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Land Registry Developments
12/02/2009
Recent changes to the Land Registration rules affect trusts and estates. Some will be included in a new version of Practice Guide 6 (Devolution on death of a registered proprietor). The trust changes are contained in The Land Registration Act 2002 (Amendment) Order 2008 which comes into force on 6 April 2009.
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Letters of Wishes
22/05/2009
Where trustees have extensive and wider powers particularly to resettle the estate then it is common to record the Settlor’s wishes on how these powers should be exercised in a letter of wishes which is separate from the trust deed itself and is addressed, in confidence, to the trustees with emphasis made of the informal and non-binding nature of the statement contained within.
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Loss on sale reliefs – credit crunch probate!
18/02/2009
The current world of the credit crunch economy is a new risk in the administration of estates and trusts. The recent falls in value in quoted shares and real property do not make it easy for personal representatives to decide whether or when to sell these assets or transfer them to beneficiaries. Familiarity with the conditions which apply to the loss on sale reliefs for IHT is crucial to avoid costly mistakes.
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Loss Relief for CGT
04/04/2009
CGT arises when a chargeable person disposes of chargeable assets. Chargeable assets are all forms of property unless specifically exempt. Losses are calculated in the same way as gains.
A loss can be set against a gain. If the loss exceeds the gain the excess is carried forward to set against gains arising in later years. However, losses from other years are utilised only so far as necessary to reduce a person’s gains to the annual exempt amount.
