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Hutchings v HMRC [2015] provides comfort for executors given inaccurate information by beneficiaries. Marilyn McKeever gives the lowdown ‘The tribunal concluded that Clayton chose not to tell the executors about the account in order to evade paying tax on the money. It considered that he never intended to disclose the gift to HMRC and, accordingly, …
Continue reading "Probate: Do ask, do tell"
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Alex Tamosius explains the implications of Foulser v HMRC [2015] ‘The difference of opinion between the Foulsers and HMRC on the question of valuation is striking, but it is worth pausing from the tribunal’s answer to consider the more obvious question – why has it taken eight years from the Court of Appeal’s decision in …
Continue reading "Capital Gains Tax: A question of interpretation"
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Iain Managhan offers an update on recent revocation of power of attorney cases ‘It is clear… that certain considerations need to be discussed with the donor. Raising these potential problems and asking the donors to consider the possibility of such outcomes should minimise the likelihood of appointing people who may be unsuitable.’There have been a …
Continue reading "Powers Of Attorney: Taken to task"
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In part two of his article on Young v AG [2012], Charles King-Farlow considers the cases the judge relied upon to make the decision ‘There is no specific formula for the creation of a binding trust under English law. What is necessary is that a person holds property for the benefit of other persons or …
Continue reading "Charities: Breaking the mould"
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Sarah Playforth discusses Chadda v HMRC, which shed light on the level of evidence needed to show that there has been a severance ‘Mr Chadda’s evidence was that Mr Tobin had signed it first. The court said that this simply did not matter. There is no requirement under s36 for the notice to be signed …
Continue reading "Joint Tenancies: Presumed missing"
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Adam Carvalho and Alice Kendle explore the slippery and amphibious doctrine of donatio mortis causa ‘Unless the donor revokes the gift before death, when the donor dies their personal representative holds the property on trust for the donee.’ The case of King v The Chiltern Dog Rescue [2015] (King) has clarified – and restricted – …
Continue reading "Deathbed Gifts: At a crossroads"
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Matthew Howson outlines the lessons from Australian case Hancock v Rinehart [2015], which considered fraud on a power and replacement of a trustee ‘The court felt that Bianca was more likely than a professional trustee to act in the best interests of the beneficiaries, and in particular more likely to resist Mrs Rinehart.’ Gina Rinehart …
Continue reading "Trust Disputes: Shock and ore"
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Geoffrey Shindler makes a plea for joined-up thinking between HMRC and the government ‘So what is going here? The nanny state on the one hand (auto enrolment) or Liberty Hall (freedom and choice with the release of pension capital)?’It is very easy to criticise HM Government and HMRC. It will be water off the back …
Continue reading "Musings From Manchester: Dual control"
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Mary Ashley takes a look at proposals for the residence nil-rate band ‘The RNRB and the downsizing provisions are a positive change insofar as they reduce taxpayers’ liability; however, it adds an additional unnecessary layer of complexity to the tax system, which will add higher compliance costs, increasing the impact on both the individual and …
Continue reading "Inheritance Tax: Less tax is more complexity"
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John Bunker examines ISAs, in particular whether they are transferable to spouses and what this means for estate planning ‘Lawyers need to be clear who their client is, and the duty owed to that client; and to take care if any potential conflict arises for example; between a surviving spouse and the executors or trustees …
Continue reading "Estate Planning: A penny saved"
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