This book aims to provide practical guidance to tax practitioners of all levels on the new Statutory Residence Test (SRT) as it appears in ss. 218 & 219 and Schedules 45 and 46 Finance Act 2013 together with HMRC’s Guidance notes which first appeared in December 2012 and were then updated in May 2013.
About Gill Steel
Tel: 01962 776442
Gill is a compelling seminar and conference speaker both in house and at public events with a strong gift for making Wills, Probate, Trusts and Tax practical, engaging, authoritative and informative. For Private Client Practitioners & Team Leaders Gill offers off-the-shelf & bespoke training for individuals, organisations and local and national professional bodies.
Author Archive | Gill Steel
Over several years of helping law firms with technical matters I have seen different asset protection schemes mostly sold to people worried about the costs of care. Some might work but the costs and inappropriateness in many cases outweigh any possible advantage in my opinion.
Join Philip Evans in asking the Law Commission to review the law relating to Wills & testamentary capacity
It is vital that practitioners support Philip Evans, of Graham & Rosen Solicitors in Hull, in asking the Law Commission to include in its 12th programme of law reform the law relating to Wills and testamentary capacity. The Consultation ends on 31 October 2013.
Tax law has a habit of changing and certainly in the 20 or so years since Nil Rate Band Discretionary Trusts (NRB DT) were popular it has changed for income tax as well as IHT purposes.
There are three main occasions when IHT may be charged on relevant property trusts; The entry charge levied when an individual settles assets in a trust. Tax is charged at a rate of 20% on the chargeable value of the assets transferred into trust in excess of the IHT nil-rate band. The 10 year periodic charge levied on each tenth anniversary from when it was set up. This can be up to 6% of the chargeable value of the property in the trust. An exit charge applied when assets are transferred out of a trust, or the trust comes to an end.
The problem is well known – most people wish to pass on an inheritance to their families and many children ‘expect’ to receive the proceeds of their parents’ home on the second death. These concerns make older people easy prey for the unscrupulous to focus only on the benefits of so-called Asset Protection Trusts (APTs) to protect the value of a person’s home from assessment to means tested benefits should the need for care arise, rather than take a more balanced approach.
Business Property Relief (BPR) from Inheritance Tax (IHT) is relied on by many to reduce the value of their asset to potentially zero to establish a low or no tax charge on the transfer of the asset or its assessment as part of the assets in a relevant property settlement.
Law firm mergers – it’s not just about getting bigger, it’s about people, policies and processes too
Merger mania is upon us as law firms seek to consolidate to improve their chances of survival. Whilst finding complementary practices may be a challenge in the drive to achieving economies of scale even when a suitable merger partner is found and the IT is deemed compatible the euphoria may be short lived.
If you are looking for a new accountant or thinking of changing your Bank what sort of considerations cross your mind? Gill Steel, management consultant for legal service firms, explores best strategies to put in place that will appeal to the consumer
10 practical points arising out of the Supreme Court judgement in Pitt v Holt and Re Futter  UKSC 26
Lord Walker, in giving judgement in the recent Supreme Court judgement in the two cases of Pitt v Holt and Re Futter, has clarified the true nature of the rule in Hastings-Bass and removed the confusing distinction in the law of mistake between ‘effect’ and ‘consequence’
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“I and eight of my team viewed the [Reduced Rate of IHT] video this morning and were very impressed, not only with Gill’s presentation and the helpful add-ons but with the complicated nature of the subject matter! ”