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STEP (Thames Valley Branch) Presentation of Multi-Disciplinary Case Study at Boyes Turner, Reading on 10 May 2016

May 12, 2016 | Wills and Probate

Head of Private Client, Christopher Parker, presented an approach from the lawyer's perspective to advising a family how to meet their different, and often conflicting, objectives based on a complex pre-retirement case history in order to achieve a tax efficient means of preserving and transmitting the family's wealth in assets totalling over £7m. whilst allowing(Read more)

Case Summary (Variation of Trusts): A & Others -v- B & Others [2016] EWHC 340 (Ch)

May 10, 2016 | Wills and Probate

This case concerned the procedure to dispense with the need for the representation of a wider class of beneficiaries who were only remotely interested under the terms of a trust which was being varied for the benefit of a narrower class of core beneficiaries.  The arrangement itself, which needed to be approved on behalf of(Read more)

Case Summary (Trust of Land): Smith -v- Herbert & Others [2014] EWHC 4177 (Ch)

May 10, 2016 | Wills and Probate

This case concerned the construction of Section 12(1)(a) of the Trusts of Land and Appointment of Trustees Act 1996.  The Claimant was a life tenant who was entitled to a one third share in the income produced by a landed estate.  The Settlement, which was originally discretionary in nature, contained an ancillary power for the(Read more)

Increased SDLT When Replacing Your Main Residence

April 13, 2016 | Residential Property, Wills and Probate

Homeowners who do not manage to sell their existing home when buying a new main residence will feel the sting of the higher rate of Stamp Duty Land Tax (‘SDLT’) on their purchase.  For those who buy a replacement main residence, whilst still owning their previous home, will now have to pay the increased rate(Read more)

Case Summary (Construction / Rectification of Will): Gledhill & Anr v Arnold [2015] EWHC 2939 (Ch)

March 31, 2016 | Wills and Probate

This was a claim for the construction of a Will; alternatively, for rectification of a Will.  The Testator had by Clause 3 of his 2011 Will given his half share of 1 Sherbuttgate Road, Pocklington to trustees upon trusts which conferred a life interest on the Defendant with remainder “upon the trusts hereinafter declared in(Read more)

Case Summary (Costs of Trust Litigation): Blades v Isaac & Alexander [2016] EWHC 601 (Ch)

March 31, 2016 | Wills and Probate

This case concerned trustees’ costs and their right to an indemnity in the context of trust and estate litigation.  A discretionary trust had been created by the Will of Valerie Mary Lee deceased. One of her daughters, who was a potential beneficiary under that trust, requested professional trustees, who were partners in a firm of(Read more)

IHT on Bonds Held in Discretionary Trusts

March 31, 2016 | Wills and Probate

Ten years ago there was a significant change in the taxation of most trusts. New trusts created on or after 22 March 2006 are subject to the 10 year anniversary charge to inheritance tax.  The first such anniversaries will now begin to create inheritance tax bills.  It is the trustees’ responsibility to initiate a tax(Read more)

Benefit in Kind Changes from April 2016

March 31, 2016 | Wills and Probate

From April 2016 employers are liable to account for PAYE income tax (but not national insurance contributions) via the payroll in real time for most benefits in kind (PIK).  The value of PIK will be treated as a notional payment subject to PAYE for income tax but excluded from Class 1 National Insurance pay.  (Read more)

US Passport Revocation

March 31, 2016 | Wills and Probate

All US citizens are liable to make annual tax returns to the Internal Revenue Service irrespective of whether they live outside the United States and even if they have no income arising in the United States.  Similarly anyone who was born in the United States of America has to submit annual tax returns.  In December(Read more)

No Income Tax from April

March 30, 2016 | Wills and Probate

The Prime Minister and Minister of Finance has announced the government will implement its 2014 campaign promise to abolish personal income tax on the 1st April this year.  Unfortunately the Prime Minister concerned is Mr Gaston Browne and the abolition is effective only in Antigua and Barbuda. However the news reminded us that, almost exactly(Read more)