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Authorisation of dealings with trust property
Under s57 of the Trustee Act 1925 the court is given a wide power to authorise trustees to sell, lease, or dispose of trust property, or purchase, invest, acquire or engage in other transactions when they are not otherwise authorised to do so by..
Online Published Date:
02 November 2011
Appeared in issue:
Vol 25 No 08 - 02 November 2011
Capital and income
Traditional trust lawyers distinguish sharply between capital and income. This distinction is of course enshrined in the beneficial interests given under traditional trust instruments, where a ‘life tenant’ will be entitled to the..
Online Published Date:
02 November 2011
Appeared in issue:
Vol 25 No 08 - 02 November 2011
Severance of joint tenancy
It is well known that joint owners of land always hold the legal estate in trust, as joint tenants. This is of course administratively simple. If one of the joint owners dies the legal estate is automatically vested in the survivors. It is..
Online Published Date:
02 November 2011
Appeared in issue:
Vol 25 No 08 - 02 November 2011
CGT – trust problems and solutions
When considering the CGT position of a property held in trust, it may be useful to regard the trust as a separate entity subject to its own CGT rules. This is very much the philosophy behind s69(1) TCGA 1992, which provides that the trustees are to..
Online Published Date:
02 November 2011
Appeared in issue:
Vol 25 No 08 - 02 November 2011
Costs of probate actions
At one time it was thought that the costs of all parties to an action to establish the validity of a will would be met from the estate. Recent case law has confirmed that there never was such a principle, and that in probate actions as in other..
Online Published Date:
02 November 2011
Appeared in issue:
Vol 25 No 08 - 02 November 2011
Beneficial ownership of the family home
A fruitful source of litigation has been the differences that arise when an unmarried couple part company, having acquired a house. The question is whether just one, or both parties have beneficial interests in the house, and if both do what their..
Online Published Date:
29 November 2011
Appeared in issue:
Vol 25 No 09 - 29 November 2011
IHT Business Property Relief
Most of the litigation involving the availability of the IHT Business Property Relief (BPR) has centred on the critical question of whether the business of a sole trader or a partnership or the business of a company, ‘consists wholly or..
Online Published Date:
29 November 2011
Appeared in issue:
Vol 25 No 09 - 29 November 2011
CGT beneficial ownership of property
With the separate taxation of spouses it is often beneficial for property to be jointly owned by them. For CGT purposes, this may ensure that each is able to make best use of his or her annual CGT exemption currently extending to £10,600 of..
Online Published Date:
29 November 2011
Appeared in issue:
Vol 25 No 09 - 29 November 2011
IHT Agricultural Property Relief – Occupation for the purposes of agriculture
Most of the litigation arising from the IHT Agricultural Property Relief (Chapter 2 Part V IHT Act 1984) has been concerned with the availability of relief for farmhouse. However, farmhouses are not the only category of residential property for..
Online Published Date:
29 November 2011
Appeared in issue:
Vol 25 No 09 - 29 November 2011
Reform of the Common Agricultural Policy
Much farmland is held in trust. The concept of the trust was originally devised in the middle ages to protect land, which was virtually the only form of wealth or capital investment at the time. More recently, agricultural land has been seen as..
Online Published Date:
29 November 2011
Appeared in issue:
Vol 25 No 09 - 29 November 2011