Since the last update (see 'Succession and revenue update' [1994] Gazette, 22 June, 18) there have been a number of interesting developments.InsolvencyThe Insolvency (No.2) Act 1994 has become law and became operative on 26 July.

It inter alia provides for protection for purchasers where there has been a previous undervalue/gratuitous transactions or transfers of property.

After the new enactment, protection is provided for the open market buyer who will be safe as long as he or she buys in good faith and for value, subject to two exceptions.

These exceptions apply (1) to buyers who are associates of, or connected with, the undervalue transferrers or transferees, and (2) to anyone who buys a property which has been the subject of an undervalue transaction in the knowledge (a) of this, and (b) of the fact that the original undervalue transferor is actually (or about to be) the subject of insolvency proceedings, ie bankrupt in the case of individuals, or in liquidation or administration in the case of companies.In either of these situations, the purchaser will be presumed not to have acted in good faith unless he or she can show to the contrary.

The enactment will obviously be of great assistance to conveyancing lawyers and welcomed by them.Weatherhill v PearceThis decision of Judge Kolbert, sitting as a deputy judge in the Chancery Division, was reported in The Times on Monday 7 November.The testator called at the home of two retired civil servants in Truro.

The judge seemed to consider it significant that both were retired civil servants 'and plainly conscientious and careful ladies with an eye for detail in the best traditions of the civil service'.

The testator had with her a handwritten document which she produced as her will.The will was headed 'the will of...' in gothic printing and underneath was written in handwriting 'Mrs Davis Weatherhill' in capital letters.

The word 'dated' then appeared in printing, and '10 June 1985'.

The date was assumed to be correct, and in any case not challenged.After the dispositive contents of the will, the final clause read: 'Signed b y the said testator, Doris Weatherhill, in the presence of us present at the same time who at her request, in her presence, and in the presence of each other, have subscribed our names as witnesses.'It was argued that:1.

the presence of Doris Weatherhill's signature in the attestation clause could amount to a signature for the purposes of (a) and (b) of the Wills Act 1837 as amended by s.17 of the Administration of Justice Act 1982; and2.

merely signing a document which all the parties knew was a will for witnesses to sign without any express declaration was sufficient acknowledgement - the presumption omne rite esse acte praesumuntur was to be applied.The judge upheld both arguments and the will was valid.

The decision is not particularly surprising, but is of value if only for elucidation purposes.Revenue lawBy s.1 94/2212, 6 October 1994 the rate of interest payable in respect to tax paid late or overpaid is increased from 5.5% to 6.25%.

The interest paid on inheritance tax paid late or overpaid has also been increased by 1% from 4% to 5%.In addition, the official rate of interest on loans provided by employers for employees will be 8%, which is more closely in line with typical mortgage rates following the rise in bank base rates from 5.25% to 5.75%.

This will take effect from 6 November 1994.

This, of course, refers to the situation where employees earning £8500 a year or more, and directors, are given reduced interest rate loans by their employers which, for tax purposes, are treated as benefits in kind.A new extra statutory concession has been issued in relation to blind persons' relief.

By the terms of the concession from the 1994/95 tax year onwards, if someone becomes entitled to the allowance by being registered blind, the Inland Revenue will also grant the allowance for the previous year if, at the end of the previous year, he or she had obtained the proof of blindness subsequently used to qualify for registration.

The concession is aimed at preventing people losing out as a result of delays in the registration process.Capital gains taxThere have been two important press releases vis---vis capital gains tax.

First, there has been a revised statement of practice on allowable expenditure - expenses incurred by personal representatives and corporate trustees.

The statement deals with capital gains tax allowable expenditure for the costs of establishing title where personal representatives sell assets from a deceased's estate and for expenses incurred by corporate trustees.The practice statement (SP 8/94) lays down a scale of expenses for enabling title in these circumstances which is acceptable to the Revenue.Secondly, on 18 October 1994, a revised text was issued of a number of extra-statutory concessions (ESCS) covering capital gains tax.The main concessions affected are: D15 - relief for replacement of business assets: unincorporated associations; D26 - relief for exchanges of joint interests in land; D27 - earn-outs; and D39 - extensions of leases.In addition, a new concession has been published relating to private residence relief in certain cases where there is a delay by an owner/occupier in taking up residence.

This new concession replaces statement of practice D4, which is withdrawn.However, on 20 October 1994, a further release pointed out that a paragraph had been omitted from the earlier press release relating to the revised concession D27 earn-outs.The House of Lords has at last issued its judgment in the case of Marshall v Kerr [1994] STC 638 which was heard on 13 and 14 Decemb er last year.

They decided that the capital gains tax deeming provision did not apply so as to deem the settlor of a settlement created by a deed of variation to be deceased.

The opportunities, therefore, which were thought to exist, in particular in connection with offshore trusts, do not exist.Finally, mention should be made of Clarke v Mayo [1994] STI 680.

A property was sold four weeks prior to the cessation of the company's trade.

The Inland Revenue submitted that retirement relief was not available for the associated disposal because it was not therefore in use immediately before the cessation of trade.

The court took a flexible view of the meaning of 'immediately' in s.164(7) (b) of the TCGA 1992, deciding that in the context of the relief, as a whole, immediately means 'sufficiently proximate in time to the material disposal or cessation so as to justify the conclusion that the transaction in question formed part of it'.Additional Revenue pointsOn 24 October the Inland Revenue published a new leaflet 'Open government' (leaflet 1R141 in the personal taxpayer services) which informs the public what steps the Inland Revenue is taking to give effect to the government's code of practice on access to government information and how such information can be obtained.A revised version of extra statutory concession B18 was issued on 7 October concerning payments out of discretionary trusts.

The concession applies where a beneficiary receives income from a discretionary trust, and allows a beneficiary to claim certain reliefs/credits to set against his or her tax liability on that income.

Beneficiaries will be able to claim reliefs/credits in the circumstances referred to in the concession, eg because he or she would be entitled under the terms of a double taxation agreement or would not have been chargeable to UK tax.Tombstone inscriptionsIt was held in case of in Re Holy Trinity, Freckleton [1994] The Times, 7 October that a vicar was perfectly entitled, in applying diocesan regulations, to refuse permission to inscribe a tombstone with the words 'dad and grandad' in a particular churchyard because otherwise it would cause pastoral damage to his relationship with other families who had been refused such permission.White v JonesIn the next update it is hoped to refer to the House of Lords discussion in White v Jones.

The case was heard by the Lords in March, but apparently they are having difficulty in reaching a declaration.

This will, of course, be a very important judgment concerning the duty of lawyers to beneficiaries in the preparation of wills.