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Trusts, Settlements and Estates Manual
Publication Date: 2021
Publisher: Bloomsbury Professional
Copyright: 2021 Crown
Trusts, Settlements and Estates Manual
An introduction to trusts, their income and gains and how HM Revenue & Customs treats them for tax purposes.
Last update: 30th June 2021
Contents
- Close sectionTSEM1002: Introduction to trusts
- Close sectionTSEM1003: Legal background - Trust law
- Close sectionTSEM1100: Legal background - Tax law
- Close sectionTSEM1400: Introduction to trusts: new trusts: contents
- TSEM1402: Trusts Registration Service
- TSEM1403: Trusts Registration Service: information required
- TSEM1405: Trust with no likelihood of income or gains
- TSEM1406: New trusts - public guidance
- TSEM1420: The trust office - UK resident and Non UK Resident trusts
- TSEM1421: Postal address of new estates office Cardiff
- TSEM1450: Trusts with a foreign connection
- TSEM1455: Trusts with a foreign connection - non-resident trusts
- TSEM1460: Introduction to trusts: new trusts: trusts with a foreign connection - foreign law trusts
- TSEM1470: New trust claims charitable status
- TSEM1471: New appeal fund
- TSEM1472: Administration period followed by a trust
- TSEM1473: Administration period not followed by a trust
- Close sectionTSEM1560: Types of trust
- TSEM1561: Non-Trust offices - trust status - mandatory submission
- TSEM1562: Trusts office - trust status - mandatory submission
- TSEM1563: Bare or simple trust
- TSEM1564: Interest in possession trust
- TSEM1565: Accumulation/discretionary trust
- TSEM1566: Trust that requires accumulation of income
- TSEM1567: Accumulation and maintenance trust
- TSEM1568: Trust for minor or incapacitated person
- TSEM1569: Mixed trust
- TSEM1570: Blind trust
- Close sectionTSEM1600: Request for clearance or approval
- Close sectionTSEM1700: Trust deeds
- Close sectionTSEM1800: Supplementary deeds
- Close sectionTSEM1900: Claims about error relating to trust
- Close sectionTSEM2000: Trust enquiries
- TSEM2001: Introduction
- TSEM2003: General - about the Compliance Handbook
- TSEM2005: General - about the Enquiry Manual
- TSEM2010: General - responsibilities of the caseworker
- TSEM2020: General - potential litigation
- TSEM2030: General - outcome
- TSEM2100: Trusts and estates - correctness and completeness of return
- TSEM2105: Trusts and estates - selecting a case for enquiry
- TSEM2115: Trusts and estates - time limit for enquiries
- TSEM2120: Trusts and estates - time limits for enquiries - liaison with other offices
- TSEM2140: Trusts and estates - clearance on trust winding up
- TSEM2160: Trusts - trust deeds
- Close sectionTSEM3000: Trust income and gains
- Close sectionTSEM3010: The charge on trustees
- TSEM3011: Amount of trust income chargeable
- TSEM3012: Standard rate band - income to which the band applies
- TSEM3013: Standard rate band - the tax pool
- TSEM3014: Standard rate band - income and certain capital receipts
- TSEM3015: Standard rate band - standard letter to be issued when the last SA Return year is set and the dormancy procedures are appropriate
- TSEM3016: Standard rate band - standard letter to be issued when the last SA Return year is set the tax pool
- TSEM3017: Standard rate band - order of income
- TSEM3018: Standard rate band - deemed income
- TSEM3019: Charge on accumulation or discretionary trusts
- TSEM3020: The tax pool - general
- TSEM3021: The tax pool - amounts entering
- TSEM3022: The tax pool - credit to beneficiaries
- TSEM3023: The tax pool - trustees pay excess tax
- TSEM3024: The tax pool - trustees calculate maximum discretionary payment
- TSEM3025: Trusts exempt from the special trust rates
- TSEM3030: Heritage maintenance funds
- TSEM3035: Which trustee is chargeable - periods to 5 April 2006
- TSEM3036: Which trustee is chargeable - periods from 6 April 2006
- TSEM3040: Trustees - beneficiary receives trust income directly
- TSEM3041: Trust tax rates
- TSEM3042: Annuity as charge on trust
- Close sectionTSEM3150: Trust income and gains
- TSEM3160: Resident trustees with trust income from abroad - beneficiary is not resident
- TSEM3165: Resident trustees with trust income from abroad - beneficiary is resident but not domiciled
- TSEM3170: Resident trustees with trust income from abroad - beneficiary is resident but not ordinarily resident
