IHT & Trusts Newsletter - August 2008
Wednesday, 20th August 2008
On 20th August 2008, HMRC published the August edition of the IHT and Trusts Newsletter. It includes articles on the transferable nil rate band, the inheritance tax account, the need to complete an IHT100 for transactions under section 144 of the 1984 Act, Northern Rock shares, a change of email addresses and a change of policy about notification of the newsletter by email.
Ogden v Trustees of the RHS Griffiths 2003 Settlement
Thursday, 14th August 2008
Lewison J; [2008] EWHC 118 (Ch); Ch D (Birmingham); 25th January 2008
The deceased settled funds believing that he would live for seven years afterwards. In fact, he was already suffering from cancer and died 2 years after the date of the settlement. The executors sought to set aside the settlement, relying on a broad equitable jurisdiction to set aside a voluntary transaction on the ground of mistake (Ogilvie v Allen (1899) 15 TLR 294).
Finance Act 2008
Tuesday, 22nd July 2008
The Finance Act 2008 has received Royal Assent.
New Bill to tackle living together injustice
Friday, 18th July 2008
It has been announced by Living Together that Lord Lester is to introduce a Bill later this year to “end the injustice and financial hardship faced by thousands of cohabiting couples, carers and siblings who live together”.
Treatment of Northern Rock shares for the purposes of inheritance tax relief
Wednesday, 9th July 2008
HMRC have released a question and answer document dealing with the position where an individual died between 22 February 2007 to 21 February 2008 owning shares in Northern Rock, and the shares were subsequently taken into temporary public ownership before either being sold by the personal representatives or transferred to a beneficiary of the will or under the deceased’s intestacy.
Draft guidance on transfers of unused nil rate bands
Thursday, 19th June 2008
HMRC have published draft guidance on transfers of unused nil rate bands, which they will incorporate into the Inheritance Tax manual in due course.
