Taxation of trusts—inheritance tax

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Practice notes
Identification of beneficial interestsThe personal representatives (PRs) of an estate must identify:•the beneficiary or beneficiaries entitled to each...
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26th Oct
Practice notes
Coronavirus (COVID-19): As announced on 17 April 2020, the President of the Family Division, Sir Andrew McFarlane, authorised District Probate...
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Produced in partnership with Mark Lindley of Boodle Hatfield LLP 26th Oct
Practice notes
FORTHCOMING CHANGE: The Non-Contentious Probate (Amendment) Rules 2020, SI 2020/1059 amend the Non-Contentious Probate Rules 1987, SI 1987/2024 with...
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13th Oct
Practice notes
CORONAVIRUS (COVID-19): The formal requirement for a valid Will to be witnessed in the presence of two witnesses is to be relaxed (with retrospective...
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9th Oct
Practice notes
Coronavirus (COVID-19): As announced on 17 April 2020, the President of the Family Division, Sir Andrew McFarlane, authorised District Probate...
Read More >
9th Oct
Practice notes
Coronavirus (COVID-19): As announced on 17 April 2020, the President of the Family Division, Sir Andrew McFarlane, authorised District Probate...
Read More >
8th Oct
Practice notes
Coronavirus (Covid-19): For news and other resources to assist dispute resolution practitioners working in the civil courts to understand and stay...
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26th Sep
Practice notes
Most of the work conducted throughout a probate matter is of a common nature. Consequently practitioners will find that they are, in essence,...
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26th Sep
Practice notes
Coronavirus (COVID-19): As announced on 17 April 2020, the President of the Family Division, Sir Andrew McFarlane, authorised District Probate...
Read More >
26th Sep
Practice notes
The major problem personal representatives (PRs) and/or beneficiaries encounter when faced with an actual or potential probate claim is how to, at the...
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26th Sep
Practice notes
Definition and purpose of a WillIn general terms, a Will is a document made in accordance with the formal requirements laid down by section 9 of the...
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26th Sep
Practice notes
The rights of a person appointed executor by a Will cease if they:•die without having taken out probate•fail to appear on being cited to take out...
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26th Sep
Practice notes
The intestacy rulesIf the deceased died intestate, Parts III and IV of the Administration of Estates Act 1925 (AEA 1925) apply to:•all the movable...
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26th Sep
Practice notes
ExecutorsAn executor is the person appointed by the Will to carry into effect its provisions and to administer the property of the testator. The...
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26th Sep
Practice notes
Revocation of a WillA Will is revocable at any time during the testator's lifetime. A testator may not revoke their Will in any manner they choose: a...
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25th Sep
Practice notes
Personal representatives' dutiesThe Administration of Estates Act 1925 (AEA 1925) states that personal representatives (PRs) must:•collect and get in...
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25th Sep

Most recent Taxation of trusts—inheritance tax content

Practice notes
FORTHCOMING DEVELOPMENT: The Office of Tax Simplification (OTS) has released a report outlining recommendations to make considerable aspects of the...
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25th Sep
Practice notes
Trustees of a relevant property trust are charged to inheritance tax (IHT) on each ten-year anniversary after the trust was created. This charge is...
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25th Sep
Practice notes
When trust property ceases to be relevant property, it becomes subject to a charge to inheritance tax (IHT). This charge is known as either:•the exit...
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25th Sep
Practice notes
Reasons for restructuring a trustRestructuring a trust may be undertaken for a number of purposes, including to:•restrict the class of...
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25th Sep
Practice notes
22 March 2006 was the day of the 2006 Budget which, without any warning or consultation, made sweeping changes to the inheritance tax (IHT) treatment...
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25th Sep
Practice notes
While interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on...
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25th Sep
Practice notes
A ‘disabled trust’ is a trust which benefits from special inheritance tax (IHT) treatment provided certain qualifying conditions are met. In order for...
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26th Sep
Practice notes
A pilot trust is a lifetime trust set up with a nominal amount (typically a small sum of cash such as £10) which does not become active until further...
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26th Sep
Practice notes
The special category of age 18–25 trusts was introduced by Finance Act 2006 (FA 2006) to offer some compensation for the loss of old style...
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26th Sep
Practice notes
CORONAVIRUS (COVID-19): From 30 March 2020, HMRC lowered the late payment interest rate to 2.75%. This was done in response to the Bank of England’s...
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26th Sep
Practice notes
The lifetime charge to inheritance tax (IHT) applies when a person makes a 'transfer of value' or 'disposition' as a result of which the value of his...
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26th Sep
Practice notes
Trust property, which is the subject of a qualifying interest in possession (QIIP), may become chargeable to inheritance tax (IHT) on the following...
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26th Sep
Practice notes
What is a trust for a bereaved minor?The special category of trusts for bereaved minors (TBM), sometimes also known as a bereaved minor's trust (BMT))...
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26th Sep
Practice notes
What is a fixed interest trust/interest in possession for trust law purposes?The interest in property of a beneficiary interested under a trust may be...
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26th Sep
Practice notes
FORTHCOMING CHANGE: The government ran a consultation on the taxation of trusts from 7 November 2018 to 28 February 2019, inviting views on the...
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26th Sep
Practice notes
FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an...
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26th Sep
Practice notes
This Practice Note considers the meaning of 'bare trust' and the inheritance tax (IHT) treatment of such a trust. For information on the income tax...
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26th Sep
Practice notes
The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...
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26th Sep
Practice notes
Inheritance tax and personal injury trustsIt is a common misconception among practitioners that using one type of personal injury trust or another...
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26th Sep
Practice notes
This Practice Note has been written to be read alongside:For an introduction to the relevant property regime for trusts, see Practice Notes:...
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26th Sep

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