Practitioners should always be alive to the possibility of conflicts of interest arising. The SRA has recently fined a solicitor for such a breach. The solicitor acted for two clients where one of them relinquished the beneficial ownership of their property to the other. There was a conflict of their interests and no substantially common …
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SDLT has become increasingly complex, but it is still up to practitioners to ensure that SDLT is properly calculated and that any reliefs are properly applied. It is of note therefore that on 30 July 2024, HMRC updated the SDLT manual in relation to first-time buyer relief (SDLTM29800 – Reliefs: First Time Buyers). It will …
Attorneys and deputies – including private client practitioners acting in those roles as professional attorneys/deputies – should note refreshed OPG guidance on gifting. Gifting on P’s behalf can only take place in certain situations and if in P’s best interests. The guidance sets out the current legal framework and the OPG’s approach in circumstances where …
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Confusion or lack of communication at HMRC meant it was not permitted to pursue an IHT underpayment because a clearance certificate had been issued. An IHT-planning arrangement had been created just days before T’s death in 2011. She settled initial capital of £20,000 into a trust, which was also to receive a £1.4m term loan facility …
Continue reading “IHT – tax planning scheme; HMRC error”
HMRC has finally issued new simplified IHT forms for the formal reporting of chargeable events where IHT is payable on a trust or gift, replacing earlier forms. It has also issued related guidance. No longer does IHT100 need to be completed, along with additional forms and schedules for each chargeable event as before. Now, submission …
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