Taxation of trusts—inheritance tax

View Private Client by content type:

Latest Private Client News

Featured Private Client content

Practice notes
On the face of it, there would appear to be no specific impediment, if there is no reason to suppose that a person is without capacity, in them...
Read More >
9th Nov
Practice notes
Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...
Read More >
9th Nov
Practice notes
The issue of sham is most likely to be raised by the settlor's creditors or former spouse if the settlor is involved in matrimonial proceedings, who...
Read More >
9th Nov
Practice notes
A trust is formed either by lifetime gift or on death when a person (the settlor) transfers assets to another person or persons (the trustees) to hold...
Read More >
Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan
Practice notes
When trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe application is the best...
Read More >
Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 12th Jan
Practice notes
This Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda's regime for private trust...
Read More >
Produced in partnership with Vanessa Lovell Schrum and Caljonah Smith of Appleby, Bermuda 12th Jan
Practice notes
This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...
Read More >
Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan
Practice notes
Where a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married under that date but is required...
Read More >
9th Nov
Practice notes
Duration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules against remoteness of vesting and against the...
Read More >
9th Nov
Practice notes
Duty to distribute to the correct beneficiariesOn the termination of the trust, the trustees are under a duty to distribute the trust assets to the...
Read More >
9th Nov
Precedents
This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...
Read More >
9th Nov
Practice notes
When you advise an individual on cross-border issues or offshore tax planning, it is important to establish the 'situs' (ie location) of the assets...
Read More >
9th Nov
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...
Read More >
9th Nov
Practice notes
Liferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both, in the trust property...
Read More >
Produced in partnership with Peter Murrin of Turcan Connell 12th Jan
Practice notes
An offshore trust is any non-UK resident trust. The liability of trustees of an offshore trust to UK inheritance tax (IHT) is not dependent on the...
Read More >
Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 12th Jan
Practice notes
Express creation of trustsA trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for...
Read More >
Produced in partnership with Yvonne Evans, Law Lecturer, Solicitor (non-practising), TEP, University of Dundee 12th Jan

Most recent Taxation of trusts—inheritance tax content

Practice notes
FORTHCOMING CHANGE: The EU Fifth Anti-Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force...
Read More >
16th Apr
Practice notes
FORTHCOMING DEVELOPMENT: The Office of Tax Simplification (OTS) has released a report outlining recommendations to make considerable aspects of the...
Read More >
Produced in partnership with Kevin Gude of Gowling WLG 9th Apr
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...
Read More >
Produced in partnership with Paul Davies of Clarke Willmott 9th Apr
Practice notes
Reasons for restructuring a trustRestructuring a trust may be undertaken for a number of purposes, including to:•restrict the class of...
Read More >
9th Apr
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...
Read More >
Produced in partnership with Paul Davies of Clarke Willmott 9th Apr
Practice notes
The rules relating to settlor interested trusts are anti-avoidance rules, aimed at ensuring that a settlor cannot avoid tax on assets of which they...
Read More >
9th Apr
Practice notes
FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an...
Read More >
9th Apr
Practice notes
For detailed guidance on calculating the principal charge, see Practice Note: Relevant property trusts—the principal (ten-year) charge.Trustees of a...
Read More >
9th Apr
Practice notes
This Practice Note is designed to be read alongside:For an introduction to the relevant property regime for trusts, see Practice Notes:...
Read More >
Produced in partnership with Alexander Erskine and Charlotte Matthews of Taylor Wessing LLP 9th Apr
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...
Read More >
Produced in partnership with Paul Davies of Clarke Willmott 9th Apr
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...
Read More >
9th Apr
Practice notes
A ‘disabled trust’ is a trust which benefits from special inheritance tax (IHT) treatment. To benefit from the special treatment certain qualifying...
Read More >
Produced in partnership with Phillipa Bruce-Kerr of Harrison Clark Rickerbys 9th Apr
Practice notes
Inheritance tax and personal injury trustsIt is a common misconception among practitioners that using one type of personal injury trust or another...
Read More >
Produced in partnership with Phillipa Bruce-Kerr of Harrison Clark Rickerbys 9th Apr
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...
Read More >
9th Apr
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))...
Read More >
Produced in partnership with Paul Davies of Clarke Willmott 9th Apr
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...
Read More >
Produced in partnership with Paul Davies of Clarke Willmott 9th Apr
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...
Read More >
9th Apr
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...
Read More >
9th Apr
Practice notes
The tables below provide a very brief summary of some of the main provisions relating to the income tax, capital gains tax and inheritance tax...
Read More >
9th Apr
Practice notes
For detailed guidance on calculating the exit charge both before and after the ten-year anniversary of a relevant property trust, see Practice Note:...
Read More >
9th Apr

Popular documents