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Tim Gregory discusses the proposed simplification of the residence test ‘A statutory residence test is long overdue as the current law often relies on principles established in the 1920s and 1930s, when business practices overall were very different from those of today.’ As promised in the 2011 Budget, on 17 June the government issued its …
Continue reading "Residence: Welcome clarity"
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Fiona Campbell-White assesses whether we are still at liberty to leave our property to whomever we choose, however irrational ‘A testator can be unreasonable when making their will, provided that they are not deluded at the same time. Similarly, a will can be irrational, provided that the testator is capable of making a rational, fair …
Continue reading "Wills: The right to spite"
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Zahra Kanani sets out recent developments in anti-money laundering, enforcement and BPR From 1 April 2011, equitable liability was replaced by a new statutory, special relief. Special relief is a form of overpayment relief that can only apply to amounts charged in HMRC determinations for income tax self-assessment or corporation tax self-assessment where no other …
Continue reading "Update: News round-up"
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Ruth Moore sums up planned changes to the Forfeiture Act ‘The Forfeiture Act 1982 formalised case law and worked on the principle that you should not be able to benefit from your crime. If you were named as a beneficiary in a will or on intestacy then the Act operated to deny murderers a right …
Continue reading "Forfeiture: Sins of the fathers"
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Caroline Cohen outlines the pros and cons of French tax reform for the non-resident investor ‘From 2011 taxpayers with a net value of assets below 1.3m are fully exempt from wealth tax; and taxpayers with a net value of assets below the threshold of 3m will no longer have to file a wealth tax return.’On …
Continue reading "France: All change"
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Marilyn McKeever welcomes a shift in attitude towards non-doms ‘The government and the media have created an image of the fat cat non-dom who enjoys life in the UK while contributing far less than their “fair share” to the country. But what is the reality?’The most important of the recent spate of government consultations for …
Continue reading "Guest Editorial: Fat cats or cash cows?"
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Sofie Hoffman argues for a flexible model of mediation to avoid costly litigation ‘For many clients, mediation, while not suitable for all cases, can often provide a more satisfactory outcome than a trial in both financial and emotional terms.’The following phrase was recently uttered: ‘once we start irreparable damage may be done’. Not the words …
Continue reading "Opinion: Talking heads"
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Shân Warnock-Smith QC examines the partitioning of ‘Freeston’ trusts in the recent case of Southgate v Sutton ‘The US beneficiaries and the trustees were put in a difficult position as a result of the decision at first instance: the beneficiaries because of their continued exposure to penal US tax and the trustees because they could …
Continue reading "Trusts: Section 57 clarified"
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Cuppage v Lawson is an example of how the Charitable Trusts (Validation) Act 1954 is working in practice, as William Henderson explains ‘The Act often now “does what it says on the tin” and validates trusts that would otherwise be void.’At a technical level this decision of HH Judge Hodge QC, sitting as a judge …
Continue reading "Charitable Trusts: Law in action"
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Rhys Thomas discusses the pros and cons of QNUPS ‘Unlike a registered scheme, a QNUPS is not automatically subject to the lifetime and annual allowances, nor to restrictions on the “authorised payments” that can be made to beneficiaries.’Qualifying non-UK Pension Schemes (QNUPS) have attracted a lot of attention since being introduced by the Inheritance Tax …
Continue reading "Tax And Pensions: Golden opportunity?"
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