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Power of attorney, Private client, Wills , | Recorded online classroom

Private Client Law Update and Refresher Course – CGT, Income Tax & SDLT

2 hoursIntermediate
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This virtual classroom was delivered on 18 November 2021. The on-demand version is available for purchase now.

Delivered by renowned expert in the field Professor Lesley King, this course provides an update in probate law and practice. It is suitable if you are considering returning to this area of law following a career break or currently work within private client law and wish to update your knowledge in certain areas.

This event is one in a series of seven for individuals across all levels of PQE who are seeking to update their knowledge of private client law. The other sessions can be booked through this link.

Who this is for

Paralegals, Solicitors.

Required prior knowledge

Prior experience and knowledge of CGT, income tax and SDLT law and practice.

Learning outcomes

SRA competence: A2  +2 more for SRA competence: A2, A4, A5

After this session you will be aware of the recent changes affecting estates and trusts and be able to:

  • advise appropriately on the treatment and calculation of CGT and income tax for PRs, trustees and beneficiaries
  • identify opportunities to save tax
  • identify SDLT issues and advise PRs, trustees and beneficiaries appropriately.
What this will cover

SIMPLE & COMPLEX ESTATES

  • Why does it matter?
  • What is a complex estate
  • How to avoid becoming complex

CGT DURING THE ADMINISTRATION PERIOD

  • Exemptions and rates
  • What is “market value”?
  • tax savings from appropriations including evidence of appropriation and HMRC’s definition of when residue is ascertained
  • Charities and CGT: importance of appropriations
  • Value at which assets are appropriated between beneficiaries

ACCELERATED PAYMENT OF CGT ON DISPOSALS OF UK RESIDENTIAL LAND

  • The new rules
  • The payment process for PRs

INCOME TAX DURING THE ADMINISTRATION PERIOD

  • Rates and allowances for PRs
  • Special rules for ISAs
  • Tax treatment of income of beneficiaries
  • R185

INCOME TAX & CGT FOR TRUSTS

  • CGT on actual and deemed disposals
  • CGT holdover relief
  • Different income tax regimes applying to trusts with and without a right to income
  • Benefits of the right to income regime

WHEN IS SDLT AN ISSUE FOR PRIVATE CLIENT PRACTITIONERS?

  • When is SDLT payable?
  • May be relevant when distributing to beneficiaries
  • Problems for trustees and beneficiaries of trusts
How you will learn

This training consists of the following elements:

  • A live interactive online classroom presentation (with on-demand version available)
  • Detailed session notes (pdf)
  • Certificate of completion