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Tax Advisers’ Guide to Trusts

Authors: OBE FCA, FCCA, FCMA, FCIS, CTA (Fellow), MAE, MEWI, CPA, FTIHK, FOI, MRICS, SBV, TEP, AIIT, FRSA, CGMA Nigel Eastaway, CTA Jacquelyn Kimber, and BA Ian Richards

ISBN: 9781526511799

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Edition: Sixth

Publication Date: 2020

Publisher: Bloomsbury Professional

Law As Stated At: 30 September 2019

Tax Advisers’ Guide to Trusts

Tax Advisers’ Guide to Trusts

Tax Advisers' Guide to Trusts, Sixth Edition demystifies the complex subject of trusts by explaining relevant tax rules and the way in which trusts can be used in practice as a flexible and effective means of wealth accumulation and protection.

This new edition covers the significant legislative changes reflected in several Finance Acts since the publication of the last edition in 2016. These include:

Introduction of the new penalty regime for offshore assets, with a higher level of penalties depending upon various factors, including territory (19.71)

Introduction of the Trust Registration Service by HMRC for registering new/existing trusts under anti-money laundering regulations (19.1)

Obligatory 'real time' CGT reporting for disposals of UK residential property (10.73)

Domicile and new deemed domicile rules introduced by Finance (No 2) Act 2017 and implications for settlement protections (5.55)

Change to the meaning of 'excluded property' from 6 April 2017 (7.24)

Change to the definition of 'deemed domicile' for IHT (5.55).

Also covered are some significant cases decided since the last edition, including:

The Rangers Football Club Plc v Advocate General for Scotland (EBTs and payments of earnings) (16.44)

Barclays Wealth Trustees (Jersey) Ltd & Anor v HMRC (excluded property trust status and the treatment of inter-trust transfers) (7.41)

Examples and case studies are used to supplement and illustrate the text, providing practical guidance throughout.

Contents