October 2011 #130 – Law Journals

Guest Editorial: Fat cats or cash cows?

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 …

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Trustees: Sensible streamlining

The consultation on ss31 and 32 of the Trustee Act 1925 introduces positive changes, finds Laurence Morgan ‘To draw a dividing line between statutory trusts on intestacy, on the one hand, and trusts established by will or in the settlor’s lifetime on the other, could create confusion and a potential trap for trustees and professional …

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Trusts For Disabled Beneficiaries: Purpose is paramount

The case of Barclays Bank Trust Co Ltd v HMRC is a rare examination of the workings of trusts for disabled beneficiaries, as Mark Lindley explains ‘A draftsman tasked with advising on succession planning where “disabled persons” (within the meaning of the Inheritance Tax Act 1984, or otherwise) are the intended beneficiaries, is faced with …

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Residence: Welcome clarity

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 …

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Wills: The right to spite

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 …

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Update: News round-up

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 …

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Forfeiture: Sins of the fathers

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 …

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France: All change

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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 …

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