Taxation of trusts—income tax and capital gains tax

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Practice notes
IHT—quick succession reliefQuick succession relief (QSR), which is not to be confused with taper relief, applies to a transfer of value which attracts...
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Produced in partnership with Katya Vagner of PwC 19th May
Practice notes
What is an offshore trust?A trust is formed either by lifetime gift or on death when a person (the settlor) transfers assets to another person or...
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Produced in partnership with Mourant Ozannes and Carey Olsen 19th May
Practice notes
Nature and classification of trusts—the three certaintiesCertaintyIn order for a settlor to create a private express trust the three certainties must...
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19th May
Practice notes
Taxation of age 18–25 trusts—IHTThe special category of age 18–25 trusts was introduced by Finance Act 2006 (FA 2006) to offer some compensation for...
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Produced in partnership with Paul Davies of Clarke Willmott 19th May
Practice notes
Private Client—Luxembourg—Q&A guideTaxation regimeWhat factors determine tax liability in your jurisdiction (eg domicile, residence or...
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Produced in partnership with Eric Fort of Arendt & Medernach 19th May
Practice notes
CGT—giftsA gift of an asset is a disposal for capital gains tax (CGT) purposes. It can, therefore, trigger a CGT charge on the gain deemed to have...
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Produced in partnership with Laura Poots (Barrister) of Pump Court Tax Chambers 19th May
Practice notes
CGT—reliefsFORTHCOMING CHANGE: On 14 July 2020, the Office of Tax Simplification (OTS) published its online survey and a call for evidence to seek...
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19th May
Practice notes
Beddoe applicationsWhen trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe...
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Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 19th May
Q&As
When can a mistake in an executed deed be rectified by a manuscript amendment rather than by a deed of rectification?This Q&A explains when it is...
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Produced in partnership with Emma Holland of Stewarts Law 19th May
Practice notes
Trustees—removal of trusteesA trustee may be removed against their will in any of the following ways:•under an express power in the trust...
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19th May
Q&As
At what stage and to whom can a Deed of Appropriation take place when selling a second property in an estate?We assume you refer to the situation when...
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19th May
Practice notes
Relief for income tax lossesReliefs entitle taxpayers to reduce the amount of income tax payable. When calculating liability to income tax, a taxpayer...
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19th May
Q&As
Can a life tenant in a Will bring a life interest to an end by choosing to end it themselves or does it only expire on death?Life tenantsA life...
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Produced in partnership with Lynne Counsell of 9 Stone Buildings 19th May
Practice notes
Capacity to litigateOn the face of it, there would appear to be no specific impediment, if there is no reason to suppose that a person is without...
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19th May
Precedents
This Deed is made on [date]Parties1[insert name] of [insert address] and [insert name] of [insert address] (the Retiring Trustees) and2[insert name]...
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19th May
Practice notes
Trustees—power of advancementWhere a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married...
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19th May

Most recent Taxation of trusts—income tax and capital gains tax content

Q&As
A client established a trust in 2012. They now wish to add an additional asset into the trust. What is the best way to transfer the asset and what are...
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1st Aug
Q&As
When should a discretionary trust be terminated in order to avoid the inheritance tax principal (ten-year) charge becoming due?A charge to inheritance...
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1st Aug
Q&As
What is the tax treatment of a testamentary trust which stipulates that the testator’s child, C, is to receive the capital of the trust only on...
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1st Aug
Q&As
If an individual holds shares on bare trusts for his wife and children, would he still be entitled to entrepreneurs' relief on their sale (subject to...
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1st Aug
Q&As
Where trustees of a discretionary trust have made a loan to a third party, how is the profit arising on the loan taxed?In responding to this Q&A we...
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1st Aug
Q&As
What, if any, were the capital gains tax consequences of a trust migrating on 31 March 1992?In order for a trust to emigrate from the UK, the UK...
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1st Aug
Q&As
How would trustees claim principal private residence (PPR) relief on the disposal of settled property?The availability of principal private residence...
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1st Aug
Q&As
Would a revocable appointment of a real property out of a life interest trust to an individual (absolutely) pre-2006 have created an interest in...
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1st Aug
Q&As
Where the terms of a loan are that money will be repaid at a percentage value of a house at the time of sale, would a ‘gain’ in this instance be...
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1st Aug

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