Zoe Elizabeth Norton
A solicitor in the Private Wealth Team at Druces LLP, Zoe trained at the firm and qualified in September 2023. She provides assistance to all of the partners in Druces’ Private Wealth Team and has a caseload covering estate planning and tax advice, drafting Wills, settling and registering trusts, administering trusts and estate. Zoe also assists with contentious probate matters, which she finds not only interesting but a useful lesson in what not to do when providing non-contentious estate planning advice.
Practice Area
Panel
- Contributing Author
Qualified Year
- 2023
Qualifications
- Law with French Law LLB (2016 - 2020)
- LPC (2020-2021 )
Education
- University of Sheffield (2016 - 2020)
- BPP Law (2020-2021)
1 Contributions by Zoe Elizabeth Norton
PRACTICE NOTES
UK IHT: Gifts with Reservation of Benefit—statutory rules, land and co-ownership exceptions, POAT and RNRB interactions, trusts, associated operations, key cases and practical guidance
History of the gift with reservation (GWR) regime
Under the former capital transfer tax system, there were no provisions dealing with a donor keeping back any benefit from a gift, and this gap was widely and repeatedly exploited in practice. For instance, individuals might give away a house or land yet continue to occupy the home as if nothing had changed there. From 18 March 1986, the inheritance tax (IHT) rules introduced measures designed to curb such abuse, coinciding with the arrival of potentially exempt transfers. Over time, numerous schemes were crafted to let donors pass assets on while keeping enjoyment of them, in one form or another. Consequently, the Finance Act 2004 brought in an income tax charge on advantages enjoyed by former property owners, more commonly known as the pre-owned assets charge (POAT).
What is a gift with reservation of benefit?...
Private Client
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