INHERITANCE TAX: Appeal court restricts charitable IHT exemption to UK charities
Furnished holiday let owners' entitlement to 100 per cent business property relief from inheritance tax has been put in doubt by the First Tier Tax Tribunal's ruling in Re the Estate of Marjorie Ross (2017 UKFTT 507 TC).
The UK Supreme Court has granted a divorced woman permission to challenge the terms of her undertaking, given in a 2010 consent order, that she would release her ex-husband from paying the mortgage on the matrimonial home within two years, if necessary by selling it. Mrs Birch seeks to postpone her obligation to secure the husband's release from the mortgage, being reluctant to move home because her children go to schools nearby.
HMRC's inheritance tax receipts continued their sharp rise in May 2017. Receipts for April and May 2017 were 34.2 per cent higher than in the same period last year, taking the amount collected in the 12 months to May 2017 above the GBP5 billion-mark for the first time.
Equal sharing of all of a formerly cohabiting couple's jointly owned assets, not just their home, should be the starting point for division of beneficial interests after they split up, the Privy Council has ruled this week.
The England and Wales Court of Appeal (EWCA) has refused to grant a divorce to a woman who cited as grounds for divorce that her husband did not love her, was sometimes unpleasant to her, and often caused her unhappiness.
The government has published draft legislation extending individual savings account (ISA) tax advantages to investments held in an account after the death of the accountholder, as promised in the 2015 Autumn Statement. It means that personal representatives and beneficiaries or legatees should not face income tax or capital gains tax on investments retained in an ISA during the administration of a deceased saver's estate, subject to certain time limits.
The England and Wales Court of Appeal (CoA) has held that a man must financially support his ex-wife
The UK Supreme Court has ruled that the cohabitant of a member of the Northern Ireland local government pension scheme is entitled to a surviving spouse's pension, even though her deceased partner had not nominated her as beneficiary. In a judicial review hearing brought by Denise Brewster (2017 UKSC 8), the court ruled that the scheme's formal requirement for nomination did not add anything to the existing evidential requirement concerning cohabiting relationships.
The Northern Ireland Appeal Court has ruled that the Northern Ireland Department of Social Development did not unlawfully discriminate against a woman by denying her 'Widowed Parent's Allowance' on the grounds that she had not been her now-deceased cohabitant's wife or civil partner.
More than 70 per cent of people considered inheritance tax to be a form of double taxation in a survey of over 1,000 Gransnet and Mumsnet users over 50 years old. The tax should be abolished, say 42 per cent of respondents, while 55 per cent say they think only estates worth more than GBP1 million should be subject to the charge.
A report published by the Institute for Fiscal Studies has found that those born in the early 1980s have significantly less wealth than those born in the previous decade did at around the same age. 'In their early 30s, the early 1980s cohort have average household wealth per adult of GBP27,000
The Institute for Government (IfG), Institute for Fiscal Studies (IFS) and the Chartered Institute of Taxation (CIOT) have called on Chancellor Phillip Hammond to improve and simplify the making of tax policy in the UK. The proposed reforms include: returning to a single annual fiscal event, to stop Autumn Statements becoming second Budgets; and starting the consultation for tax changes earlier.
The Family Justice Council has issued guidance for legal advisors and courts on the meaning of 'financial needs' in English divorces, especially where the available assets are not enough to meet the parties' needs. The guidance is a response to the Law Commission's concerns that there is no statutory definition of 'needs', resulting in unacceptable regional disparities in awards and unfairness on litigants in person.
The financial provision available on divorce is well known and often the subject of media interest. It is rare for a week to go by without the national press reporting on the financial provision awarded in a salacious big money divorce. In contrast, the scope of financial provision available to unmarried parents on behalf of the children remains relatively unknown and is often misreported by the national press with the applicant mother commonly (and mistakenly) being referred to as the ex-wife.