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Paul Davies#1135

Paul Davies

Clarke Willmott
Paul Davies is a partner in the private client team of Clarke Willmott. He is a solicitor, a chartered tax advisor, and a member of the Society of Trust and Estate Practitioners, as well as being a chartered accountant (albeit no longer practising as such). He specialises in providing advice across the range of different tax and legal issues that face high net worth individuals, executors, and trustees.

Paul's work spans all areas of private client work, including wills, trusts of all kind, inheritance tax, succession planning, probate and estate administration, and lasting powers of attorney.

Paul acts as a professional trustee for a number of family trusts, and is also regularly called on to act as a professional executor.
Contributed to

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Where an estate contains two properties with one sold at a gain as compared to date of death value and one sold at a loss and where the CGT position has already been reported in Self Assessment returns, in what circumstances can the personal representatives claim for loss on sale of land relief for inheritance tax purposes?
Where an estate contains two properties with one sold at a gain as compared to date of death value and one sold at a loss and where the CGT position has already been reported in Self Assessment returns, in what circumstances can the personal representatives claim for loss on sale of land relief for inheritance tax purposes?
Q&As
Where chattels are appointed out of a life interest trust during the life tenant's lifetime but do not physically pass to the recipient remainderman until a later date (thus remaining in the property in which the life tenant resides under the terms of the trust), which date should be used for the purposes of both the capital gains tax disposal and the starting point of the potentially exempt transfer seven-year clock?
Where chattels are appointed out of a life interest trust during the life tenant's lifetime but do not physically pass to the recipient remainderman until a later date (thus remaining in the property in which the life tenant resides under the terms of the trust), which date should be used for the purposes of both the capital gains tax disposal and the starting point of the potentially exempt transfer seven-year clock?
Q&As
Where the deceased was foreign domiciled and the vast majority of the estate is in the USA but there is a cross-border element as they left a residential property in the UK which passed to the surviving spouse by survivorship, and where the chattels situated in the UK property had been settled by the deceased during their lifetime on a US trust, how are those chattels treated for UK inheritance tax and capital gains tax purposes on a sale by the trustees of the US trust?
Where the deceased was foreign domiciled and the vast majority of the estate is in the USA but there is a cross-border element as they left a residential property in the UK which passed to the surviving spouse by survivorship, and where the chattels situated in the UK property had been settled by the deceased during their lifetime on a US trust, how are those chattels treated for UK inheritance tax and capital gains tax purposes on a sale by the trustees of the US trust?
Q&As
Where the residence nil rate band (RNRB) is available in relation to a lifetime gift of a qualifying residential interest (QRI) on the basis that there was a gift with reservation of benefit (GROB), what value of the QRI is used for calculating the available RNRB? Is it the value of the QRI when it was gifted or on the donor's death?
Where the residence nil rate band (RNRB) is available in relation to a lifetime gift of a qualifying residential interest (QRI) on the basis that there was a gift with reservation of benefit (GROB), what value of the QRI is used for calculating the available RNRB? Is it the value of the QRI when it was gifted or on the donor's death?
Q&As
Would the full amount of the residence nil rate band be available where the value of the deceased’s estate is less than £2m, but where the chargeable estate also includes failed potentially exempt transfers?
Would the full amount of the residence nil rate band be available where the value of the deceased’s estate is less than £2m, but where the chargeable estate also includes failed potentially exempt transfers?
Q&As
Would the residence nil rate band (RNRB) and the transferable RNRB be available where an individual (W) gifted their house to their adult child in 2003 but continued to live in the property without paying rent (ie a gift with reservation of benefit) until they moved into care one year before their death in 2019? W’s spouse (H) died in 1987. What is the capital gains tax position in relation to the uplift in value of the property?
Would the residence nil rate band (RNRB) and the transferable RNRB be available where an individual (W) gifted their house to their adult child in 2003 but continued to live in the property without paying rent (ie a gift with reservation of benefit) until they moved into care one year before their death in 2019? W’s spouse (H) died in 1987. What is the capital gains tax position in relation to the uplift in value of the property?
Q&As
Would the residence nil rate band (RNRB) and transferable RNRB (or both RNRBs) be available where spouses A and B die simultaneously and where their Wills each leave their respective estates on trust for the other for life and then on discretionary trusts for their children?
Would the residence nil rate band (RNRB) and transferable RNRB (or both RNRBs) be available where spouses A and B die simultaneously and where their Wills each leave their respective estates on trust for the other for life and then on discretionary trusts for their children?
Q&As
Would the residence nil rate band (RNRB) or transferable RNRB be available on either the first or second deaths where an individual A leaves their estate to their spouse B for life with the remainder as to part for a defined lineal descendant absolutely and the other part for another defined lineal descendant for life? (In each case, the defined lineal descendants would be sufficiently related to A to satisfy the ‘closely inherited’ requirement).
Would the residence nil rate band (RNRB) or transferable RNRB be available on either the first or second deaths where an individual A leaves their estate to their spouse B for life with the remainder as to part for a defined lineal descendant absolutely and the other part for another defined lineal descendant for life? (In each case, the defined lineal descendants would be sufficiently related to A to satisfy the ‘closely inherited’ requirement).
Q&As
X owned shares in a private limited company which X sold and invested the net sale proceeds in other assets. The original holding of shares would have been eligible for BPR if X had held them at their death and the replacement assets met the conditions for BPR, except that X held them for only one year before their death. Can X's executors claim BPR in respect of the replacement assets due to section 107 of the Inheritance Tax Act 1984?
X owned shares in a private limited company which X sold and invested the net sale proceeds in other assets. The original holding of shares would have been eligible for BPR if X had held them at their death and the replacement assets met the conditions for BPR, except that X held them for only one year before their death. Can X's executors claim BPR in respect of the replacement assets due to section 107 of the Inheritance Tax Act 1984?
Q&As
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Practice Area

Panel

  • Contributing Author

Qualified Year

  • 2003

Membership

  • Chartered Institute of Taxation
  • Law Society
  • Society of Trust and Estate Practitioners

Education

  • University of Nottingham 2(1) LLB
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