C
Capital Gains Tax
14/04/2011
CGT is payable on the disposal of chargeable assets by a chargeable person. There are a number of exemptions and reliefs. Special rules apply in relation to deemed disposals which can arise in the administration of trusts.
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Chargeable transfers
14/04/2011
Chargeable lifetime transfers are transfers that are immediately chargeable to inheritance tax and therefore could incur tax at the lifetime rate (20 per cent). Prior to 22 March 2006 the main category of such transfers were transfers to a discretionary trust. From 22 March 2006 any transfer into a trust during the Settlor’s lifetime will constitute a chargeable transfer (s.3A (1A) IHTA 1984), unless it is a gift to a disabled person’s interest (DPI) trust.
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Cohabitants
14/04/2011
Despite the commonly held belief that there is such a thing as a 'common law spouse' (which is incorrect), cohabitation does not confer on a couple the same rights as marriage or civil partnership. If one of the parties dies intestate, their cohabitant has no rights under the intestacy rules, although the Law Commission is currently considering this issue. In the case of the property occupied by cohabitants, the Courts have used constructive and resulting trusts, as well as proprietary estoppel, to resolve who owns what interests.
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Constructive Trusts
14/04/2011
A common intention constructive trust can arise by agreement, on acquisition or subsequently, or by conduct. The claimant will also have to show that they relied on this agreement to their detriment, to establish their beneficial interest in the property.