- TSEM3175: Trustees are not resident in the UK
- TSEM3185: FOTRA securities - resident trustees
- TSEM3190: Items that are not trust income for tax purposes
- TSEM3195: Business profits
- TSEM3196: Trustees receive mineral royalties
- TSEM3197: Trustees receive income from an estate
- TSEM3198: Bank or building society interest
- TSEM3199: Woodlands receipts
- Close sectionTSEM3200: Capital items that are income for tax purposes
- TSEM3201: Capital treated as income
- TSEM3205: Company buys its own shares
- TSEM3210: UK life assurance gain chargeable on trustees
- TSEM3215: UK life assurance gain trust office receives a chargeable event certificate
- TSEM3220: Foreign life assurance policy - gain chargeable on trustees
- TSEM3225: Discounted securities
- TSEM3230: Gilt strips
- TSEM3235: Futures and options
- TSEM3240: Foreign dividend coupons
- TSEM3245: Chargeable event gains in respect of Employee Share Ownership Trusts
- TSEM3250: Offshore income gain
- TSEM3255: Premiums treated as rent
- TSEM3260: Profits on sale of certificate of deposit
- TSEM3265: Gains on transaction in land
- TSEM3270: Trust income - stock (scrip) dividend
- TSEM3275: Trust income - enhanced stock (scrip) dividend
- TSEM3280: Trust income - loans written off
- TSEM3285: Trust income - annuitant refunds tax
- TSEM3290: Trustees - capital gains tax
- Close sectionTSEM3300: Trusts and accrued income scheme
- TSEM3305: Where to find full details
- TSEM3310: Outline
- TSEM3315: Trusts outside the provisions
- TSEM3320: Trusts outside the provisions - bare trustees
- TSEM3325: Do the provisions apply to trustee or beneficiary?
- TSEM3330: Securities go into trust
- TSEM3335: Beneficial interest changes
- TSEM3340: Change of trustees
- TSEM3345: Unauthorised unit trusts
- TSEM3350: Unauthorised unit trusts: rate of charge
- TSEM3355: Public Trustee's Gross Income Fund
- TSEM3360: Trust tax pool
- TSEM3365: Settlements legislation
- TSEM3370: Trust receives UK interest gross
- Close sectionTSEM3400: Vulnerable beneficiaries
- TSEM3405: Introduction
- TSEM3410: Guidance
- TSEM3415: Overview of the special tax treatment
- TSEM3416: Non-resident trustees
- TSEM3420: Definition of a vulnerable person
- TSEM3421: Definition of a disabled person
- TSEM3422: Definition of a disabled person - receipt of DWP allowances
- TSEM3423: Definition of a relevant minor
- TSEM3425: Non-resident vulnerable person
- TSEM3426: Non-resident vulnerable person - vulnerable person who is physically disabled
- TSEM3430: Definition of qualifying trusts - disabled person
- TSEM3431: Definition of qualifying trusts - trustees' power to advance capital
- TSEM3435: Definition of qualifying trusts - relevant minor
- TSEM3436: Definition of qualifying trusts - relevant minor - statutory trusts
- TSEM3437: Definition of qualifying trusts - relevant minor - trusts established by will or by the CICS
- TSEM3440: Definition of qualifying trusts - parts of assets
- TSEM3450: Vulnerable person election
- TSEM3451: Vulnerable person election - time limits
- TSEM3452: Vulnerable person election - form VPE1
- TSEM3455: Vulnerable person election - details required in the election
- TSEM3456: Vulnerable person election - details required in the election - effective date
- TSEM3457: Vulnerable person election - details required in the election - declarations and signatures
- TSEM3458: Vulnerable person election - details required in the election - Board's information powers
- TSEM3460: Claims to special tax treatment
- TSEM3461: Claims to special tax treatment - treatment does not apply
- TSEM3462: Claims to special tax treatment - form of claim
- TSEM3470: Claims to special tax treatment - computing the amount of relief
- TSEM3471: Claims to special tax treatment - computing the amount of relief - income tax
- TSEM3472: Claims to special tax treatment - computing the amount of relief - income tax - TLV2 and TLV1
- TSEM3473: Claims to special tax treatment - computing the amount of relief - income tax - TLV2 and TLV1 - non resident vulnerable persons
- TSEM3474: Claims to special tax treatment - computing the amount of relief - income tax - basic example
- TSEM3475: Claims to special tax treatment - computing the amount of relief - income tax - example where the beneficiary has personal income
- TSEM3476: Claims to special tax treatment - computing the amount of relief - income tax - management expenses
