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Taxation update

Colin Ives and Jane Eggleston look at gifts with reservation; deeds of variation; and VAT on professional fees

11 October 2002

An important case has been decided relating to gifts of reservation and the meaning of the provisions in s 102 of the Finance Act 1986: IRC v Eversden [2002] EWHC 1360. This is the appeal of Essex (Somerset’s Executors) v IRC, SpC 296. Section 102 provides that where an individual disposes of any property by way of gift and either: (a) Possession and enjoyment of the property is not bona fide assumed by the donee at or before the beginning of the relevant period; or (b) At any time in the relevant period the property is not enjoyed to the entire exclusion, or virtually to the entire exclusion, of the donor and of any benefit to him by contract or otherwise; then that property shall be treated for inheritance tax purposes as property to which he was beneficially entitled immediately before his death. ‘The relevant period’ means one ending on the date of the donor’s death and beginning seven years before that date or, if later, on the date of the gift. However s 102(5) prov...

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