Virtual STEP UK Tax, Trusts and Estates Conference 2020

09.00 - Tax Update

• Update on IHT
• Possible CGT changes
• Possible Wealth Tax discussions
• Case law update

John Barnett TEP, Burges Salmon LLP

9.40 - Comfort break

Comfort break

10.00 - Valuation Issues including Loss on Sale Relief

The IHT Toolkit (available on the gov.uk website) describes valuations as ‘the biggest single area of risk, accounting for a large part of our compliance checks’. This session will look at best practice and how PRs can avoid problems. It will include:

• Principles of valuation
• Use of estimates
• Co-ownership discounts
• Relationship between IHT and CGT valuations
• Changes in value after death

Professor Lesley King TEP, University of Law

10.40 - Comfort break 

Comfort break

11.00 - Will and Estate Issues 2020

Will drafting

• Taking instructions remotely
• Presenting draft documentation for review
• Execution of wills to include the new video witnessing rules
• Storage and record issues

Estate administration

• Registration of death
• Taking instructions remotely
• Access issues to property and chattels for valuation purposes
• Probate Registry online processes to include a review of legal statements
• HMRC – what can be filed online? Anything?
• Asset collection processes and problems
• Distribution to beneficiaries to include reviewing banking processes

Lucy Obrey TEP, Higgs & Sons

Kindly sponsored by Fraser and Fraser

11.40 - Lunch followed by Fraser and Fraser Technical Webinar

Delays in estate administration – tips to avoid the common pitfalls

A survey by Direct Line Group suggested that the administration of an estate can be delayed by more than nine months as a result of beneficiaries going missing. Missing beneficiary cases can cause some delay – but what else can hold things up?

In this session, Fraser and Fraser will put forward practical straightforward solutions for some of the problems probate practitioners have to deal with from time to time. Topics covered will include:

Missing beneficiaries, whether on probate or intestate administrations. Identity, whereabouts, and capacity for beneficiaries to be distributed to. For example, are they bankrupt? Indemnities.

 

To find out the latest advice from probate experts, join Fraser and Fraser for this 20-minute webinar.

• Correctly valuing and disposing of complicated assets, including overseas assets.
• Medallion signature guarantees.
• Bankruptcy searches.
• Distribution schedules.

13.00 - Client Assessment by Video Conference – Capacity and Undue Influence

• This session considers risks, threats and opportunities for practitioners in “the new normal” when instructions from clients often come remotely. Stephen will offer practical tips and guidance

Stephen Lawson TEP, Forshaws Davies Ridgway

13.40 - Comfort break

Comfort break 

14.00 - The Duty of Charity Trustees and the Supervisory Role of the Charity Commission

• The duties of charity trustees
• Other fiduciaries in charity governance with particular reference to Lehtimaki and others v Cooper [2020] UKSC 33
• The Charity Commission’s functions and regulatory powers
• Commission regulation in practice, common issues for trustees

Julian Smith, Farrer & Co

14.40 - Comfort break

Comfort break 

15.00 - DAC 6 and its Application to Trusts

• Consideration of the practical application of DAC 6 in the context of trusts, focusing particularly on Hallmark D

Samantha Morgan TEP, RMW Law LLP

15.40 - Close

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