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The legal position of 'cryptoassets' – those which exist in electronic form and are held on distributed ledgers, bitcoins being the best-known example – has not been certain in the past. However, a recent legal statement by the Chancellor of the England and Wales High Court has confirmed that they are to be treated like all other property. This has important implications for the estates of deceased people who hold such assets, as well as having importance in a number of other circumstances, such as bankruptcy. The argument that such...

Failing to take professional advice and keep accurate accounts is like holding a red rag up to the HM Revenue and Customs bull. In a case on point, an international businessman who claimed to keep details of his income and expenditure 'in his brain' was landed with a £40,000 tax bill. The man operated as a sole trader providing project and business advisory services to overseas clients. In his tax return for one year, he self-assessed his liability for Income Tax and National Insurance Contributions at £884. However, following an...

Litigation can be long and bitter, but it is the prime objective of the justice system to eventually bring it to a satisfactory end. In a case on point, the High Court came to the aid of a husband in drawing a line under his divorce. The case concerned a middle-aged couple who were self-employed in the IT world, each of them earning enough to support themselves. The wife had a child from a previous relationship who was treated as a child of the family. In dividing the marital assets...

For a Will to be valid, the testator (the one making the Will) must be ‘of sound mind’ at the time of making and signing the Will. This means that they must be capable of understanding and approving of the contents and effects of the Will. With health conditions such as dementia becoming an increasing issue for our ageing population, this can present a problem when making a Will. If a testator is diagnosed with dementia before or shortly after making a Will, this can provide potential grounds for a...