Providing a realistic valuation of farm assets in the case of divorce can be ‘tricky’ not only because of the inherent uncertainties farmers face such as weather, rising prices and subsidies but now also because of a seven-year Brexit transition rule, says family law specialist Philippa Yeo.
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In this article we look at how to carry out inheritance tax (IHT) planning in a way that is timely and does not lead to an unwelcome amount of immediate financial detriment. “May you live in interesting times” reads the Chinese curse; the last several years in the UK… “”
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What happens to a holiday home when the property owner becomes incapacitated?
Many of your clients may own second homes abroad, with France and Spain being popular locations. When your clients bought their holiday home they may have given some thought to what happens to the property on their death, especially in view of the forced… “”
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Could your clients benefit by migrating their offshore trusts to the UK?
Before the introduction of anti-avoidance legislation in the early 1990s, there could be significant benefits in setting up an offshore trust, or taking an existing UK trust offshore, not least being the ability to realise assets without payment of UK capital gains tax (CGT) which was levied at a top rate of 40% at the time.
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