- TSEM3477: Claims to special tax treatment - computing the amount of relief - income tax - management expenses example
- TSEM3478: Claims to special tax treatment - computing the amount of relief - income tax - part years
- TSEM3479: Claims to special tax treatment - computing the amount of relief - income tax - part years example
- TSEM3480: Enquiries
- TSEM3481: Enquiries - notice of determination
- TSEM3482: Enquiries - penalties
- TSEM3483: Enquiries - penalties - providing incorrect information
- TSEM3484: Enquiries - penalties - failure to give notice that the election is no longer effective
- TSEM3490: Discretionary payments to a beneficiary
- Close sectionTSEM3500: Trust income and gains - sub-fund elections
- TSEM3505: Sub-fund elections - overview
- TSEM3510: Sub-fund elections - conditions for making an election
- TSEM3515: Sub-fund elections - time limits
- TSEM3520: Sub-fund elections - the election form SFE1
- TSEM3525: Sub-fund elections - details required in the election
- TSEM3530: Sub-fund elections - receipt of form SFE1
- TSEM3535: Sub-fund elections - interaction with a vulnerable beneficiary election
- Close sectionTSEM3600: Tax relief claimed by trustees
- Close sectionTSEM3650: Relief to trust beneficiary for overseas tax
- TSEM3655: Relief for overseas tax - beneficiary entitled to trust income
- TSEM3660: Relief for overseas tax - annuity from a trust
- TSEM3665: Relief for overseas tax - trust income deemed not to be the beneficiary's
- TSEM3670: Discretionary trust - relief for overseas tax
- TSEM3675: Relief for overseas tax - expenses of discretionary trust
- TSEM3680: Trustee's certificate of overseas taxed income
- TSEM3685: Relief for overseas tax - mixed trust
- Close sectionTSEM3750: Income of trust beneficiaries
- TSEM3754: Beneficiary receives discretionary income payment from a resident trust
- TSEM3755: Company beneficiary receives discretionary income payment from a resident trust
- TSEM3756: Individual beneficiary receives discretionary income payment from a resident trust - trust not settlor-interested
- TSEM3757: Individual beneficiary receives discretionary income payment from a resident trust - settlor-interested trust
- TSEM3759: Individual beneficiary receives discretionary income payment from a resident trust - when payment made
- TSEM3760: Beneficiary entitled to trust income - guidance
- TSEM3761: Beneficiary entitled to trust income - overview
- TSEM3762: IIP beneficiary - measure of income for tax purposes - items disregarded
- TSEM3763: Beneficiary receives trust income directly.
- TSEM3764: Beneficiary entitled to trust income - grossing up
- TSEM3765: Beneficiary entitled to trust income - credit for trustees' tax
- TSEM3766: Beneficiary entitled to trust income - grossing up and credit for trustees' tax example
- TSEM3767: Beneficiary entitled to trust income - form R185 (Trust Income)
- TSEM3768: Beneficiary entitled to trust income - deemed income
- TSEM3769: Beneficiary entitled to trust income - deemed income - beneficiary is effectively the owner of the property
- TSEM3770: Beneficiary entitled to trust income - trust that trades or has rental income - general
- TSEM3771: Beneficiary entitled to trust income - trust that trades or has rental income - business expenses
- TSEM3772: Beneficiary entitled to trust income - trust that trades or has rental income - Capital Allowances
- TSEM3773: Beneficiary entitled to trust income - trust that trades or has rental income - losses
- TSEM3780: Payment from trust capital - when income accumulates
- TSEM3781: Payment from trust capital - normally capital in beneficiary's hands
- TSEM3782: Payment from trust capital - normally capital in beneficiary's hands - S31 Trustee Act 1925
- TSEM3783: Payment from trust capital - exceptions to normal rule
- TSEM3784: Payment from trust capital - exceptions to normal rule - annuity
- TSEM3785: Payment from trust capital - exceptions to normal rule - payment to supplement or augment income
- TSEM3786: Payment from trust capital - compensation treated as income
- TSEM3787: Payment from trust capital - compensation treated as capital
- TSEM3788: Payment of personal expenses from income
- TSEM3789: Payment of personal expenses from capital
- TSEM3790: Discretionary payment from a non-resident trust
