Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Trust in me

07 April 2015 / Harriet Brown
Issue: 4495 / Categories: Comment & Analysis , Inheritance Tax , Trusts
brown

Avoid slip-ups when dealing with wills

KEY POINTS

  • Correcting a deed of variation that does not meet the requirements in IHTA 1984 s 142 and TCGA 1992 s 62(6).
  • The transfer of property to a trust can be overlooked.
  • Make sure the donor understands what the creation of a trust involves.
  • Care must be taken in trust drafting and execution.

Straightforward administrative errors can cause the best and most carefully constructed tax planning to go awry. It is unfortunate that a lot of expense and time can be undone sometimes irredeemably by simple forgetfulness.

The recent case of Chadda (TC4154) is a prime example. In that the main issue was a lost document. Fortunately the planning was not undone by the lost document (other evidence of an agreement being sufficient) but the...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

back to top icon