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Sale of land after death for less than the IHT value
In the immediate aftermath of the referendum, in which the majority of voters favoured the UK leaving the European Union, there has been some turmoil in the financial markets. Some of this, no doubt, represents an unwinding of short-term positions..
Online Published Date:
11 August 2016
Appeared in issue:
Vol 30 No 06 - 11 August 2016
Inheritance (Provision for Family and Dependents) Act 1975
Each claim under the Inheritance (Provision for Family and Dependents) Act 1975 (the 1975 Act) has its own special facts. The court has wide discretion in making an order that provision be made for a ‘dependent’, out of the estate of a..
Online Published Date:
11 August 2016
Appeared in issue:
Vol 30 No 06 - 11 August 2016
CGT Investors’ Relief for trustees
It cannot be denied that, if enacted, the present Finance Bill will significantly increase the complexity of Capital Gains Tax (CGT), not least as a result of the number of different rates at which CGT will be charged. The reduction in the generally..
Online Published Date:
11 August 2016
Appeared in issue:
Vol 30 No 06 - 11 August 2016
CGT and forfeited deposits
With some parts of the property market slowing, trustees may have to consider the implications of an agreed sale not taking place. Trustees who have contracted to purchase property would no doubt have prudently ensured that the necessary funds are..
Online Published Date:
11 August 2016
Appeared in issue:
Vol 30 No 06 - 11 August 2016
Trustee liabilities and indemnities
The appointment of family members rather than independent professional advisers to act as executors and trustees may seem to offer a saving of professional fees. There may also be advantages in their personal knowledge of the beneficiaries, as well..
Online Published Date:
31 August 2016
Appeared in issue:
Vol 30 No 07 - 31 August 2016
Trustees, beneficiaries and the self-dealing rule
In ‘From the courts’ on p.4 there is a note of the Court of Appeal decision in Barnsley and Others v Noble [2016] EWCA Civ 799. This was a complex case, in which claims were made against an executor alleging that he had used his position..
Online Published Date:
31 August 2016
Appeared in issue:
Vol 30 No 07 - 31 August 2016
The bankrupt spouse and the jointly owned matrimonial home
One of the arguments for arranging for property to be held in trust, instead of giving or leaving it to the intended beneficiary outright, is that the property can be protected from being claimed by the beneficiary’s creditors. In bankruptcy,..
Online Published Date:
31 August 2016
Appeared in issue:
Vol 30 No 07 - 31 August 2016
Trustees duty to provide accounts
It is well established that trustees must provide accounting and other information to beneficiaries, and even potential beneficiaries. Often this duty may be satisfied by trustees circulating capital and income accounts drawn up by accountants...
Online Published Date:
31 August 2016
Appeared in issue:
Vol 30 No 07 - 31 August 2016
Jointly owned chattels
The concept of joint ownership of indivisible assets can cause difficulties, at least for those unfamiliar with the law of property. Most obviously the difficulties arise where land is jointly owned, and one of the joint owners wishes to know which..
Online Published Date:
31 August 2016
Appeared in issue:
Vol 30 No 07 - 31 August 2016