- Close sectionTSEM3850: Checking trust income
- Close sectionTSEM3010: The charge on trustees
- Close sectionTSEM4000: Settlements legislation
- TSEM4001: ITTOIA destinations and origins
- TSEM4002: Table of destinations - ICTA 1988 to ITTOIA
- TSEM4003: Table of origins - ITTOIA to ICTA 1988
- TSEM4004: Customer request for clearance, approval or advice
- TSEM4005: Introduction to the settlements legislation
- TSEM4010: ITTOIA /Part 5, Chapter 5 and the settlements legislation
- TSEM4015: Effects of the settlements legislation
- TSEM4016: Effects of the settlements legislation - corporate settlors
- TSEM4017: Calculation of Income - ITTOIA 2005, s 623
- TSEM4020: Transfer of assets abroad
- TSEM4100: Definition of settlement
- TSEM4105: Interpretation of statutory definition of settlement
- TSEM4110: Scope of statutory definition of settlement
- TSEM4120: Definition of settlor
- TSEM4125: Settlor: reciprocal arrangement
- TSEM4130: Settlor: reciprocal arrangement - enquiry
- TSEM4200: Settlor retains an interest
- TSEM4205: Settlor retains an interest - exceptions - outright gifts between spouses or civil partners
- TSEM4206: Settlor retains an interest - exceptions - certain types of income
- TSEM4207: Settlor retains an interest - exceptions - gifts to charities
- TSEM4210: Settlements: look at the whole arrangement
- TSEM4215: Partnerships
- TSEM4220: About dividend waivers
- TSEM4225: Dividend waiver: when settlements legislation may apply
- TSEM4300: Settlement for unmarried minor child: settlements legislation
- TSEM4305: Settlement for unmarried minor child: settlements made before 9 March 1999
- TSEM4310: Settlement for unmarried minor child: income less than £100
- TSEM4320: Summary - application to non-trust situations
- TSEM4325: Summary - factors to look for
- TSEM4355: Summary - additional examples where settlements legislation does not apply
- TSEM4400: Capital sums paid to the settlor: ITTOIA/S633
- TSEM4402: Capital sums paid to settlor: Submissions to Trusts & Estates Technical Edinburgh
- TSEM4405: Capital sum paid to settlor: outline of ITTOIA 2005, s 641
- TSEM4410: Capital sum paid to settlor: instructions about ITTOIA 2005, s 641
- TSEM4415: Capital sums paid to settlor: Tax Return
- TSEM4500: Settlor's right of recovery of tax
- TSEM4505: Certification under ITTOIA 2005, s 642(2)
- TSEM4510: Wording of certificate under ITTOIA 2005, s 642(2)
- TSEM4512: Tax paid by trustees where income is treated as that of the settlor
- TSEM4513: Tax paid by trustees where trust is not wholly settlor interested
- TSEM4515: Certificate under TCGA/S78
- TSEM4520: Certificate under ITTOIA 2005, s 538
- TSEM4550: Trustee or beneficiary entitled to share tax repayment
- TSEM4552: About certification under ITTOIA 2005, s 646(6A)
- TSEM4553: Wording of certificate under ITTOIA 2005, s 646(6A)
- TSEM4554: Inheritance Tax implications of adjustments under ITTOIA/S646(6A)
- TSEM4555: More than one settlor
- TSEM4565: Appeals representation
- TSEM4570: Treatment of income in hands of beneficiary
- TSEM4573: Taxing income on settlor
- TSEM4575: How settlor returns income
- Close sectionTSEM5000: Trusts for particular purposes
- Close sectionTSEM5005: Employment - related trusts
- TSEM5010: Guidance
- TSEM5015: Types
- TSEM5025: General employee benefit trusts
- TSEM5050: New general employee benefit trust
- TSEM5055: Summary for general employee benefit trust - resident trustees (EBT1)
- TSEM5060: Summary for general employee benefit trust - non-resident trustees (NRT39)
- TSEM5075: Employer sick pay schemes
- TSEM5100: New employer sick pay scheme
- TSEM5150: Trust that an employer makes in favour of an individual
- TSEM5175: Educational trusts
- TSEM5200: Retirement benefits schemes - lump sum death benefit
- TSEM5220: Retirement benefits schemes and registered pension schemes
- TSEM5225: Approved retirement benefits schemes and registered pension schemes
- TSEM5250: Employer-financed retirement benefits schemes
- TSEM5275: Unfunded employer-financed retirement benefits schemes
- TSEM5300: Funded unapproved retirement benefits schemes (FURBS) up to 5 April 2006
- TSEM5325: New EFRBS trust
- TSEM5350: Settlements legislation for EFRBS
- TSEM5355: Summary for FURBS/EFRBS - non-resident trustees (NRT40)
- TSEM5357: FURBS - loss of exemption
- TSEM5358: FURBS - loss of exemption in winding up
