Trusts - Taxation Of UK Trusts

Below is a selection of our most recent updates on this subject.

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Capped Tax Relief

The announcement to place a cap on currently income tax relief in the Budget would appear to be aimed at loss making schemes. Conventional 'capped' tax efficient investments eg pensions are not affected.
Tuesday, April 03, 2012

Taxation Of Interest From Joint Accounts And From Accounts Set Up For Minor Children

The decision in P A Lorber (TC 977) [2011] shows how important it is to keep proper records and evidence of financial transactions within the family
Thursday, May 19, 2011

Deductibility Of Trust Management Expenses

In April 2011 HMRC published revised guidance on trust management expenses (TMEs)
Tuesday, May 17, 2011

Avoiding Trustee Tax Returns - Interest In Possession Trusts

HMRC Trusts and Estates Newsletter 2010 clarifies the position for settlor-interested trusts.
Tuesday, January 11, 2011

Special Dividend Received By Trustees Taxed As Income

In the case of Trustees of Bessie Taube Discretionary Settlement Trust and others v HMRC (and related appeals) (TC00735 - 20 October 2010), the First-tier Tribunal confirmed the general rule that profits of a company that are distributed by way of dividend are received by trustees as trust income.
Thursday, December 09, 2010

Settlor-Interested Trusts - Clause 7 Finance (No 2) Bill-Discussed In Parliament

Amendments to section 646 ITTOIA 2005 to be made dealing with repayments of tax under settlor-interested trusts
Thursday, November 18, 2010

Trustees' Residence

A guidance note clarifying when trusts are to be considered UK resident was issued in August 2010 jointly by the Tax Faculty of the Institute of Chartered Accountants in England & Wales, the Chartered Institute of Taxation and the Society of Trust and Estate Practitioners
Thursday, September 23, 2010

Bare Trust Returns

HMRC claim that most tax returns for bare trusts are completed incorrectly.
Tuesday, August 03, 2010

Settlor-Interested Trusts - New Tax Form

On 9 July 2010 HMRC finally issued a new form which trustees may use to advise the settlor of income arising to a trust under which the settlor retains an interest.
Monday, August 02, 2010

New Cgt Rate For Trusts Introduced By The Emergency Budget

From 23 June 2010 the CGT rate for all trustees and personal representatives has gone up from 18% to 28%
Thursday, July 08, 2010

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