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Property
We have assumed that: The individual is domiciled in the UK and the shares in the company are UK situs property, and The individual does not pay full market rent for the occupation of the property The reservation of benefit treatment of a disposition for inheritance tax (IHT) purposes arises, by virtue of section 102(3) of the...
Section 25 of the Administration of Estates Act 1925 (AEA 1925) provides that the personal representative of a deceased person is under a duty, among other things, to exhibit on oath, when required to do so by the court, a full inventory of the estate and when so required render an account of the administration of...
Introduction One of the most common conversations with have with our clients relates to funeral and burial wishes. Some have a clear idea of location and specific personal elements that they want those left behind to follow through. Perhaps this is to be buried or interred with a loved one, or for their ashes to...
Background It may come as a surprise to some that the gift of cash is subject to a unique set of taxation rules. Only in recent decades have HMRC introduced the concept of gifts subject to a reservation coming at the same time as the introduction of the seven-year rule for potentially exempt transfers. What...
Joint and several liability of executors A testator may appoint a sole executor or alternatively two or more executors to act jointly. Probate will not be granted to more than four executors in respect of the same part of the deceased’s estate . As the question states, the authority of co-executors is joint and several,...
This Q&A assumes that the trust in question is not a trust registered in the European Economic Area (EEA). Broadly, the non-UK trusts which are required to register under the Trust Registration Service (TRS) are: •non-UK express trusts with a UK tax liability •non-UK express trusts which acquire UK land, or •non-UK express trusts which...
This article will explore what happens to a freehold property when it is co-owned and one of the owners passes away. We are often asked what can be done in this situation, especially during the estate administration and probate application. For the purposes of this article, we assume that the title to the freehold is...
Do I have to sell my home to pay for care? Your ability to pay for care will be worked out through a means test. Your home will not be included if you receive care and support at home or if you go into a care home on a short-term or temporary basis. If you move into...
The personal representatives (PRs) of an estate would be personally liable, up to the value of the estate, for liabilities incurred by the deceased person. Such liabilities would include contingent liabilities for which no claim has yet been made. The PRs may be able to protect themselves by publishing a notice which complies with section 27 of...
For this Q&A, we have assumed that: the child of the deceased is not a minor a grant of letters of administration has been made to the siblings It is assumed that the deceased died without a Will, in which case, a grant of letters of administration will need to be applied for. The Q&A...
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