Lawrence Hiller-Wood and Richard Dew discuss the High Court’s current approach to setting aside mistakes Care should always be taken when dealing with or amending pre-2006 interests in possession to ensure that there are no unintended or costly consequences. The recent High Court decision in Hopes v Burton [2022] is a helpful reminder of the …
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Firth sheds light on the inheritance tax treatment of furnished holiday lettings. Dr Christopher McNall discusses the case The key issue is whether property is ‘relevant business property’, so as to qualify for BPR, or simply part of the business of holding land, being ‘wholly or mainly… making or holding investments’. Business property relief (BPR) is …
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Wills & Trusts Law Reports | Summer 2022 #187The trustee of a Jersey trust known as the May Trust made a Public Trustee v Cooper Category 2 application for a ‘blessing’ of its decision to make a distribution to a beneficiary (B). The primary purpose of the distribution was to allow B to benefit a charity, which was also a beneficiary of the trust. The application was uncontentious.
The trust had been declared in 2000 by a deed of appointment. The appointing trust had been settled by B’s father in Cayman in 1982. The governing law of the May Trust was changed from Cayman law to Jersey law. The assets of the appointing trust w...
Wills & Trusts Law Reports | Winter 2021 #185Marlborough DP Ltd (MDPL) operated a dental practice, through which a Dr Thomas, its director and sole shareholder, provided dental services. It had instituted a ‘remuneration trust’ (RT), which it had stated to be for the benefit of persons who had provided or might in the future provide services, custom or products to MDPL. MDPL made ‘contributions’ to the RT which were said to reflect ‘part of the economic cost to [MDPL] of earning its profits’. MDPL then deducted its contributions to the RT as business expenses in computing its profits for accounting purposes, and claimed deductions ...
Ramandip Kaur and Jo Summers provide a review of the OTS’s second report on CGT The OTS is recommending that a Single Customer Account for all taxpayers, which is easily accessible and secure, should be a key component of the government’s vision, particularly for CGT. The Office of Tax Simplification (OTS) is the independent adviser …
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Rosalind Fitzgerald and Sofia Thomas discuss the practicalities of ‘nesting’ child arrangements and the tax issues that may arise In a nesting arrangement, if both parties are going to utilise the second home for some time, it may well make sense to transfer the property into joint names, so that the annual CGT exemption for …
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John Elliott gives the lowdown on some essential admin for trusts and estates ‘The R185 shows the income received in the trust or estate and the rate and amount of tax that the trustees or executors have paid on this income. The beneficiary uses this information to offset their own tax liability.’ The R185 (Trust) …
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Alison Cartin examines entrepreneurs’ relief: disposals by the trustees and the qualifying beneficiary requirement ‘In relation to disposals by individuals of shares or securities of a company, entrepreneurs’ relief will be available in respect of all shares in the company disposed of by the individual shareholder even if some of those shares have been held …
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