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Annual Charge on Enveloped Dwellings (ATED) Threshold Lowered

May 13, 2016 | Wills and Probate

From 1 April 2016 ATED applies to residential properties worth more than £500,000 which are owned by non-natural persons such as companies, trusts or other investment vehicles.  The chargeable amounts from 1 April 2016 to 31 March 2017 are as follows:       Property Value Annual Charge (£) Over £500,000 but less than £1(Read more)

Credit Card Tax Payments

May 13, 2016 | Wills and Probate

The single 1.5% fee charged by HM Revenue & Customs to taxpayers who pay their tax by credit card is being replaced by several rates following the introduction of an EU regulation in December 2015 which capped at 0.3% the interchange element of the charge for personal credit cards.   The new rates vary from(Read more)

Record Yield from Inheritance Tax

May 13, 2016 | Wills and Probate

The government’s inheritance tax receipts jumped to £4.6 billion in the year to February 2016 which is up 21% from the £3.8 billion in the previous year.  The increase is mainly because of the rise and the value of properties.  The £325,000 inheritance tax threshold has not been changed for seven years with the result(Read more)

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)