Some latest updates and thoughts on Scottish charity, wills, succession and estate planning law. Comment from Alan Eccles.
Oct 17 • 6 tweets • 2 min read
This needs a technical factcheck spruce:-
@ChrisMasonBBC @hzeffman @BBCVickiYoungbbc.co.uk/news/articles/…
"Inheritance tax is charged at 40% on the property, possessions and money of somebody who has died above the £325,000 threshold."
That is not a correct statement on how inheritance tax is charged. There are numerous, very common, situations where that is not what happens.
Mar 22, 2022 • 7 tweets • 4 min read
#Trusts in @BBCNews@james_oliver_01@steveswannBBC@nassos_. "irrevocable trusts" does not mean a "trust which cannot usually be amended, modified, or revoked after they’re created". Just that the trust cannot be revoked. Which takes us to...
bbc.co.uk/news/business-…
... "withdrew from the beneficiaries of the #trusts" which indicates what happens with the trust can change. Of course, someone can give up a right under a trust or even the chance of having a right under a trust (often the latter). Withdraw or 'donating'... let's consider...
#TaxDay arrives... gov.uk/government/pub…
Something Sir Humphrey about it being announced in this that there will be a review of the Office of Tax Simplification. [appreciate #OTS is reviewed under statute]