Taxation of trusts—inheritance tax

Taxation of trusts—inheritance tax guidance:

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...

Practice Note

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 and capital gains tax...

Practice Note

FORTHCOMING CHANGE: At Budget 2018, the government announced that legislation would be included in Finance Bill 2019–20 to reflect HMRC's established legal...

Practice Note

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 of trusts. The date...

Practice Note

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...

Practice Note

While interest often accrues on overdue tax (see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid tax), the late payment of...

Practice Note

FORTHCOMING DEVELOPMENT: The Office of Tax Simplification (OTS) has released a report outlining recommendations to make considerable aspects of the design of inheritance...

Practice Note

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...

Practice Note

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in...

Practice Note

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...

Practice Note

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...

Practice Note

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in...

Practice Note

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...

Practice Note

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 charge, or • the...

Practice Note

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...

Practice Note

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 known as any of the...

Practice Note

Inheritance tax and personal injury trusts It is a common misconception among practitioners that using one type of personal injury trust or another...

Practice Note

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...

Practice Note

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...

Practice Note

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...

Practice Note

Reasons for restructuring a trust Restructuring a trust may be undertaken for a number of purposes, including to: • restrict the class of beneficiaries • create specific...

Practice Note

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...

Practice Note

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in...

Practice Note

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...

Practice Note

FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...

Practice Note

Trustees have a variety of obligations to submit tax returns and information to HMRC. In addition to completing a self assessment trust and estate tax return (SA900) if...

Practice Note

FORTHCOMING CHANGE: The fifth anti-money laundering directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force on 9 July 2018. The...

Practice Note

Why waive a dividend? Shareholders may occasionally choose to waive their rights to receive dividends. In particular this may occur in the following circumstances: • a...

Practice Note