Andrew Goldstone and Katie Doyle (Mishcon de Reya) provide your monthly update on the latest tax developments affecting private clients.
Whether tax mitigation is in the best interest of protected person
PBC v JMA [2018] EWCOP 19 was an application by an attorney appointed under his mother’s lasting power of attorney for financial affairs (LPA) to receive authority from the court to make gifts (including to himself) on his mother’s behalf totalling approximately £7m with a view to inheritance tax mitigation on her death. The applicant was the sole residuary beneficiary of his mother’s will after some specific legacies and pecuniary legacies the latter amounting to £800 000.
The donor of the LPA was 72 years old and suffering from early onset dementia such that she no longer has mental capacity to make decisions about making gifts. It was put to the court (in the context of a...
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Andrew Goldstone and Katie Doyle (Mishcon de Reya) provide your monthly update on the latest tax developments affecting private clients.
Whether tax mitigation is in the best interest of protected person
PBC v JMA [2018] EWCOP 19 was an application by an attorney appointed under his mother’s lasting power of attorney for financial affairs (LPA) to receive authority from the court to make gifts (including to himself) on his mother’s behalf totalling approximately £7m with a view to inheritance tax mitigation on her death. The applicant was the sole residuary beneficiary of his mother’s will after some specific legacies and pecuniary legacies the latter amounting to £800 000.
The donor of the LPA was 72 years old and suffering from early onset dementia such that she no longer has mental capacity to make decisions about making gifts. It was put to the court (in the context of a...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
