This week’s post aims to give readers a refresher on Business Property Relief (BPR). It should be noticed that BPR is a large and complex area of tax, so what follows is only a brief overview of the area. BPR is a relief from Inheritance Tax (IHT) that transfers of certain qualifying business assets may…
It is a well-established principle of law that all non-charitable English trusts must have a beneficiary to enforce the trust and hold the trustee to his obligations. This concept is referred to as the beneficiary principle. A trust that does not have defined beneficiaries and sets out to benefit a specific purpose will be void,…
We are commonly asked how many trustees should be appointed as well as just who it is appropriate to appoint. Today we hope to address this. How many? How many trustees are required differs depending on whether the trust holds land. Where a trust holds land, no matter what type of trust, a minimum of…
What is Discretionary Trust? Why would you use it? A common complaint we hear from members of the public is that they don’t understand the products and services they have been sold. It is important to note that we receive a large number of calls and not all are about SWW members. One of the…
We are aware of the wide ranging trust situations that can arise in will drafting, whether, by example, arising from the provision of a right to occupy property, the creation of a flexible life interest trust or simply imposing an age condition. We are also aware of the complexity and changing rules as to how…
Some simple background information When considering a PPT it is important to be able to distinguish the difference between tenants in common (TiC) and joint tenants (JT). In short both TiC and JT refer to how a property is held or owned and this ‘ownership’ is registered with the Land Registry. Traditionally, when houses…
