England & Wales

Forsters' Private Client experts have authored the England & Wales segment of Lexology Getting the Deal Through's Private Client 2021 guide. This latest edition provides up to date answers to more than 45 key Private Client questions across 20 countries. We reproduce our contribution to the guide here, as a helpful resource.

The England & Wales guide answers the principal questions for Private Clients relating to the law in this jurisdiction in the following areas:

• Tax
• Trusts and foundations
• Same-sex marriage and civil unions
• Succession
• Capacity and power of attorney
• Immigration
• Current trends

Tax

• Residence and domicile - How does an individual become taxable in your jurisdiction?
• Income - What, if any, taxes apply to an individual’s income?
• Capital gains - What, if any, taxes apply to an individual’s capital gains?
• Lifetime gifts - What, if any, taxes apply if an individual makes lifetime gifts?
• Inheritance - What, if any, taxes apply to an individual’s transfers on death and to his or her estate following death?
• Real Property - What, if any, taxes apply to an individual’s real property?
• Non-cash assets - What, if any, taxes apply on the import or export, for personal use and enjoyment, of assets other than cash by an individual to your jurisdiction?
• Other taxes - What, if any, other taxes may be particularly relevant to an individual?
• Trusts and other holding vehicles - What, if any, taxes apply to trusts or other asset-holding vehicles in your jurisdiction, and how are such taxes imposed?
• Charities - How are charities taxed in your jurisdiction?
• Anti-avoidance and anti-abuse provisions - What anti-avoidance and anti-abuse tax provisions apply in the context of private client wealth management?

Trusts and foundations

• Trusts - Does your jurisdiction recognise trusts?
• Private foundations - Does your jurisdiction recognise private foundations?

Same-sex marriages and civil unions

• Same-sex relationships - Does your jurisdiction have any form of legally recognised same-sex relationship?
• Heterosexual civil unions - Does your jurisdiction recognise any form of legal relationship for heterosexual couples other than marriage?

Succession

• Estate constitution - What property constitutes an individual’s estate for succession purposes?
• Disposition - To what extent do individuals have freedom of disposition over their estate during their lifetime?
• To what extent do individuals have freedom of disposition over their estate on death?
• Intestacy - If an individual dies in your jurisdiction without leaving valid instructions for the disposition of the estate, to whom does the estate pass and in what shares?
• Adopted and illegitimate children - In relation to the disposition of an individual’s estate, are adopted or illegitimate children treated the same as natural legitimate children and, if not, how may they inherit?
• Distribution - What law governs the distribution of an individual’s estate and does this depend on the type of property within it?
• Formalities - What formalities are required for an individual to make a valid will in your jurisdiction?
• Foreign wills - Are foreign wills recognised in your jurisdiction and how is this achieved?
• Administration - Who has the right to administer an estate?
• How does title to a deceased’s assets pass to the heirs and successors? What are the rules for administration of the estate?
• Challenge - Is there a procedure for disappointed heirs and/or beneficiaries to make a claim against an estate?

Capacity and power of attorney

• Minors - What are the rules for holding and managing the property of a minor in your jurisdiction?
• Age of majority - At what age does an individual attain legal capacity for the purposes of holding and managing property in your jurisdiction?
• Loss of capacity - If someone loses capacity to manage their affairs in your jurisdiction, what is the procedure for managing them on their behalf?

Immigration

• Visitors’ visas - Do foreign nationals require a visa to visit your jurisdiction?
• How long can a foreign national spend in your jurisdiction on a visitors’ visa?
• High net worth individuals - Is there a visa programme targeted specifically at high net worth individuals?
• If so, does this programme entitle individuals to bring their family members with them? Give details.
• Does such a programme give an individual a right to reside permanently or indefinitely in your jurisdiction and, if so, how?
• Does such a programme enable an individual to obtain citizenship or nationality in your jurisdiction and, if so, how?

Update & trends

• Key developments - Are there any proposals in your jurisdiction for new legislation or regulation, or to revise existing legislation or regulation, in areas of law relevant to high-net worth individuals, particularly those coming to or investing in your jurisdiction? Are there any other current developments or trends relevant to such individuals that should be noted?
• Coronavirus - What emergency legislation, relief programmes and other initiatives specific to your practice area has your state implemented to address the pandemic? Have any existing government programmes, laws or regulations been amended to address these concerns? What best practices are advisable for clients?

Global Overview

2020 was a turbulent and unprecedented year worldwide. In this article, we reflect on some of the key global challenges and changes that affected private clients, in a year that grounded even the most internationally mobile individuals.

Disclaimer

This note reflects our opinion and views as of November 2020 and is a general summary of the legal position in England and Wales. It does not constitute legal advice.

Reproduced with permission from Law Business Research Ltd. This content was first published in Lexology GTDT: Private Client 2021, January 2021. For further information please visit https://www.lexology.com/gtdt/workareas/private-client