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Online CPD module l Booklet l PowerPoint Presentation
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When gift duty was abolished on 1 October 2011 it removed a tax that had outlived its purpose. It brought to an end a feature of legal practice that had been familiar to practitioners for 43 years and rendered redundant years of accumulated precedents and processes. However, there remain important aspects (traps for the unwary!) that practitioners, litigators and legal executives need to be aware of when advising clients about their gifting programmes.
During this course, Chris and Greg Kelly will focus on those areas where obligations still remain and rules have been tightened. Key areas being those relating to rest home subsidies, insolvency, and avoidance of relationship property rights.
Your attendance will enable you to more confidently advise your clients based upon your:
Authors: Chris Kelly, Greg Kelly
Published: 6 November, 2012
Pages: 35
View contents page
Gift duty was abolished on 1 October 2011 after being part of the legal landscape for many years. Most, if not all, practitioners currently in practice prepared documents and advised clients against the background of long-standing gift duty laws.
The abolition of gift duty 12 months ago means that all assets can now be given away immediately, although as we will point out later in this booklet, gifting programmes are still subject to the rules about natural love and affection for the donee. The removal of gift duty has been a significant change and the following issues have arisen:
Our view is that the advice to be given to clients depends on the reason for wanting to give funds or property away. Is it intended to preserve assets from relationship property claims, protect assets from creditors or to attempt to qualify for residential care subsidies or other State assistance? Each of these possibilities needs to be considered separately. These issues are relevant whether money or property is given to a trust or a family member or anyone else.