About Private Client Law
When Private Clients ask questions, they expect answers - right away. But when you’re working across so many different areas of the subject day to day, it’s impossible to hold it all in your head. In addition finding the answer often means cross-referencing several different sources – from the latest legislation to the Law Society’s most up-to-date guidance.
Will Precedents
Precedents covering the most common scenarios in this area. Drafting notes accompany each clause - incorporating the latest developments like Will drafting considerations for inheritance tax residence nil rate band.
Court of Protection
Our Court of Protection topic covers both property and finance, and health and welfare Court of Protection applications. It’s geared at both the Court of Protection specialist practitioner and the occasional user.
Trust compliance
Topics include beneficial ownership transparency, the Money Laundering Regulations, the Trust Registration Service, obligations relating to data protection and GDPR and offences under the Bribery Act 2010.
Cross-referencing sources
When private clients ask questions, they expect answers quickly. But, working across lots of areas day to day, it’s impossible to hold it all in your head. We’ll help you cross-referencing several different sources.
Topics We Cover
Latest Private Client News
This week’s edition of Private Client highlights includes: (1) JTC Employer Solutions Trustee Ltd v Garnett, in which the High Court granted...
The Court Funds Office has confirmed there was a further reduction in interest rates for its accounts, effective from 6 December 2024. The Special...
HMRC has released a new version of the IHT100f form, which is used to notify HMRC about events affecting property that holds an exemption from...
Private Client analysis: Her Honour Judge Hilder determined that the Court of Protection did have jurisdiction to determine a dispute over the...
This Q&A considers whether it is appropriate for the manager of the care home where the donor lives to be appointed as replacement attorney in their...
Latest Private Client Practice Notes
The structure of the statutory residence testThe UK’s first formal tax residency test for individuals known as the statutory residence test (SRT) took...
Consolidated HMRC Manuals tracker—Private ClientSTOP PRESS: From 18 January 2024, customers applying for probate in England and Wales no longer need...
Entitlement to claim unfair dismissalSTOP PRESS: The Employment Tribunal Procedure Rules 2024, SI 2024/1155 (ET Rules 2024) in force from 6 January...
Digital advertising channels—introductionFORTHCOMING CHANGE: On 24 May 2024, the Digital Markets, Competition and Consumers Bill received Royal...
International pension transfersPension rights may be transferred from one scheme to another. To avoid any adverse tax consequences under the Finance...
Latest Private Client Precedents
Will (Scotland)—Legacy to charity (10% of baseline amount), legacy of house with cash option, residue to number of individuals or to survivors or...
Will (Scotland)—to spouse, whom failing children, simple powersFORTHCOMING CHANGE: Abolition of non-dom regime and introduction of residence-based IHT...
Will (Scotland)—Liferent of dwelling house, residue to spouse, whom failing number of individuals in differing shares (amalgamation pro rata if...
Will (Scotland)—Nil Rate Band Discretionary Trust, residue to spouse, whom failing issue, accounting for advances clauseFORTHCOMING CHANGE: Abolition...
Will (Scotland)—Liferent of residue, aggregation of lifetime interest with executry estate for inheritance tax purposes (liability to fall on executry...
Latest Private Client Q&As
Featured Private Client content
Can a power of attorney lapse or expire or does it last indefinitely? Does it need to be updated or 'refreshed'?
Death in service benefits
Death in service benefitsOverview of the types of death in service benefits and their tax treatmentThere are three types of death in service...
Nature and classification of trusts—the three certainties
Nature and classification of trusts—the three certaintiesCertaintyIn order for a settlor to create a private express trust the three certainties must...
Lifetime gifts
Lifetime giftsA lifetime gift is a gratuitous transfer of ownership of any property between living persons and not made in expectation of death. In...
Exemptions and reliefs from income tax
Exemptions and reliefs from income taxFor income tax rates and allowances applicable in the current tax year, see Practice Note: Key UK tax rates,...
Payment of legacies
Payment of legaciesIdentification of beneficial interestsThe personal representatives (PRs) of an estate must identify:•the beneficiary or...
Liferent trusts—Scotland
Liferent trusts—ScotlandLiferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both,...
Notaries and notarisation—notarisation
Notaries and notarisation—notarisationThe principles of the notarial act are that it is:•an act of the notary and not of the parties named in the...
Trustees—self-dealing, unauthorised profits and conflicts of interest
Trustees—self-dealing, unauthorised profits and conflicts of interestThe self-dealing ruleThe self-dealing rule is connected to, but distinct from,...
Benevolent funds
Benevolent fundsFORTHCOMING CHANGE: The Charities Act 2022 (CA 2022) received Royal Assent on 24 February 2022 and will be implemented on a staggered...
Creation of trusts—life insurance trusts
Creation of trusts—life insurance trustsDefining life insurance trustsA life insurance trust usually involves either:•an assignment of an insurance...
CGT—PPR relief for UK residents with overseas dwellings and non-UK residents with UK dwellings
CGT—PPR relief for UK residents with overseas dwellings and non-UK residents with UK dwellingsPrincipal private residence relief (PPR relief) exempts...
When can a mistake in an executed deed be rectified by a manuscript amendment rather than by a deed of rectification?
Calculating the IHT charge on death
Calculating the IHT charge on deathThis Practice Note outlines how to calculate the amount of inheritance tax (IHT) that arises on an individual’s...
Protectors
ProtectorsWhat is a protector?A protector is a person who holds powers under a trust but who is not a trustee. A protector is a person who is...
A trust holds the beneficial ownership of shares in a company of which one trustee is a director. Of the three beneficiaries, two are adults and there is a declaration of trust in respect of the shares held for them. The other is a minor and there is a separate declaration of trust for him. What would or should happen to the company shares on the death of a beneficiary? Neither declaration of trust deals with this issue.
The Cy-près doctrine
The Cy-près doctrineFORTHCOMING CHANGE: The Charities Act 2022 (CA 2022) received Royal Assent on 24 February 2022 and will be implemented on a...
Perpetuities and accumulations
Perpetuities and accumulationsThe rules relating to perpetuities and accumulations stem from the common law and the provisions in the Perpetuities and...
Associated legal terms
Accumulation period
The period of time during which the trustees can accumulate trust income by adding it to the trust capital instead of paying it out to the beneficiaries. The rule against excessive accumulations dictated that trustees could not accumulate income beyond one of six permitted accumulation periods. This is now abolished as a result of the Perpetuities and Accumulations Act 2009 (PAA 2009) in relation to trusts which are created on or after 6 April 2010, except for charitable trusts. As regards private trusts it is permissible for settlors to choose to impose their own restrictions should they so wish.
Bereaved minor’s trust (BMT)
A special category of trust (also known as a trust for bereaved minors (TBM)) which was introduced by Finance Act 2006 to provide inheritance tax concessions for trusts in favour of children with a deceased parent.
Nomination
See: Expression of wish.
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