Wendy Walton examines recent developments that matter in the private client arena, including High Court decisions on the application of two longstanding equitable principles
As reported in our May briefing publication of the draft legislation in relation to the new restricted debt rules gave rise to a number of uncertainties and concerns as to how the rules might operate in practice. Although the final legislation in FA 2013 Sch 36 does little to address these uncertainties and concerns HMRC’s draft guidance (IHTM28010) has provided some much needed clarity on the operation of the new provisions.
In its guidance HMRC confirms that the restrictions only apply to death and other chargeable events that occur on or after 17 July 2013 and generally where...
