December 2014 Archive

Nil Rate Band Legacies

The Court of Appeal has recently decided that the value of a Nil Rate Band legacy given by a Testatrix in her Will included the unused Nil Rate Band of the Deceased’s husband. This meant that the Nil Rate Band legacy given under the terms of the Deceased’s Will equated to a sum of £650,000.

HMRC's new powers - sit up and take notice

In July 2014, the Finance Act 2014 received Royal Assent granting HMRC the power to issue Accelerated Payment Notices and Follower Notices. Both of these notices, in certain circumstances, allow HMRC to enforce payment of disputed tax benefits before the claimed benefit has been fully investigated.

Trust management – The payment of trustees

Administering a trust can be a complex and time consuming process. This is particularly true for lay trustees who may not appreciate the extent of the responsibility which comes with the role. Consideration should be given (prior to accepting the position) as to whether the trustee will be entitled to remuneration for their services. In this respect the approach taken towards professional trustees differs from that taken to a lay trustee.
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