could be deemed to be “contrived or abnormal” given that it involves planning that one would not ordinarily undertake unless legitimately trying to minimise IHT exposure.’Looking back, 2016 has been a year of change for many …
Continue reading "Consultation Round-Up: Where are we now?"
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Iain Managhan analyses new OPG guidance on giving gifts on behalf of someone else ‘Even where the guide talks of applying to the Court of Protection to seek approval for a gift, or the possible penalties having made an unauthorised one, there is no suggestion of speaking to a lawyer to assist and best deal …
Continue reading "Gifts: Holding the purse strings"
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Geoffrey Shindler argues that there is still room for personal service in a commoditised world ‘I think that one of the more interesting developments is the difference between those of us who are going into the off-the-peg market and those of us who are going into the bespoke market. Some of us may be there …
Continue reading "Musings From Manchester: Bring in the new?"
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Phineas Hirsch and Robin Paul contemplate whether Brexit complicates or clarifies cross-border private client law and the EU Succession Regulation ‘Post-Brexit, the UK will presumably need to consider amending its internal legislation where tax reliefs have been extended to cover EU property, such as agricultural property relief for farmland in EEA countries, and inheritance tax …
Continue reading "EU: Brexit and Brussels IV"
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A recent case shows that constructive trusts can be used to justify an arrangement which has neglected the formalities. Jody Atkinson explains Ely v Robson [2016] is another of the many cases involving unmarried couples fighting over the ownership of their home. Almost a decade ago the Law Commission recommended the introduction of a statutory …
Continue reading "Trusts And Co-Ownership: No backing out now"
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Hayley Watson and Duncan Bailey examine HMRC’s proposal to penalise ‘enablers’ of tax avoidance schemes ‘The Disclosure of Tax Avoidance Schemes legislation was introduced to encourage the disclosure of schemes which seek to avoid tax.’The government’s most recent attempt to clampdown on tax avoidance comes in the shape of the consultation paper ‘Strengthening tax avoidance …
Continue reading "HMRC: Tax Britannica"
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Sadiya Choudhury reviews a case considering the IHT consequences of the transfer of a reversionary interest to an offshore settlement ‘This decision is one of the few examples in which the tribunal or the courts have applied the principles of anti-avoidance as developed in the case law in an IHT context.’In Michael Lawton Salinger and …
Continue reading "IHT: Out of step"
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Brendan Cotter considers how likely a claim against a testamentary predator is to succeed ‘The classic sign of undue influence is the main beneficiary being active in the preparation of a will in which they take a substantial benefit.’As Hilaire Belloc wrote in Dedicatory Ode 1910: ‘The question’s very much too wide, and much too …
Continue reading "Wills: Crossing a line"
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Michael Colledge and Chris Rowse advise charity trustees on best practice when faced with litigation ‘Charity trustees must act in the best interests of their charity, protect and secure its assets, and ensure that charity funds are expended in furtherance of the charity’s aims, principles that must guide any decision as to whether to engage …
Continue reading "Charities And Litigation: Be prepared"
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