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Valuing partnership interests
In “From the Courts”, on p. 6, there is a note of the Court of Appeal decision in Ham v Ham and Another [2013] EWCA Civ 1301. This was a decision on the price to be paid to an outgoing partner by the continuing partners, in respect of..
Online Published Date:
02 December 2013
Appeared in issue:
Vol 27 No 9 - 29 November 2013
Inheritance (Provision for Family and Dependants) Act 1975
English law famously gives testators more or less complete freedom to dispose of their property in any way in which they think fit. Legally, the English testator is free to cut off family members with the proverbial shilling, or not mention them at..
Online Published Date:
02 December 2013
Appeared in issue:
Vol 27 No 9 - 29 November 2013
CGT private residence exemption
The exemption from CGT, for the taxpayer’s only or “main residence” is probably the most important tax relief there is for the majority of individual taxpayers. This exemption is available to trustees, in respect of a dwelling..
Online Published Date:
02 December 2013
Appeared in issue:
Vol 27 No 9 - 29 November 2013
Valuation of a share in a partnership
IHT Business Property Relief is available at the rate of 100% for the value of property consisting of a “business or an interest in a business” (ss104(1)(a) and 105(1)(a) IHT Act 1984). Where the deceased, or other transferor, was..
Online Published Date:
02 December 2013
Appeared in issue:
Vol 27 No 9 - 29 November 2013
Partnership changes
During 2013, Government consulted on two proposed changes to the taxation of partnerships. One change would result in salaried members of Limited Liability Partnerships being treated as employees for income tax purposes. The other change would apply..
Online Published Date:
24 December 2013
Appeared in issue:
Vol 27 No 10 - 23 December 2013
IHT and trusts
It has already been noted in “Topic of the month” that Government is having further if not second thoughts about the proposals to charge tax on ten year anniversaries and when property leaves the settlement at a rate calculated with the..
Online Published Date:
24 December 2013
Appeared in issue:
Vol 27 No 10 - 23 December 2013
IHT gifts of leaseholds and reservations of benefit – Buzzoni v HMRC
The most effective way of saving IHT is to make an outright gift of property, as a potentially exempt transfer (PET) and survive the making of the gift by seven years so that the PET becomes a completely exempt transfer. However, to be effective in..
Online Published Date:
24 December 2013
Appeared in issue:
Vol 27 No 10 - 23 December 2013
The Autumn Statement
Much of the Autumn Statement delivered by the Chancellor on 5th December 2013 was taken up by a discussion of general economic policy rather than tax charges likely to impact directly upon trustees, or the administration of a deceased’s..
Online Published Date:
24 December 2013
Appeared in issue:
Vol 27 No 10 - 23 December 2013