- TSEM5359: FURBS - loss of exemption in winding up - examples
- TSEM5360: Retirement benefits - ICTA 1988, s 615 schemes - introduction
- TSEM5365: Retirement benefits - ICTA 1988, s 615 schemes - rules
- TSEM5370: Retirement benefits - ICTA 1988, s 615 schemes - notify SPSS if trustees claims are investigated
- TSEM5375: Retirement benefits - ICTA 1988, s 615 schemes - charges on income
- TSEM5380: Retirement benefits - ICTA 1988, s 615 schemes - annuities - non residents
- TSEM5400: Approved profit sharing schemes (APS)
- TSEM5410: Approved profit sharing schemes - taxation of trustees
- TSEM5415: Approved profit sharing schemes - payments to employees
- TSEM5425: Share Incentive Plans (SIPs) (previously all employee share ownership plans (AESOPS))
- TSEM5435: Share Incentive Plans - taxation of trustees
- TSEM5440: Share Incentive Plans - payments to employees
- TSEM5500: Employee share ownership trusts (ESOTs)
- TSEM5550: Loan schemes for employees and directors to acquire shares
- TSEM5575: Employment-related schemes not withinTSEM5010 onwards
- Close sectionTSEM5590: Extra-statutory concession A68
- TSEM5600: The reason for ESC A68 - years to 2009-2010
- TSEM5605: ESC A68 - the amount of the compensation - years to 2009-2010
- TSEM5610: ESC A68 - conditions - years to 2009-2010
- TSEM5612: ESC A68 - statistics - years to 2009-2010
- TSEM5615: Compensation under ESC A68 - example using savings income - years to 2009-2010
- TSEM5620: Compensation under ESC A68 - example using dividend income - years to 2009-2010
- TSEM5650: Discretionary payments taxed as employment income 2010-2011 onwards
- TSEM5655: Discretionary payments taxed as employment income 2010-2011 onwards - definitions
- TSEM5660: Discretionary payments taxed as employment income 2010-2011 onwards - amount of relief
- TSEM5665: Discretionary payments taxed as employment income 2010-2011 onwards - example
- TSEM5670: Discretionary payments taxed as employment income 2010-2011 onwards - repayment supplement
- Close sectionTSEM5700: Flat management companies
- TSEM5705: Flat management companies - service charge funds and sinking funds - background
- TSEM5710: Flat management companies - S42 Landlord and Tenant Act 1987
- TSEM5712: Flat management companies - deduction of tax from interest received
- TSEM5715: Flat management companies - scope of S42 Landlord and Tenant Act 1987
- TSEM5720: Flat management companies - funds created
- TSEM5725: Flat management companies - tenants of rented property
- TSEM5730: Flat management companies - leaseholder owners of property
- TSEM5735: Flat management companies - freehold owners of property
- TSEM5740: Flat management companies - registered social landlords and other ‘exempt landlords’
- TSEM5745: Flat management companies - ‘exempt landlords’ - S58 LTA 1987
- TSEM5750: Flat management companies - funds not within S42 LTA 1987
- TSEM5752: Flat management companies - funds not within S42 LTA 1987 - definition of ‘relevant housing body’
- TSEM5755: Flat management companies - investment income previously charged to corporation tax
- TSEM5760: Flat management companies - notification from company's tax office
- TSEM5765: Flat management companies - notification from trustee and liaison with company's tax office
- TSEM5800: Heritage maintenance funds
- Close sectionTSEM5850: Direct Payment trusts
- Close sectionTSEM5900: Trusts administered by the Official Solicitor and Public Trustee
- Close sectionTSEM5950: The Thalidomide Trust
- Close sectionTSEM5005: Employment - related trusts
- Close sectionTSEM6000: Legal background to trusts and estates
- Close sectionTSEM6001: The law in England & Wales
- TSEM6002: Summary of notes about the law in England & Wales
- TSEM6003: The background to English law
- TSEM6005: Definition of property
- TSEM6006: Realty (real property)
- TSEM6007: Personalty (personal property)
- TSEM6015: Chattels
- TSEM6016: Choses in possession & choses in action
- TSEM6018: Legal interest & equitable (beneficial) interest
- Close sectionTSEM6030: Wills & estates
- TSEM6032: The items which form the deceased's estate
- TSEM6033: Gift on account of death
- TSEM6034: A valid will
- TSEM6035: Will - use of the words ‘trust’ and ‘trustee’
- TSEM6036: Invalid will - intestacy
- TSEM6037: Personal representatives act on verbal instructions
- TSEM6038: Secret or half-secret trust
