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Is it possible to merge two charities with slightly different objects?

Linking The Charities Act 2011 (CA 2011) gives the Commission the power to link two or more closely related charities ‘for all or any purposes of this Act’, and their guidance states: ‘In practice, we will usually link charities for both registration and accounting purposes and we will occasionally link charities for registration purposes only.’ […]

Are there any rules a personal representative must follow to satisfy themselves as to the identity of a beneficiary particularly if an adult child is illegitimate?

There are no rules nor law as such for these matters as each case will be driven by its own unique facts. It is a matter to discuss with potential personal representatives and to consider in the light of any specific policies laid down by the firm as well as general professional ethics but, ultimately […]

Under a trust, do those receiving trust assets have to pay the costs of transferring them?

Rights and duties of a trustee in relation to expenses incurred in transferring trust property to a beneficiary A trustee is under a duty to distribute the trust assets to the correct beneficiaries in the execution of the trust, which includes transferring the legal ownership of the trust assets to the beneficiaries. Any failure to […]

When valuing a property investment company’s shares for IHT and CGT purposes, do you take account of (deduct) a corporation tax liability?

This Q&A is relevant to situations in which the shares in the company are unquoted. The starting point for a valuation of unquoted shares is their open market value at the time of the transfer between a hypothetical willing buyer and willing seller. For the purposes of determining the price the shares would be expected […]

Should a letter of wishes, drafted to guide trustees of a discretionary Will trust, be dated on a different day to the Will in order to avoid the letter of wishes becoming a public document or disclosable alongside the Will?

When a Will becomes public A Will only becomes a public document if a grant of probate is required. This is usually dependent on the size of the estate at the time of the testator’s death. In applying for probate, the executors will send the original Will of the deceased to the Probate Registry. Once […]

If an individual who owns 100% of the shares in a company gives shares to the individual’s children but continues to use a property held by the company, would there be a gift with reservation of benefit for inheritance tax purposes?

We have assumed that: The reservation of benefit treatment of a disposition for inheritance tax (IHT) purposes arises, by virtue of section 102(3) of the Finance Act 1986 (FA 1986), where an individual disposes of property by way of gift and either: The individual who currently owns the shares in the company has no right to use […]

Does an executor with power reserved have any liability to the beneficiaries of the deceased’s estate, including for breach of duties? What liability does an executor with power reserved have?

Does an executor with power reserved to them have a liability to pay inheritance tax on an estate or is this the sole responsibility of the proving executor? Where an executor has had power reserved, they should not be performing the actions of an executor in relation to the estate. If they wish to take […]