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Chapter

This chapter is concerned with the arrangements which people can make to choose who will benefit from their property after their death. It is also concerned with what happens when the deceased makes no choice at all and dies intestate. It has been said that only two things are certain in life: death and taxes. The two are linked in another way, because death is an occasion on which the state levies taxes, primarily through inheritance tax. The tax treatment of inheritance arrangements is important and has considerable influence on the way in which people arrange their affairs. Moreover, the Law Commission has consulted on some wide-ranging changes to the rules governing wills, on the basis that law needs to be updated to improve clarity, bring it up to date, and make it workable. Hence this chapter makes references to their proposals for reform.

Chapter

This chapter is concerned with the arrangements which people can make to choose who will benefit from their property after their death. It has been said that only two things are certain in life: death and taxes. The two are linked in another way, because death is an occasion on which the state levies taxes, primarily through inheritance tax. The tax treatment of inheritance arrangements is important and has considerable influence on the way in which people arrange their affairs. Moreover, the Law Commission has consulted on some wide ranging changes to the rules governing wills, on the basis that law needs to be updated to improve clarity, bring it up to date, and make it workable. Hence this chapter makes references to their proposals for reform.

Chapter

This chapter examines the capital gains tax (CGT) and inheritance tax (IHT) regimes that apply to individuals in relation to businesses and business assets. Under the provisions of the Taxation of Chargeable Gains Act (TCGA) 1992, CGT is payable when a taxable person makes a disposal of chargeable assets giving rise to a chargeable gain unless an exemption or relief applies. The chapter first discusses the various rules which need to be considered to establish a taxpayer’s CGT liability on any given disposal. It then covers CGT in the business context; disposals of partnership property; disposals of shares; disposals of business assets owned by those involved in the business; the purchase by a company of its own shares; and inheritance tax.

Chapter

This chapter examines the capital gains tax (CGT) and inheritance tax (IHT) regimes that apply to individuals in relation to businesses and business assets. Under the provisions of the Taxation of Chargeable Gains Act (TCGA) 1992, CGT is payable when a taxable person makes a disposal of chargeable assets giving rise to a chargeable gain unless an exemption or relief applies. The chapter first discusses the various rules which need to be considered to establish a taxpayer’s CGT liability on any given disposal. It then covers CGT in the business context; disposals of partnership property; disposals of shares; disposals of business assets owned by those involved in the business; the purchase by a company of its own shares; and inheritance tax.

Chapter

Jennifer Seymour, Clare Firth, Lucy Crompton, Helen Fox, Frances Seabridge, Susan Wigglesworth, and Elizabeth Smart

This chapter deals with inheritance tax (IHT). It explains the charge to IHT; potentially exempt transfers (PETs); the transfer of value on death; the occasions to tax; the charge to tax and a lifetime chargeable transfer (LCT); the charge to tax and a LCT where the transferor dies within seven years of the LCT; the charge to tax and a PET; the charge to tax and death; gifts subject to a reservation; liability, burden, and payment of tax; and tax planning.

Chapter

Jennifer Seymour, Clare Firth, Lucy Crompton, Helen Fox, Frances Seabridge, Susan Wigglesworth, and Elizabeth Smart

Settlements may be created by settlors in their lifetime, or by will, or they may arise under the intestacy rules. This chapter considers the tax implications of such settlements from the perspective of both the trustees and the beneficiaries. It considers each of the three main taxes separately: inheritance tax, capital gains tax, and income tax.

Chapter

Clare Firth, Jennifer Seymour, Lucy Crompton, Helen Fox, Frances Seabridge, Jennifer Seymour, and Elizabeth Smart

Settlements may be created by settlors in their lifetime, or by will, or they may arise under the intestacy rules. This chapter considers the tax implications of such settlements from the perspective of both the trustees and the beneficiaries. It considers each of the three main taxes separately: inheritance tax, capital gains tax, and income tax.

Chapter

Clare Firth, Jennifer Seymour, Lucy Crompton, Helen Fox, Frances Seabridge, Jennifer Seymour, and Elizabeth Smart

This chapter deals with inheritance tax (IHT). It explains the charge to IHT; potentially exempt transfers (PETs); the transfer of value on death; the occasions to tax; the charge to tax and a lifetime chargeable transfer (LCT); the charge to tax and a LCT where the transferor dies within seven years of the LCT; the charge to tax and a PET; the charge to tax and death; gifts subject to a reservation; liability, burden, and payment of tax; and tax planning.

Chapter

Family law practitioners must be aware of the tax implications of any financial settlement and make it tax- efficient for the client. This chapter examines the types of tax most relevant to family law. Income tax is a type of tax paid on taxable income and, the basic personal allowance, as well as the higher and further rates, are discussed. Capital gains tax (CGT) arises on disposal of an asset or the receipt of money in respect of an asset if there is a ‘chargeable gain’, and examples of these are listed, as well as the relation of CGT and sponses/civil partners/family assets. Inheritance taxand stamp duty land tax are also discussed.

Chapter

Family law practitioners must be aware of the tax implications of any financial settlement and make it tax- efficient for the client. This chapter examines the types of tax most relevant to family law. Income tax is a type of tax paid on taxable income and, the basic personal allowance, as well as the higher and further rates, are discussed. Capital gains tax (CGT) arises on disposal of an asset or the receipt of money in respect of an asset if there is a ‘chargeable gain’, and examples of these are listed, as well as the relation of CGT and sponses/civil partners/family assets. Inheritance taxand stamp duty land tax are also discussed.

Chapter

Jennifer Seymour, Clare Firth, Lucy Crompton, Helen Fox, Frances Seabridge, Susan Wigglesworth, and Elizabeth Smart

This chapter discusses the law and procedure relating to the issue of a grant of representation to the personal representatives of someone who has died. It considers the nature, effect, and the principal types of grant; the position of the personal representatives; the responsibilities of solicitors instructed to act in the administration of an estate; obtaining the grant; the court’s requirements; Statement of Truth for executors, for administrators with will annexed and for administrators; HM Revenue & Customs (HMRC) requirements; excepted estates; Form IHT 400 and its Schedules; and the calculation of inheritance tax (IHT).

Chapter

Clare Firth, Jennifer Seymour, Lucy Crompton, Helen Fox, Frances Seabridge, Jennifer Seymour, and Elizabeth Smart

This chapter discusses the law and procedure relating to the issue of a grant of representation to the personal representatives of someone who has died. It considers the nature, effect, and the principal types of grant; the position of the personal representatives; the responsibilities of solicitors instructed to act in the administration of an estate; obtaining the grant; the court’s requirements; the Probate Application; HM Revenue & Customs (HMRC) requirements; excepted estates; Form IHT 400 and its Schedules; and the calculation of inheritance tax (IHT).