- TSEM6039: Appointing personal representatives
- TSEM6040: Paying executors
- TSEM6041: Gift of land in a will
- TSEM6045: When a will trust commences
- Close sectionTSEM6050: Executors
- TSEM6051: First duties of executors
- TSEM6052: Apportioning income
- TSEM6053: Proving a will
- TSEM6054: The three phases of an executor's duties
- TSEM6056: Executors - deceased was self-employed
- TSEM6057: Estate includes unauthorised investments
- TSEM6058: Executors and the tax office
- TSEM6059: Wills - the three forms of specific bequests
- TSEM6060: Wills - delays in paying specific bequests
- TSEM6061: Delays in paying specific bequests
- TSEM6062: Insufficient funds in an estate
- TSEM6063: Inheritance (Provision for Family and Dependants) Act 1975
- TSEM6071: The end of an administration period
- TSEM6072: Executors give assent
- TSEM6073: Executors pay a legacy early
- TSEM6074: Executors - interest on legacy paid late
- TSEM6075: Legacy to a minor beneficiary
- TSEM6076: Personal representatives pay assets to trustees
- TSEM6077: Reasons for estate assets going into a trust
- TSEM6078: Value of assets transferred from an estate
- TSEM6079: The difference between executors and trustees
- Close sectionTSEM6100: No valid will
- TSEM6101: Intestacy
- TSEM6102: Applying for letters of administration
- TSEM6104: Administrator's duties
- TSEM6105: Partial intestacy
- TSEM6106: Apportioning income
- TSEM6110: The three phases of an administrator's duties
- TSEM6112: Administrators - deceased was self-employed
- TSEM6113: Administrators and the tax office
- TSEM6114: The end of an administration period
- TSEM6115: Administrators give assent
- TSEM6120: Statutory trust
- TSEM6121: Early payment of minor's share under the rules of intestacy
- TSEM6122: When beneficiary becomes absolutely entitled to trust assets
- TSEM6123: Trust for sale
- TSEM6124: Administrators become trustees of statutory trust
- TSEM6125: Age of majority
- TSEM6126: Administrators - value of transferred assets
- TSEM6127: The difference between administrators and trustees
- Close sectionTSEM6200: Types of interest in property
- TSEM6201: Absolute interest in property
- TSEM6202: Splitting an absolute interest
- TSEM6203: Life tenant - an outline
- TSEM6204: ‘Absolute interest in income’
- TSEM6205: Limited interest - definition
- TSEM6210: Vested interest - definition
- TSEM6211: Contingent interest - definition
- TSEM6212: In remainder - definition
- TSEM6213: Splitting interests to create a trust
- Close sectionTSEM6230: Legal background to trusts
- Close sectionTSEM6500: Introduction to Scottish law
- TSEM6502: Summary of notes - on Scottish law
- TSEM6503: Scottish legal terms
- TSEM6504: Basis of the Scottish legal system
- TSEM6505: Scottish law - natural justice and equity
- TSEM6506: Applying the law to Scottish trusts
- TSEM6507: Scottish law - categories of property
- TSEM6508: Scottish law - minority
- TSEM6509: Scottish law - age of legal capacity
- Close sectionTSEM6520: Scottish trusts and estates
- TSEM6521: Setting up a Scottish trust
- TSEM6522: Executors of Scottish estates
- TSEM6523: Scottish law - confirmation
- TSEM6524: Scottish law - deceased does not leave a will
- TSEM6531: Scottish law - legal rights of surviving spouse
- TSEM6532: Scottish law - legal rights of surviving children or remoter issue
- TSEM6533: Scottish law - examples of legal rights
- TSEM6535: Scottish law - conditions attached to a legacy
- TSEM6540: Scottish law - rules against perpetuities
- TSEM6541: Scottish law - restriction on liferent
- TSEM6542: Scottish law - further reading
- Close sectionTSEM6001: The law in England & Wales
- Close sectionTSEM7000: Tax cases:contents
- TSEM7005: Carver v Duncan (ST 356)
- TSEM7010: CIR v Hamilton of Dalzell (Lord) (10 TC 406)
- TSEM7015: CIR v Dewar (16 TC 84)
- TSEM7020: CIR v Plummer (54 TC 1)
- TSEM7023: Cunard's Trustees v CIR (27 TC 122)
- TSEM7025: Dale v CIR (34 TC 468)
- TSEM7030: Fry v Shiels' Trustees (6 TC 583)
- TSEM7032: HMRC v Peter Clay (STC 469)
- TSEM7035: MacFarlane v CIR (14 TC 532)
- TSEM7040: McDougal v Smith (7 TC 134)
- TSEM7045: Miller (Lady) v CIR (15 TC 25)
- TSEM7050: Murray (Elizabeth v CIR) (11 TC 133)
- TSEM7055: Reid's Trustees v CIR (14 TC 512)
- TSEM7062: Stevenson Wishart & others (59 TC 740)
- TSEM7065: Tollemarche (Lord) v CIR (11 TC 277)
- TSEM7070: Williams v Singer & others (7 TC 387)
