Feature
On 20th August 2008, HMRC published the August edition of the IHT and Trusts Newsletter. It includes articles on the transferable nil rate band, the inheritance tax account, the need to complete an IHT100 for transactions under section 144 of the 1984 Act, Northern Rock shares, a change of email addresses and a change of policy about notification of the newsletter by email.
Recent news stories
Spouses and civil partners to receive more when partner dies without leaving a willThe Ministry of Justice has announced proposals that married couples and civil partners, whose spouse or civil partner dies intestate, will benefit from an increase in the statutory legacy.
Retire to the sunMark Robinson has published a post on the Investors Chronicle site about UK persons retiring to another country, giving helpful tips about healthcare, disability benefits, pensions, inheritance issues and tax.
PPR in the USFor a short summary of the PPR equivalent legislation in the US and forthcoming changes to it, see a post by Lylene on the Bellingham Real Estate Blog. It seems that it is not a full exemption, but exempts on the first $250,000 profit per person.
How to reduce your tax bill: Property investmentsBusinessZone.co.uk has an article setting out ways to avoid or minimise capital gains tax on property, using the principal private residence exemption. The article covers rental property and holiday homes.
Forthcoming events
TaxHelp for Older People (TOP) webcastAs part of the Chartered Institute of Taxation’s (CIOT) Tax Advice Week 2008, a podcast has been published with John Whiting speaking to Paddy Millard, Director of TaxHelp for Older People (TOP), about his work with older people on lower incomes.
CPDcasts - follow upI have been given a code for readers to use to obtain a free sample of a CPDcast on the website, http://www.cpdcast.com.
Recent legal items
Spouses and civil partners to receive more when partner dies without leaving a willThe Ministry of Justice has announced proposals that married couples and civil partners, whose spouse or civil partner dies intestate, will benefit from an increase in the statutory legacy.
Suzanne and Peter Taylor v Revenue and Customs CommissionersBy his will, A left the contents of a building society account to B, making it clear that he wanted the money to go to the grandchildren of C, who was B’s sister. After A’s death, B changed the account into the joint names of herself and her brother-in-law, D, so that both B and D had authority to draw money from the account.
Discussion
IHT & Trusts Newsletter - August 2008On 20th August 2008, HMRC published the August edition of the IHT and Trusts Newsletter. It includes articles on the transferable nil rate band, the inheritance tax account, the need to complete an IHT100 for transactions under section 144 of the 1984 Act, Northern Rock shares, a change of email addresses and a change of policy about notification of the newsletter by email.
Gregson v HAE Trustees Ltd - another aspectNow that I have seen the full transcript of this case, I see that another important issue was argued. This is the application of section 4 of the Trustee Act 2000.
Analysis
Inheritance disputes: where there’s a will there’s a warTelegraph.co.uk has an article about inheritance disputes. There is a view held by some that, when there is a pot of gold at the end of a life, the relatives start to fight. The article shows that this is not always the case.
Advice for TravellersHMRC have released a new podcast, by HMRC customs expert Mark Fuchter, who explains goods you can, and can’t, bring back from abroad
