Taxation of trusts—inheritance tax

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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
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
Creation of trusts—beneficiariesWho may be beneficiariesEvery person who would be capable of owning property if of full age and sound mind may be a...
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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
Precedents
This Deed OF REVOCATION is made on [date] by me [name of donor] of [address of donor].This Deed provides:1Revocation...
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19th May
Practice notes
Trustees—statutory powers of trusteesSource and availabilitySourcesTrustees have certain powers conferred on them by statute, in particular by the...
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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
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
Trust disputes—court jurisdiction and procedureTrust litigation has been classified as being of three types:•a dispute as to the trusts on which...
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19th May
Practice notes
Acceptance in Lieu scheme and other heritage property reliefsSTOP PRESS: HMRC has updated its guidance on calculating the special price in Acceptance...
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19th May
Practice notes
Statutory Wills—Court of Protection applicationsWhat is a statutory Will?Where a person is incapable of making a valid Will for themselves, the Court...
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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—inheritance tax content

Practice notes
Trust Registration Service (TRS)Background to the Trust Registration Service (TRS)HMRC's online Trust Registration Service (TRS) was designed to...
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21st Jul
Q&As
Where trustees have not paid income to the income beneficiaries, but have accumulated it instead, what steps can be taken to rectify the situation?For...
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15th Jul
Q&As
Can the trustees of a nil rate band trust containing property loan the property to a beneficiary?Planning involving nil rate band trusts can involve...
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15th Jul
Practice notes
Bare trusts—IHTThis Practice Note considers the meaning of 'bare trust' and the inheritance tax (IHT) treatment of such a trust. For information on...
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Produced in partnership with Paul Davies of Clarke Willmott 5th Jul
Practice notes
Trusts—IHT returns and tax complianceCORONAVIRUS (COVID-19): From 30 March 2020, HMRC lowered the late payment interest rate to 2.75%. This was done...
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5th Jul
Practice notes
Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For...
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10th Jun
Practice notes
Taxation of trusts—restructuring trustsReasons for restructuring a trustRestructuring a trust may be undertaken for a number of purposes, including...
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Produced in partnership with Paul Davies of Clarke Willmott 9th Jun
Q&As
Does the higher rate of Stamp Duty Land Tax apply to property purchased by trustees of a qualifying trust for bereaved minors?The higher rates of...
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6th Jun
Q&As
What are the tax advantages of a trust for a disabled (adult) child in a Will as opposed to a normal discretionary Will trust?The legislation...
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6th Jun
Q&As
What are the income tax implications of a discretionary settlement that holds an income-producing asset having two settlors?For the purposes of this...
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6th Jun

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