- Close sectionTSEM7200: Deceased persons
- Close sectionTSEM7202: Deceased persons - an introduction
- Close sectionTSEM7250: Deceased persons - period before death
- TSEM7252: Year of death - income arising to date of death
- TSEM7254: Tax chargeable - no probate or letters of administration
- TSEM7256: Tax arrears when estate distributed
- TSEM7260: Income chargeable as property income or as savings and investment income
- TSEM7262: Interest received
- TSEM7266: Taxed income and gains
- TSEM7268: Apportioning annuities received
- TSEM7270: Charges and interest paid
- TSEM7280: Deceased persons: final year's liability
- TSEM7282: Deceased persons:
- Close sectionTSEM7350: Deceased persons - period of administration
- TSEM7352: A brief introduction to periods of administration
- TSEM7354: The two types of personal representatives
- TSEM7355: Legal authority of personal representatives
- TSEM7356: What personal representatives do
- TSEM7358: Mixed residence personal representatives
- TSEM7360: Definition of period of administration
- TSEM7362: The need to review papers
- Close sectionTSEM7375: Deceased persons - review of post death period
- TSEM7376: Deceased persons - responsibilities of HMRC Administration of Estates Cardiff - complex cases
- TSEM7390: Deceased persons - tax reliefs for personal representatives
- TSEM7391: Deceased persons - tax reliefs for personal representatives - how to allow relief
- TSEM7392: Deceased persons - capital gains
- Close sectionTSEM7400: Deceased persons - returns procedures
- TSEM7406: Small estates - issuing returns
- TSEM7407: Voluntary returns
- TSEM7410: Conditions for informal payment procedures
- TSEM7413: Administration periods - agreeing the tax liability
- TSEM7414: Administration periods - failure to agree the tax liability
- TSEM7418: Administration periods - returns - clearance procedure
- Close sectionTSEM7450: Deceased persons - tax liabilities of beneficiaries of estates
- TSEM7452: Beneficiaries of estates - introduction
- TSEM7453: Beneficiaries of estates - tax rules
- TSEM7456: Beneficiaries of estates - entries on tax return
- TSEM7457: Beneficiaries of estates - how to check income from an estate
- TSEM7458: Beneficiaries of estates - bank or building society interest taxed at source
- TSEM7470: Beneficiaries of estates - legislation - ITTOIA destinations and origins
- TSEM7472: Beneficiaries of estates - legislation - non-corporate beneficiaries - table of destinations - ICTA 1988 to ITTOIA
- TSEM7473: Beneficiaries of estates - legislation - non corporate beneficiaries - table of origins - ITTOIA to ICTA 1988
- TSEM7474: Beneficiaries of estates - legislation - corporate beneficiaries - table of destinations - ICTA 1988 to CTA 2009
- TSEM7475: Beneficiaries of estates - legislation - corporate beneficiaries - table of origins - CTA 2009 to ICTA 1988
- TSEM7478: Beneficiaries of estates - appeals
- TSEM7480: Beneficiaries of estates - the appropriate guidance
- TSEM7490: Beneficiaries of estates - legacies
- Close sectionTSEM7600: Deceased persons - absolute interests in residue
- TSEM7602: Deceased persons - absolute interests in residue - definition
- TSEM7604: Deceased persons - absolute interests in residue - tax rules
- TSEM7606: Deceased persons - absolute interests in residue payments during the administration period (1994-95 or earlier)
- TSEM7608: Deceased persons - absolute interests in residue - liability during the administration period (1995-96 onwards)
- Close sectionTSEM7650: Deceased persons - limited interests in residue
- TSEM7652: Limited interests in residue - description
- TSEM7654: Limited interests in residue - payments made during the administration period
- TSEM7655: Limited interests in residue - statutory - conventional basis of taxation
- TSEM7656: Limited interests in residue - taxation of beneficiary - examples of statutory basis
- TSEM7660: Limited interests in residue - discretionary interests in residue - definition
- Close sectionTSEM7675: Deceased persons - interests in residue - practical and computational aspects
- TSEM7676: Interests in residue - practical and computational aspects - introduction
- TSEM7678: Interests in residue - practical and computational aspects - residuary income
- TSEM7680: Interests in residue - practical and computational aspects - United Kingdom estates
