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Two's Company
RALPH RAY FTII, TEP, BSc (Econ), solicitor, consultant with Wilsons of Salisbury offers a tale of tax-efficient estate planning.
MALCOLM GUNN FTII, TEP and RALPH RAY FTII, TEP, BSc (Econ), solicitor report more highlights from this year's Key Haven Oxford Conference.
RALPH RAY FTII, BSc(Econ), TEP, solicitor, consultant with Wilsons concludes his series with an examination of discretionary trusts.
Statutory references are to the Inheritance Tax Act 1984 unless otherwise stated.
RALPH RAY FTII, BSc(Econ), TEP, tax consultant, solicitor in Wilsons Solicitors, Salisbury considers the rules relating to interest in possession trusts.
(Statutory references are to the Inheritance Tax Act 1984 unless otherwise stated. The current nil rate band for 2002-2003 is £250,000.)
RALPH RAY FTII, BSc(Econ), TEP, tax consultant, solicitor in Wilsons Solicitors, Salisbury looks at using and interpreting the right trust for particular tax planning circumstances.
(Statutory references are to the Inheritance Tax Act 1984 unless otherwise stated. The current nil rate band for 2002-2003 is £250,000.)
FROM A WIDE variety of trusts, this and the ensuing two articles concentrate on three species for the typical family business client to select: accumulation and maintenance; interest in possession; and discretionary trusts.
RALPH RAY FTII, TEP, BSc (Econ), solicitor presents highlights from an IBC Conference on insurance and tax planning.
Retained interest trusts
Suppose that Adams wishes to give away some capital as part of inheritance tax planning, but retain some annual entitlement from the gifted funds as well as the possibility of getting some of the capital back as well.
RALPH RAY FTII, TEP, BSc(Econ), solicitor, reports an IBC Private Client Tax Conference.
Stamp duty: land and buildings
Section 115, Finance Act 2002 imposes stamp duty liability on contracts for the sale of an interest in land where the amount or value of the consideration exceeds £10 million (or where it forms part of a larger transaction where the consideration exceeds that figure).
RALPH RAY FTII, TEP, BSc(Econ), Solicitor, consultant with Wilsons, Salisbury reports on the IBC Capital Gains Tax Planning Conference held in London on 17 May 2002.
Life interest with termination
The good and not-so-good news on variations of wills served up by RALPH RAY FTII, TEP, BSc (Econ), solicitor, consultant with Wilsons of Salisbury.
AN INTERESTING ANNOUNCEMENT was published in a press release on Budget day this year which read as follows:
'Elections in respect of variations of wills, etc.
Who is likely to be affected?
People who vary their entitlement to share in a deceased person's estate, and such an estate's executors.
General description of the measure
RALPH RAY FTII, TEP, BSc(Econ), solicitor, consultant with Wilsons, reports an IBC Conference on capital taxes.
Shares in the family home
RALPH RAY FTII, TEP, BSc(Econ), solicitor, consultant with Wilsons, Salisbury reports a Key Haven conference, 'Tax planning for high net worth individuals' which took place on 9 November 2001.
RALPH RAY FTII, TEP, BSc(Econ), Solicitor reports a conference on understanding stamp duty and applying the rules.
The conference was presented by Matthew Hutton MA, FTII, AIIT, TEP, assisted by Simon McKie MA, FCA, FTII, ASFA, TEP.
Chattels passing on delivery
The Revenue's Stamp Office Manual states at paragraph 4.18 that 'the most common test we apply as to whether an item is a fixture or a chattel is whether its removal would damage the property. If it would, it is a fixture'.
