The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
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What is an Age 18–25 trust?The special category of Age 18–25 trusts was introduced by FA 2006 to offer some compensation for the loss of old style accumulation and maintenance (A&M) trusts. The A&M regime offered exemption from IHT charges on trusts in favour of children and young adults up to the
IntroductionA company that is not resident in the UK will only be subject to UK corporation tax if it carries on a trade in the UK through a permanent establishment. Where it does so, it will be subject to UK corporation tax on all profits that are attributable to the UK permanent establishment.
What is an accumulation and maintenance trust?An accumulation and maintenance (A&M) trust is a particular type of settlement intended to make provisions for children and young adults up to the age of 25. The key feature is that trustees are given discretion over how to use the income for the benefit
Interest paid on qualifying loans is deducted from the taxpayer’s total income (ie a Step 2 deduction from total income). See the Proforma income tax calculation guidance note.Interest on qualifying loans is usually paid gross by the individual borrower; tax is not withheld at source. This includes
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