Trusts and Estates

The legal terms “portions” and “satisfaction and ademption” have a pleasantly anachronistic ring to them. However, as recently as 1999, Lindsay J confirmed that the presumption against double portions still applies in Re..

In the computing of the IHT liability arising on a death, or indeed a lifetime transfer, the value of the deceased’s (or transferor’s) assets, and also liabilities have to be taken into account.
 Section 5 IHT Act 1984 defines a..

An important feature of the Budget was an attack on what was regarded as tax avoidance, achieved by arranging for expensive houses to be held inside companies. This was seen as leading to avoidance of Stamp Duty Land Tax, by the house being able,..

If the long-standing owner of a dwelling house has only lived in it as his private residence during a short period out of a long period of ownership, a time apportionment formula would be expected to ensure that only a small proportion of the gain..

Schedule 34 of the Finance Bill contains provisions which will affect the way in which liabilities will be brought into an Inheritance Tax (IHT) computation. The details are discussed in more detail in the Briefing on p. 6 It is, of course a basic..