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Private client review for July 2021

Speed read
There is something of a mixed bag in this month’s review. The OTS is reviewing a change to the tax year end date for individuals. A recent High Court decision is a cautionary tale on testamentary capacity. HMRC’s tendency to refuse the deduction of debts from the value of an estate for inheritance tax purposes where the limitation period for the debt has expired should not always be accepted at face value. Sometimes wealthy individuals want to pay tax, as a recent Jersey case shows. New guidance illustrates HMRC’s view that a common mechanism to de-envelope a property involving the issue of shares in return for the contribution of funds is chargeable under the SDLT provisions in FA 2003 s 75A.

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