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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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In Lilleyman the divorce cross-check was applied to a claim for reasonable financial provision for a widow, as Martin Holdsworth and Louise Tatton relate ‘Equality of treatment may not necessarily lead to equality of outcome.’ The recently reported cases of Lilleyman v Lilleyman [2012] and Lilleyman v Lilleyman (costs) [2012] concerned a widow’s application for …
Continue reading "Financial Provision: Big money, short marriage"
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Setting aside court orders concerning payment from one party to another can be risky, as David de Ferrars explains ‘Mrs Morris’ counsel sought to argue that the receipt of the £1.481m by Mrs Morris as a purchaser for value without notice continued to govern her title to those monies, notwithstanding the subsequent rescission of the …
Continue reading "Court Orders: Revoking the rule"
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Anna Bruce-Smith sets out the lessons to be learned from Wharton v Bancroft ‘Mr Justice Norris went out of his way to commend counsel for keeping the number of witnesses to a minimum by weeding out the periphery testimonies, in particular those who seemed keen only to air their grievances against either White Horse or …
Continue reading "Wills: Focus first"
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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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