Andrew Goldstone and Victoria Howarth (Mishcon de Reya) review recent developments in the private client arena: the public register of corporate ownership; the tax liability of a John Constable painting acquired by the nation; the outcome of a transferable IHT nil rate band charity appeal; and lessons from a main residence exemption claim.
Andrew Goldstone and Stuart Crippin (Mishcon de Reya) give an update on recent developments, including: Spanish inheritance tax refunds, pensions changes, and the cases of Hirst and Drown and another (as executors of Leadley deceased).
Effect of IHTA 1984 s 8A election on legacies
Why the recent High Court decision is less dramatic than it might first seem. Peter Vaines, partner, Squire Patton Boggs reports
Chancellor George Osborne has set out changes to cut the 55% ‘death tax’ charge on pension savings. From April 2015, beneficiaries of those with a drawdown arrangement who die before age 75 will be entitled to receive the deceased member’s pension pot as a tax free lump sum.
IHT on gift to charity
Claims by executors
The Law Society has published its responses to HMRC’s consultation on trust IHT charges, giving a qualified welcome to the proposed ‘settlement nil-rate band’, but recommending a method by which trustees can use any unallocated portion. Further recommendations include:
Jackie Wheaton answers a query on the inheritance tax implications of a dividend waiver
IHT unpaid by trustee