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Ordinarily resident (in the UK for tax purposes)
17/08/2009
In addition to determining if a client is resident, it is important to check if the client is also ordinarily resident in the UK for tax purposes. Ordinary residence can determine if a client can be taxed on the remittance basis and how their employment income will be taxed.
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Overriding powers
23/03/2009
Overriding powers are simple but crucial. A power given to trustees to override the existing or future interest of a beneficiary can be used on a whole raft of occasions. The existence of such a power in a settlement where there is a life interest will still allow the settlement to be an interest in possession for the purposes of the IHT legislation if the trust was created before 22 March 2006 and will continue to be acceptable in the Immediate Post-death Interest trusts in Wills without the relevant property regime for IHT applying to it.
