United Kingdom, Forsters LLP updates

Private Client & Offshore Services

Contributed by Forsters LLP
HMRC opines on situs of cryptoassets
  • United Kingdom
  • 16 January 2020

Her Majesty's Revenue and Customs has a marvellous ability to confound expectations. In the latest plot twist, it updated its Cryptoassets: Tax for Individuals guidance to include a section on the situs of cryptoassets, which is a bold departure from established principles.

'Tis the season for giving: valuable tax savings available on transfer of art and heritage assets
  • United Kingdom
  • 19 December 2019

In its 2019 report, Arts Council England revealed that in the past financial year, objects with an agreed value of nearly £60 million have been given to UK museums and galleries in lieu of tax. This record-breaking year serves as a reminder that cultural items continue to enter public ownership through acceptance in lieu and the cultural gifts scheme. Together with the conditional exemption scheme, tax reliefs for heritage property can provide significant tax saving opportunities.

Use of nuptial agreements for international families and impact of Brexit
  • United Kingdom
  • 05 December 2019

Nuptial agreements are a crucial component of wider family wealth planning. They provide financial and jurisdictional certainty in the unfortunate event that a marriage breaks down and are particularly important for international couples with links to England. This article considers the many benefits of nuptial agreements for international families and why they are more important than ever in the context of Brexit.

Freedom of movement of capital applies to charitable gifts (at least for now)
  • United Kingdom
  • 31 October 2019

The Supreme Court recently released a judgment which determined that the EU principle preventing restrictions of the free movement of capital applies to gifts of UK assets to charities in Jersey. Accordingly, persons making such gifts are entitled to inheritance tax relief in the same way as they would be if they made such a gift to a UK-based charity. For UK advisers, the case serves as a salutary reminder of the need for careful tax planning at the earliest opportunity.

Court of Appeal confirms that parties can be forced to engage in certain types of ADR
  • United Kingdom
  • 26 September 2019

The Court of Appeal recently overturned the High Court judgment in Lomax v Lomax, confirming that the courts can order early neutral evaluation even without the parties' consent. The decision – which was made in the context of a claim by a widow under the Inheritance (Provision for Family and Dependants) Act 1975 and which was strongly resisted by her stepson – will be of particular interest to private client practitioners because of the court's endorsement of early neutral evaluation in the context of family disputes.


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