Readers’ forum: Inheritance headache – Business property relief applicable to legacy

I have a case in which the deceased left a will with a legacy of the nil rate band to his two daughters in equal shares. The definition of the legacy set out in the will is ‘such sum as is equal to the upper limit of the nil per cent rate band in...

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Entrepreneurs’ relief in peril

In the Budget Statement the Chancellor announced significant changes to Entrepreneurs’ Relief (‘ER’), some of which were welcome reforms to ensure that people did not lose out on a valuable relief when their shareholdings were diluted by...

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Our comprehensive Autumn Budget 2018 review

Philip Hammond presented his second Autumn Budget “for hard working families”, heralding the coming to an end of austerity. A range of spending measures were announced, together with a number of tax changes, which we have set out in our budget...

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Autumn Budget 2018 – Gift Aid small donations scheme

Currently, charities are able to claim gift aid on small donations of £20 or less made by individuals in cash or by contactless payment, without the need for a completed gift aid declaration. With effect from 6 April 2019, the limit on payments...

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Autumn Budget 2018 – Inheritance Tax – trusts settlement definition

This legislation was introduced following the case of Barclays Wealth Trustees (Jersey) & Anor v HMRC (2017). The issue which arose here was whether there was a single excluded property settlement created with further additions to the trust...

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