Taxation of trusts—income tax and capital gains tax

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Precedents
This partial deed of revocation is made on [date] by [donor] of [address].1I granted a Lasting Power of Attorney for [Financial Decisions/Health and...
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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
Practice notes
Creation of trusts—blind trustsWhat is a blind trust?A blind trust is a trust that is aimed at preventing conflicts of interest arising. Usually, the...
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Produced in partnership with Michael O’Sullivan of 5 Stone Buildings 19th May
Practice notes
The Cy-près doctrineFORTHCOMING CHANGE: On 22 March 2021, the government published its response  to the Law Commission’s report of 14 September 2017,...
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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
Practice notes
Assessment for residential accommodationCoronavirus (COVID-19): The content of this Practice Note is temporarily affected by the coronavirus...
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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
Practice notes
Termination of trusts—methods of terminationDuration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules...
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19th May
Practice notes
Costs and expenses in the Court of ProtectionThere are court fees and disbursements which will be payable by all applicants on making a new...
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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
Trustees—self-dealing, unauthorised profits and conflicts of interestThe self-dealing ruleThe self-dealing rule is connected to, but distinct from,...
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19th May
Practice notes
Offshore trusts—offshore income gains (OIGs)Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are...
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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

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

Q&As
A non-resident trustee disposes of a UK residential property in the tax year 2017/18. The trust was settled by a UK domiciled settlor in 2002. How...
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6th Sep
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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3rd Sep
Practice notes
CGT—basic principles for trustsGeneral principlesFor capital gains tax (CGT) purposes, trustees are treated as a single chargeable person in their own...
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Produced in partnership with Paul Davies of Clarke Willmott 25th Aug
Q&As
What authority is there regarding HMRC's right to challenge figures submitted to them in a trust tax return?HMRC’s powers of enquiry and information...
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19th Aug
Q&As
What are the CGT and SDLT implications of a bare trustee (mother) transferring the entire trust property comprising a number of residential properties...
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16th Aug
Practice notes
Dealing in property or property investment?Whether a property transaction is an investment or trading (ie dealing) activity is of key importance to...
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16th Aug
Practice notes
Interest in possession trusts—income taxThe trustees are together treated as if they were a single person (distinct from the individuals who are the...
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Produced in partnership with Paul Davies of Clarke Willmott 16th Aug
Practice notes
Taxation of trusts for disabled persons—vulnerable person electionFor general guidance on the special income tax and capital gains tax (CGT) treatment...
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Produced in partnership with Phillipa Bruce-Kerr of Harrison Clark Rickerbys and Lynne Bradey of Wrigleys Solicitors LLP 16th Aug
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 16th Aug
Practice notes
Taxation of trusts—capital lossesCapital losses arising to trustees are calculated in the same way as they are for individuals (for further guidance...
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Produced in partnership with Paul Davies of Clarke Willmott 16th Aug
Practice notes
Taxation of trusts—sub-fundsA ‘sub-fund’ of a trust is said to exist when a specific asset (or specific assets) of the trust are held subject to...
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Produced in partnership with Paul Davies of Clarke Willmott 16th Aug
Practice notes
Discretionary trust beneficiaries—income taxThis Practice Note deals with the main principles of income tax that apply to the beneficiary of a...
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Produced in partnership with Paul Davies of Clarke Willmott 16th Aug
Practice notes
Taxation of trusts—CGT reliefs for business assetsThe purpose of this Practice Note is to set out an overview of the key capital gains tax (CGT)...
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Produced in partnership with Paul Davies of Clarke Willmott 16th Aug
Practice notes
CGT—PPR relief for trusts and estatesFORTHCOMING CHANGE: On 14 July 2020, the Office of Tax Simplification (OTS) published its online survey and a...
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16th Aug
Practice notes
Interest in possession beneficiaries (life tenants)—income taxBroadly speaking, a life tenant is entitled to receive the income from an interest in...
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Produced in partnership with Jordan Ellis of Trowers & Hamlins 16th Aug
Practice notes
Bare trusts—income tax and CGTThis Practice Note explains how trustees of bare trusts are treated for income tax and capital gains tax (CGT) purposes....
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Produced in partnership with Paul Davies of Clarke Willmott 16th Aug

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