Trusts and Estates

It is a cliché that the only certainties in life are death and taxation. IHT is by no means the first tax to combine the two. It was preceded by Capital Transfer Tax (CTT) which in its turn replaced Estate Duty. It might be thought that, nearly..

Recently, in proceedings concerning the estate of the Earl of Cardigan, the courts have been unusually involved in events, such as the remuneration of trustees, the removal of a trustee and property held in trust, which might normally be dealt with..

Where IHT is charged on the estate of a person who died on or after 17 July 2013 (date of Royal Assent to Finance Act 2013), a new s175A (1) (a) IHT Act 1984 provides that a liability is not to be taken in calculating the IHT liability unless it is..

The CGT exemption for gains arising from a disposal of the taxpayers “only or main residence” is very valuable to individuals. It is also important to trustees who have invested trust funds in purchasing a house for a beneficiary to live..

Under s62 (1) TCGA 1992, all the assets owned by the deceased are treated as having been acquired by the personal representatives for the value at the date of death. It is, however, made clear in the legislation that there is no Capital Gains Tax..