The following Owner-Managed Businesses 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
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
Statutory sick pay (SSP)Statutory sick pay has its origins in the Social Security and Housing Benefits Act 1982, Part 1. Various amendments have been made to this Act to give us the SSP system we now operate.Temporary changes to SSP for coronavirus (COVID-19)New legislation has been put in place in
Duty to prepare estate accountsThe Personal Representatives' (PRs) legal obligation to prepare accounts is set out in Section 25 of the Administration of Estates Act 1925. Their prescribed duties include:when required to do so by the Court, exhibit on oath in the Court a full inventory of the estate
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