Deceased’s Maltese properties were not held in trusts, says FTT The First-tier Tax Tribunal (FTT) has upheld HMRC’s determination that foreign properties part-owned by a deceased man were not held by a trust settled by a person domiciled outside the UK. They were thus liable to inheritance tax under s.5(1) of the Inheritance Tax Act 1984....
As a Muslim living in the UK, it is crucial to ensure that your wealth and assets are distributed according to both Islamic principles and UK laws after your passing. This is where an Islamic Will, or “Wasiyyah,” becomes vital. By drafting an Islamic Will, you ensure that your estate is distributed in line...
Understanding your ownership structure is vital when co-owning property, especially if you wish to control how your share of the property is handled after your passing. One important legal concept for property owners is the severance of tenancy, a process that can protect your interests and ensure your estate is distributed according to your...
Hundreds of Families Fall Foul of the Seven-Year Inheritance Tax Rule Inheritance Tax (IHT) can be a significant burden for many families, especially when they inadvertently fall into a trap laid out by complex tax regulations. One such rule that often catches people off guard is the seven-year inheritance tax rule. Understanding this rule and...
At Care Accountancy, we understand the importance of efficient probate processing for our clients. In recent developments, the Probate Service has significantly reduced the turnaround time for digital probate applications, particularly in straightforward cases. This improvement is a welcome change for many families navigating the complexities of estate administration. Significant Reduction in Processing Delays...
Starting October 1st, courts in England and Wales will be able to impose legal costs on parties involved in Trusts of Land and Appointment of Trustees Act 1996 (TOLATA) and Inheritance (Provision for Family and Dependants) Act 1975 disputes who decline to participate in non-court dispute resolution methods, such as mediation. This authority, previously limited...
What are the PETs and Gifts With Reservation of Benefit (GROB)? A gift, often referred to as a potentially exempt transfer (PET), is a transfer of value, such as an outright gift to a person or a willing sale of property while the owner is still alive. For Inheritance Tax (IHT) reasons, the value represents...
The government has published the details of the Finance Bill 2021 on 11 March 2021. The Bill highlights the important law measures(announced in the recent 2021 Budget) set to come into legislation. Chancellor Rishi Sunak announced the following measures in his budget speech: an extension of the stamp duty holiday in England a super-deduction capital...
Chancellor Rishi Sunak unveiled the contents of his Budget 2021 in the House of Commons on 3rd March. He announced the UK government’s tax and spending plans for the year ahead. However, the focus on helping business and jobs through the pandemic and supporting the UK’s long-term economic recovery will remain unchanged. Here is a...
If someone wants to gift a house to his children, he needs to consider the following tax consequences regarding the gifted house. Capital Gain Tax (CGT): There will be a Capital Gains Tax (CGT) and the proceeds will be deemed to be the market value of the property at the date of the gift....
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Copyright by CareAccountancy. All rights reserved.
