Inheritance Tax

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A lady wishes to pass her business to her daughter who is currently employed by her. If the business is transferred in stages, will the pre-owned assets charge apply and will business property relief be lost if part of the business is left in her will?

Hansard, 23 Jun 2009, vol 494, no 97, col 827W

A property has been held in trust for ten years to provide an income for a widow and her children. The property should now be sold, but there is some concern at how any ten-year tax charge will be paid

MALCOLM GUNN FTII, TEP explains why those with private property companies should be embarking on some succession planning

CRC v Bute, Court of Session, 27 May 2009

TERRY JORDAN provides a brief guide to the taxation of potentially exempt transfers

HMRC need to update their guidance on the pre-owned asset regime, says RAY MAGILL

A playwright has a ‘slave’ contract with his company which owns the copyright to his works. Advice is required as to the valuation of the reversion of the copyrights to his estate on his death as there is concern at the potential tax liabilities which will then arise.

An income tax investigation by HMRC has uncovered an undeclared capital transfer tax liability on a lifetime gift made in 1979. Can HMRC still assess this liability or is it out of time because more than 20 years have elapsed?

Smith and others (SpC 742)

Bhatt v Bhatt and others, Chancery Division, 3 April 2009

A non-resident child aged under 18 has been left a share in the residue of the estate of a person who is not his parent. This is contingent on his attaining the age of 18 and, pending that condition being met, his income share is paid to a parent

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