STEP UK News Digest

10 January 2011

 

REGULATION - LSB publishes responses to consultation on will-writing business 
The Legal Services Board Consumer Panel is conducting its public consultation on reserving will-writing to the legal profession. Case studies and comments received from interested parties are now available on its website. STEP's soon to be released will-writing report will be submitted to the LSB on behalf of the Society. 
 
STEP   
  
 
 
MATRIMONIAL - Pre-nup consultation starts this week 
The Law Commission will tomorrow (Tuesday) publish its consultation document on proposals to make pre- and post-nuptial agreements enforceable. It will deal only with agreements between spouses and civil partners, not cohabitants. 
 
Family Law Week 

Telegraph 

Independent   
  
 
 
MATRIMONIAL - Government offers official guidance to consumers on divorce settlements 
The Financial Services Authority has set up a web site to help spouses and cohabitees calculate their likely share of the matrimonial assets on divorce or separation. 
 
FSA Consumer Financial Education Body   
  
 
 
CONTENTIOUS PROBATE - Dispute over turkey tycoon's estate 
According to the Mail, executors of the late Bernard Matthews are delaying the GBP300 million probate application, while his widow and three adopted children negotiate with a man who claims to be the turkey magnate's issue from an extramarital relationship. 
 
Mail 

Cooperative Legal Services   
  
 
 
CGT PLANNING - Supreme Court refuses to hear offshore trust case 
Last month the UK Supreme Court refused the taxpayer in HMRC v Smallwood leave to challenge HMRC's Appeal Court victory. The case concerned a capital gains tax planning scheme using a settlor-interested family trust managed from Mauritius. 
 
UK Supreme Court (PDF file) 

BAILII (original EWCA decision)   
  
 
 
TAX ADVISORS - Twitter service to keep agents informed 
HM Revenue & Customs has set up a Twitter information service to help tax agents stay up to date in the run-up to the self assessment deadline on 31 January. The user name is @hmrcgovuk. 
 
HMRC   
  
 
 
TAX ADVISORS - GT restructures personal taxation division 
Leading tax advisory firm Grant Thornton is expected to lose up to 30 staff following restructuring of its personal tax operations, says Accountancy Age. 
 
Accountancy Age   
  
 
 
IHT - Do the Balfour 
The Upper Tribunal's Judgment in favour of the taxpayer in HMRC v Executors of the late Fourth Earl of Balfour [2010] UK UT 300 has potentially muddied the (trading) waters for business owners and their advisors. 
 
STEP Journal 


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