Lifetime Planning
This part of the topic index contains resources on lifetime planning. This includes materials on inheritance and capital gains tax, care fees for elderly clients and estate planning considerations in relation to marriage and civil partnerships. Please select the resource that you require by clicking on the relevant tab below.
6
resources
These resources are maintained, meaning that we monitor developments on a regular
basis and update them as soon as possible.
| 1 | Guarantees and indemnities This practice note examines legal and drafting issues relating to guarantees and indemnities where the obligations of a third party are guaranteed and/or indemnified. This practice note considers the legal distinctions between primary obligations (indemnities, performance guarantees, performance bonds) and secondary obligations (guarantees). It provides an overview of relevant contractual issues relating to guarantees and indemnities (the statute of frauds, capacity) as well as legal issues (undue influence, duress, role of directors). It also provides links to our more detailed content on performance bonds, payment guarantees, comfort letters and our standard form guarantees and indemnities. | Practice note: overview | Maintained |
| 2 | Alternative dispute resolution (ADR) in tax disputes This practice note explains which tax disputes are suitable for mediation, the advantages and disadvantages of mediation, the role of the mediator and HMRC's approach to settlement. It includes an outline of a typical mediation hearing and some example tax mediation scenarios. | Practice notes | Maintained |
| 3 | Interest rates A list of current interest rates that are useful for private client practitioners, with links to earlier rates. It includes interest on pecuniary legacies and the statutory legacy, interest on tax paid late and overpaid, Court Funds Office rates, the Bank of England base rate and the official rate of interest (used to calculate the taxable benefit from beneficial loans and pre-owned assets). | Practice notes | Maintained |
| 4 | Powers of attorney This practice note examines powers of attorney, in particular, general powers of attorney and their commercial application. It includes links to standard documents for general powers of attorney and specimen execution clauses. For further details on other types of powers of attorney, see Practice note, Lasting powers of attorney and Practice note, Enduring powers of attorney. | Practice notes | Maintained |
| 5 | Quistclose trusts Ths note explains that a Quistclose trust is a form of resulting trust that may arise when funds are transferred for specific and exclusive purposes, as explained in Twinsectra Ltd v Yardley and others [2002] UKHL 12. It gives examples from case law of loans and other situations, and summarises factors to consider when advising. | Practice notes | Maintained |
| 6 | Tax treatment of damages The tax implications of a settlement may be a determinative factor when considering whether to accept or make an offer. This note considers when awards of damages will be subject to tax as income or as chargeable gains and the tax treatment of the payment of damages. | Practice notes | Maintained |