Trusts and Estates

Government has argued that the upheaval in the IHT rules for trusts was needed to prevent ‘tax avoidance’. However, during the Parliamentary debates it was pointed out that trusts were used in many situations when tax would not be an..

As a result of the substantial amendments made to the new s49A IHT Act 1984, while the Finance Bill was being considered by the Standing Committee of the House of Commons, most will trusts creating interests in possession will very probably be..

Perhaps the most radical change made to the IHT rules by Sched 20 of the Finance Bill, upsetting decades if not centuries of practice, was largely to do away with s49 IHT Act 1984 for the future. This was the legislative provision under which the..

It is normal practice to include in a will a provision revoking all former wills and confirming that the will being drafted is intended to be the testator’s last will. One sound, practical reason for this is to ensure that, when the time..

A major change was made to the Finance Bill during the Committee State debates in the House of Commons. When the Bill was first published, and the terms of the new s49A IHT Act 1984 became known, it was feared that very large numbers of wills would..

Issue No 83 of the Revenue Tax Bulletin (for June 2006) has been issued. An item that will be of particular interest to Trusts and Estates practitioners is an article on the Hastings-Bass principle. It will be recalled that in Re Hastings-Bass..