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Elizabeth Wilson examines the lessons of McCall & anor v HMRCC The case of McCall & anor v HMRCC [2011] provides useful guidance on IHT business property relief for ‘hybrid’ landowning businesses such as seasonal grazing ‘lets’ where the landowner remains in legal and factual occupation of the land used in the business, but is …
Continue reading "IHT: BPR and ‘hybrid’ businesses"
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Kate Symons and Will Hadley give the lowdown on identifying and protecting manorial rights ‘The extent of each manor was usually determined by a grant from the Crown, with each manor comprising a self contained area with its own customs and rights.’The area of manorial rights is by no means a straightforward subject for review. …
Continue reading "Overriding Interests: Not on my manor"
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Marilyn McKeever assesses whether a new relief introduced in the Finance Act 2012 will encourage trustees to invest in the UK ‘In these straightened times, one of the government’s principal concerns is to encourage inward investment as a means to economic growth.’ Marcus is feeling got at. He is a non-dom and was a banker …
Continue reading "Tax: Open for business"
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Katy Shayle considers the EU Savings Directive from a trustee’s perspective ‘The application of the Directive to trustees will depend upon whether there is an absolute entitlement to income arising under a trust, as an individual must be the beneficial owner of the income to be within scope Towards the end of the 1990s, the …
Continue reading "Trustees: Information exchange"
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Jo Summers finds Ray & McLaughlin’s Practical Inheritance Tax Planning a useful read Ray & McLaughlin’s Practical Inheritance Tax Planning (10th ed) by Mark McLaughlin, Geoffrey Shindler, Paul Davies and Ralph Ray £140.80 ISBN: 9781847667779 Published Feb 12 by Bloomsbury Professional The tenth edition of Ray & McLaughlin’s Practical Inheritance Tax Planning is a helpful …
Continue reading "Book Review: A practical approach to inheritance tax planning"
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Leela Hemmings examines the approach of the UK divorce court to offshore trusts and trustees in BJ v MJ ‘Relying on the court’s authority pursuant to the Matrimonial Causes Act 1973, the judgment reviewed the various forms of trusts and discussed how each would be treated in divorce proceedings.’ Often the biggest unknown in financial …
Continue reading "Trusts: Offshore assets and the divorce pot"
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D R Sheridan LLP v Higgins serves as a timely reminder of the difficulties when acting for executors who fall out, as Mike Robinson discusses ‘A bad situation that developed between executors ended up being made worse by the solicitors acting for them, resulting in delay in the administration of the estate, a mess which …
Continue reading "Probate: Warring executors"
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Katie Hawksley finds that Rogge v HMRCC summarises how the settlor-interested rules work in the UK and offshore ‘The judgment touched on the interaction between a settlor’s liability to income tax and that of the trustees (and the complications which can arise as a result), raising some interesting points for private client practitioners to bear …
Continue reading "Tax: Justice and reason?"
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Duncan Bailey considers the best way to make a pet bequest ‘A quick online search reveals a mass of sensationalist reports that have frequented the national media over the last few years, citing owners leaving five and six-figure bequests to their pets.’The question of whether leaving money to pets is a good idea certainly divides …
Continue reading "Pets: Creature comforts"
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Geoffrey Shindler looks at charitable donations for tax purposes ‘Back in the olden days it was a matter of governmental testosterone that a government had the courage to enact its own proposals, especially its Budget proposals.’Like the poor, with whom it is intimately connected, charity is always with us. Never more so than just now. …
Continue reading "Musings From Manchester: It’s better to give"
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