Trusts

This practice note summarises the development of anti-avoidance case law from WT Ramsay v Inland Revenue Commissioners (1982) 54 TC 101 to date. It also includes some practical tips for structuring transactions to reduce the risk of attack by HMRC based on anti-avoidance case law.

A note with links to all PLC Private Client's standard documents for changing trustees and for a trustee indemnity on retirement, explaining when to use each document.

A Practice note explaining the principles of co-ownership and how severance can be effected to convert a joint tenancy into a tenancy in common. 

This note contains links to standard documents for exercising powers of appointment, advancement and transfer. It includes documents to distribute all or part of the trust fund, and for distributions to a single beneficiary or to more than one beneficiary in equal or unequal shares, or of different assets.

A practice note discussing whether the principle in Re Hastings-Bass [1974]  EWCA Civ 13 still exists following the Court of Appeal decision in Pitt and another v Holt and another; Futter and another v Futter and others [2011] EWCA Civ 197. It explains the effect of this decision, against which permission to appeal has been granted and which may not be followed in offshore trust jurisdictions. It describes how the principle was applied before the decision, with examples of situations in which it was used, cases in which it was relied on to avoid unexpected tax consequences and cases on the limits of the principle. The author is updating this practice note to take into account the Supreme Court decision in Pitt v Holt and Futter v Futter (see Legal update, Hastings-Bass: HMRC wins in Futter but loses Pitt v Holt on mistake (Supreme Court)).  To view Dakis Hagen's profile, click here.

This practice note explains the inheritance tax charges that arise in a relevant property trust. It provides a step-by-step guide to calculating charges and worked examples. It is intended as an introduction for those who are unfamilar with the charge, or as a refresher. NOTE: This resource is being reviewed in light of the 2013 Budget. For more information, see Legal update, 2013 Budget: key private client tax announcements

This practice note explains the key concepts which make up the calculation of inheritance tax charges in a relevant property trust. NOTE: This resource is being reviewed in light of the 2013 Budget. For more information, see Legal update, 2013 Budget: key private client tax announcements

This note deals with the law of limitation applicable to actions against trustees. It is primarily concerned with the statutory limitation periods imposed by the Limitation Act 1980 but also refers to the equitable doctrine of laches. To view James Mather's profile, click here.

This practice note explains what a payment into court in litigation is and the timing and procedure for making such payments, including the documentation required. It links to the relevant forms. It also deals with payment out of court. The note also discusses interest and dealing with payments in foreign currency.

This practice note examines powers of attorney, in particular, general powers of attorney and their commercial application. It includes links to standard documents for general powers of attorney and specimen execution clauses. For further details on other types of powers of attorney, see Practice note, Lasting powers of attorney and Practice note, Enduring powers of attorney.

An outline of the law of professional negligence. This note considers: The requirements for claims in contract and tort. The application of the SAAMCO principle. The Bolam test. Contributory negligence. Contribution. The use by professionals of exclusion clauses to limit liability.

A note outlining the law of restitution.

This note considers the practical impact of stamp duty on commercial transactions. NOTE: This resource is being reviewed in light of the 2013 Budget. For more information, see Legal update, 2013 Budget: key business tax announcements.

A note containing links to tax data of interest to individual taxpayers and trustees (including personal representatives).  It covers rates, allowances and time limits for inheritance tax, capital gains tax, income tax and stamp taxes, and tax limits that apply to registered pension schemes and individual savings accounts. It includes links to interest rates on tax paid late and tax overpaid.

A practice note about how to transfer trust assets to or from a trust and between trustees, with details of how to transfer the most common types of trust asset. The note also covers transferring part of an asset, difficulties that arise if a person involved in the transfer of assets dies, lacks capacity or is a minor, and powers of the court to transfer trust assets.

The trust is widely admired and recognised in many jurisdictions around the world. Although primarily used by individuals, they also have a wide variety of applications in a commercial context. This practice note provides an introduction to trusts and trustees and considers some commercial applications of trusts.