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Blog Archives
Gifts and Lasting Powers of Attorney (“LPAs”)
Making gifts as an attorney acting under a registered LPA for property and financial affairs is fraught with difficulties and is an area which could give rise to criticism of the attorney and potentially an investigation by the Office of …
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Lifetime Giving | Trusts and School Fees
Many families contend with paying school fees running into hundreds of thousands of pounds per child over the course of their education. This guide examines some tax efficient arrangements that other family members (typically grandparents) can use to contribute to …
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Normal expenditure out of income
Gifts Out of Expenditure Although lifetime giving can be tax-efficient, inheritance tax will arise immediately if the donor makes outright gifts or transfers into trust in excess of their nil rate band (currently £325,000), and will also arise if the …
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The perils of making a fortune at a tender age
Young sports stars and celebrities face big challenges managing life changing pots of money. “Present earnings may be high and may increase, but future earnings for sportspeople and entertainers are inherently uncertain- they should hope for the best but plan …
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Gifting in the Arts (CGS v AIL)
The Arts Council England saw a record-breaking year in 2020 with the value of cultural objects and art entering public ownership equating to an impressive £64.5 million with £40 million of tax liabilities being settled in return. Philanthropic giving of …
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Tagged art, capital gains tax, inheritance tax
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How can I help my children buy a house?
The Bank of Mum and Dad supported more than half of first-time buyers under the age of 35 in 2020 and is the sixth largest lender in the UK. The average amount provided by the Bank of Mum and Dad …
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Tagged First-time buyers, Gifting, loans, trusts
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How should I approach charitable giving?
Charitable giving should always be encouraged. However, there are various ways to give to charity, and which is most appropriate will vary depending on the circumstances. Simple donations For small cash donations, particularly those to existing UK registered charities, simplicity …
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How Stephen Hawking’s estate used his papers and office contents to settle millions in tax
The media spotlight has focused on the estate of the late Professor Stephen Hawking recently due to a significant tax saving arrangement. An agreement was reached with the Cambridge University Library and the Science Museum Group for Hawking’s archives and …
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Tagged acceptance in lieu, art in estates, arts council, conditional exemption tax, cultural gifts scheme, Eprivate client, Stephen Hawking estate, tax and estate planning uk
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Professor Stephen Hawking’s estate: Acceptance in Lieu in action
The estate of the late Professor Stephen Hawking has reached an agreement with the University Library in Cambridge and the Science Museum Group for Hawking’s archives and the contents of his office (including not only scientific papers but letters from …
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Tagged acceptance in lieu, arts council scheme, cultural objects, stephen hawking, tax liability
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UK – Tackling Tax Avoidance
The U.K. government released its first “Tax Day” consultations on March 23, 2021, following the March 3 budget, on future measures not included in this year’s Finance Bill. The government sensibly refrained from announcing wide-ranging and untimely changes to inheritance …
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Tagged tax avoidance, tax day, the budget
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