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Forsters LLP

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James Brockhurst
James Brockhurst
Partner
Forsters LLP
Miri Stickland
Miri Stickland
Knowledge Development Lawyer
Forsters LLP
Stuart Hatcher
Stuart Hatcher
Partner
Forsters LLP
Contributions by Forsters LLP Experts

14

Deeds
Deeds
Practice notes

This Practice Note summarises the law, guidance and practice relating to the use and execution of deeds. The Practice Note considers the limitation period for deeds, particular instances in which documents must be in the form of a deed and the formalities required in relation to execution. It also considers escrow, virtual signing and the consequences of deeds being defective.

IHT on UK residential property held indirectly by non-domiciliaries from 6 April 2017
IHT on UK residential property held indirectly by non-domiciliaries from 6 April 2017
Practice notes

This Practice Note, written by James Brockhurst of Forsters LLP, summarises the changes to the excluded property rules from 6 April 2017 introduced by the Finance (No 2) Act 2017). Under the changes, UK inheritance tax (IHT) will apply to UK residential property held by (or for) a non-domiciliary directly or indirectly, unless it is held through a diversely held vehicle.

Introduction to cryptoassets and blockchain for Private Client
Introduction to cryptoassets and blockchain for Private Client
Practice notes

This Practice Note provides an introduction to cryptoassets and blockchain. It explains what blockchain is and the different types of blockchain. It also discusses cryptocurrency and initial coin offerings. Finally, it considers the application of this phenomenon to trusts and probate and considers estate planning advice.

If a discretionary trust is created in a Will and the only possible beneficiaries are charities, will there be ten-yearly anniversary inheritance charges or exit charges?
If a discretionary trust is created in a Will and the only possible beneficiaries are charities, will there be ten-yearly anniversary inheritance charges or exit charges?
Q&As

If a settlor places a property worth between £900,000 and £1m into an inter vivos discretionary trust, will they lose their residence nil rate band on death?
If a settlor places a property worth between £900,000 and £1m into an inter vivos discretionary trust, will they lose their residence nil rate band on death?
Q&As

If three properties are transferred into trusts for the benefit of the donor are these transaction liable to CGT or does section 60 of the Taxation of Chargeable Gains Act 1992 apply? If TCGA 1992, s 60 does not apply, are there any reliefs against the imposition of CGT available?
If three properties are transferred into trusts for the benefit of the donor are these transaction liable to CGT or does section 60 of the Taxation of Chargeable Gains Act 1992 apply? If TCGA 1992, s 60 does not apply, are there any reliefs against the imposition of CGT available?
Q&As

In circumstances where the Will of a foreign domiciled national is restricted to immovable assets (land) they have in England, would a grant only be effective in respect of those immovable assets or could it include movable assets (bank account) in England?
In circumstances where the Will of a foreign domiciled national is restricted to immovable assets (land) they have in England, would a grant only be effective in respect of those immovable assets or could it include movable assets (bank account) in England?
Q&As

What are the differences between the two proposed corporate offences involving the facilitation of tax evasion, who can commit the offences and what defences are going to be available?
What are the differences between the two proposed corporate offences involving the facilitation of tax evasion, who can commit the offences and what defences are going to be available?
Q&As

Where a company wants to put 'shareholder protection insurance' in place in respect of a particular shareholder and that policy is assigned to a trust for the shareholders of the company as at the date of death of the key shareholder (ie the interests don't vest until the key shareholder dies), this would appear to be a relevant property trust. If the company pays the premiums, will it be making 'chargeable transfers' for inheritance tax (IHT) purposes? Also, who would be the settlor of the trust for IHT purposes?
Where a company wants to put 'shareholder protection insurance' in place in respect of a particular shareholder and that policy is assigned to a trust for the shareholders of the company as at the date of death of the key shareholder (ie the interests don't vest until the key shareholder dies), this would appear to be a relevant property trust. If the company pays the premiums, will it be making 'chargeable transfers' for inheritance tax (IHT) purposes? Also, who would be the settlor of the trust for IHT purposes?
Q&As

Where A consents to their caveat being removed and to the grant being issued in consideration of a payment from the estate can this be dealt with by a consent summons to the Probate Registry or would an application to the Chancery Division be required?
Where A consents to their caveat being removed and to the grant being issued in consideration of a payment from the estate can this be dealt with by a consent summons to the Probate Registry or would an application to the Chancery Division be required?
Q&As

Where a Will grants a beneficiary a two-year right to occupy an estate property with an option to purchase the property within that two-year period, will this beneficiary’s interest qualify as an IPDI for inheritance tax purposes? If the option to purchase is exercised within the two-year period or if the two-year period expires without the option being exercised, is one or both of these scenarios treated as a PET by the beneficiary with the right of occupation?
Where a Will grants a beneficiary a two-year right to occupy an estate property with an option to purchase the property within that two-year period, will this beneficiary’s interest qualify as an IPDI for inheritance tax purposes? If the option to purchase is exercised within the two-year period or if the two-year period expires without the option being exercised, is one or both of these scenarios treated as a PET by the beneficiary with the right of occupation?
Q&As

Where a Will provides for a number of small cash legacies to minor beneficiaries and incorporates the 1st edition of the standard Society of Trust And Estate Practitioners provisions, can the trustees pay the capital to the parent or guardian of the relevant minor or must they retain the funds until the beneficiary attains the age of 18?
Where a Will provides for a number of small cash legacies to minor beneficiaries and incorporates the 1st edition of the standard Society of Trust And Estate Practitioners provisions, can the trustees pay the capital to the parent or guardian of the relevant minor or must they retain the funds until the beneficiary attains the age of 18?
Q&As

Where an estate is left to a minor child's mother, would the mother be able to use the estate funds to set up a lifetime trust for the child that is a 'qualifying trust' for a 'relevant minor' and subject to special tax treatment? What Precedent would be suitable for this? How would any applicable tax relief be claimed?
Where an estate is left to a minor child's mother, would the mother be able to use the estate funds to set up a lifetime trust for the child that is a 'qualifying trust' for a 'relevant minor' and subject to special tax treatment? What Precedent would be suitable for this? How would any applicable tax relief be claimed?
Q&As

Where the trust deed is silent, do the trustees have power to (a) carry on a trade or business or (b) enter into a partnership?
Where the trust deed is silent, do the trustees have power to (a) carry on a trade or business or (b) enter into a partnership?
Q&As

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