Many trustees appear to have forgotten ten-year anniversary charges
HMRC have recently released details of the value of assets held in UK taxpaying discretionary trusts at the ten yearly charge date, and have confirmed that information for more recent years is deemed to be incomplete because of delays by…
Read more
Holiday lets are entitled to IIHT Business Property Relief if they provide ‘exceptional service’
A furnished holiday letting business qualified for business property relief (BPR) from inheritance tax because it provided guests with an ‘exceptional level of service and amenities’, and so did not consist wholly or mainly of making or holding investments. So…
Read more
No Inheritance Tax deduction for rent liability in Execs of Estate of D S Campbell Dec’d v HMRC
In Execs of Estate of D S Campbell Dec’d v HMRC [2018] TC06389, the First-Tier Tribunal held that outstanding rents on a lease related to the deceased’s business, were deductible in calculating the value of the Business Property Relief qualifying business…
Read more
Estate Planning: Farmer succeeds in proprietary estoppel claim against his own son!!!
In yet another family farm dispute, and there have been many recently, farmer JM Gee has made a successful proprietary estoppel claim on £8 million of farm assets, on the basis that his father assured him for 30 years that…
Read more
Estates may be undervalued as digital assets potentially go undeclared
Executors could be unwittingly undervaluing a deceased’s estate by failing to declare unsuspected digital assets such as online bank accounts, Paypal accounts, cryptocurrency, ownership of internet domains and so on, says the Institute of Legacy Management. Its response to the…
Read more
Whither Inheritance Tax? Big Changes in 2018 ???
Inheritance tax (IHT) has been around for more than 300 years. In its current form, it replaced the old Capital Transfer Tax, which had been developed with a philosophical basis – to protect the poor by deliberately redistributing inherited wealth…
Read more
GDPR & 25th May
A very good afternoon, As you may already be aware, new digital privacy regulations will be introduced on 25th May relating to General Data Protection (GDPR). I need your consent to send you email communications, particularly those relating to my…
Read more
UK wealthy struggle to understand inheritance tax
More than two thirds of UK individuals with assets of more than £325,000 do not know their estate may be liable for an inheritance tax bill, according to research by Canada Life. The annual research by Canada Life, called the IHT…
Read more
HMRC nets record £5.3bn in inheritance tax
HMRC collected a record £5.3bn in inheritance tax in the year to February 2018, according to private client law firm Wilsons. The revenue authority’s inheritance tax take increased by 13% compared to the £4.7 billion collected in 2016/17. Wilsons said…
Read more
Ken Dodd – ”Self -Assessment, I invented that”
The Last Laugh? Two days before his death the comedian married long-term partner Anne Jones, with whom he had shared his Liverpool home for the past 40 years. While the couple were reportedly delighted to have finally tied the knot,…
Read more