- TSEM7682: Interests in residue - practical and computational aspects - foreign estates
- TSEM7684: Interests in residue - practical and computational aspects - tax rules for United Kingdom estates
- TSEM7686: Interests in residue - practical and computational aspects - underlying source of income
- TSEM7688: Interests in residue - practical and computational aspects - special reliefs for higher rate taxpayers
- TSEM7690: Interests in residue - practical and computational aspects - excess expenses
- TSEM7692: Interests in residue - practical and computational aspects - time limit
- TSEM7750: Interests in residue - practical and computational aspects - death of beneficiary
- TSEM7752: Interests in residue - practical and computational aspects - Apportionment Act 1870
- TSEM7754: Interests in residue - practical and computational aspects - legal rights in Scotland
- TSEM7756: Interests in residue - practical and computational aspects - where to get further help
- Close sectionTSEM7800: Deceased persons - intestacy
- TSEM7804: Intestacy - introduction
- TSEM7806: Intestacy - no letters of administration
- TSEM7808: Intestacy - general - distribution of estate
- TSEM7822: Intestacy - England and Wales - distribution of estate
- TSEM7826: Intestacy - England and Wales - surviving spouse or civil partner
- TSEM7828: Intestacy - England and Wales - fixed sums
- TSEM7830: Intestacy - England and Wales - division of estate
- TSEM7842: Intestacy - Scotland - distribution of estate
- TSEM7843: Intestacy - Scotland - surviving spouse or civil partner
- TSEM7844: Intestacy - Scotland - no surviving spouse or civil partner
- TSEM7845: Intestacy - Scotland - division of estate
- TSEM7862: Intestacy - Northern Ireland - distribution of estate
- TSEM7864: Intestacy - Northern Ireland - surviving spouse or civil partner
- TSEM7866: Intestacy - Northern Ireland - fixed sums
- TSEM7868: Intestacy - Northern Ireland - division of estate
- Close sectionTSEM7900: Personal representatives' expenses
- TSEM7902: Introduction
- TSEM7904: Personal representatives' expenses: Context
- TSEM7906: Personal representatives' expenses: Legislation
- TSEM7908: What are personal representatives' expenses?
- TSEM7910: Properly chargeable to income
- TSEM7912: What expenses are allowable?
- TSEM7914: What expenses are not allowable?
- Close sectionTSEM8000: Trust Management Expenses
- Close sectionTSEM8001: Introduction
- Close sectionTSEM8100: ‘Properly chargeable to income’ in general trust law
- TSEM8105: Introduction
- TSEM8110: Carver v Duncan
- TSEM8115: Carver v Duncan - trust law points
- TSEM8120: HMRC v Peter Clay - summary
- TSEM8125: HMRC v Peter Clay - ‘the whole estate’
- TSEM8130: HMRC v Peter Clay - ‘confer benefit’
- TSEM8135: HMRC v Peter Clay - ‘the income beneficiaries’
- TSEM8140: HMRC v Peter Clay - what should be charged to capital
- TSEM8145: HMRC v Peter Clay - what should be charged to income
- TSEM8150: HMRC v Peter Clay - apportionment
- TSEM8155: Apportionment and tax
- TSEM8160: Apportionment and tax - recording and evidence - introduction
- TSEM8162: Apportionment and tax - recording and evidence - expense separately recorded
- TSEM8164: Apportionment and tax - recording and evidence - expense not separately recorded - time records kept
- TSEM8166: Apportionment and tax - recording and evidence - expense not separately recorded - time records not kept - other documentation
- TSEM8168: Apportionment and tax - recording and evidence - expense not separately recorded - time records not kept - no documentation - ‘realistic estimate’
- Close sectionTSEM8200: Accumulation/discretionary trusts
- TSEM8205: Introduction
- TSEM8210: Basic rate, etc tax
- TSEM8215: Relief against the special trust rates
- TSEM8220: Legislation - ITA 2007, s 484 Trustees' expenses to be set against trustees' trust rate income
- TSEM8225: ITA 2007, s 484 -‘expenses of the trustees’
- TSEM8230: Trust deed
- TSEM8235: Difference between trust law and ITA 2007, s 484
- TSEM8240: ITA 2007, s 484 - basis of allowance
- TSEM8245: Grossing up
- TSEM8250: Order of set-off
- TSEM8255: Grossing up and order of set-off example
- TSEM8260: Relief against the special trust rates - deemed income
- Close sectionTSEM8300: Interest in possession trusts
- TSEM8305: Introduction
- TSEM8310: IIP trustees - basic rate, etc tax
- TSEM8315: IIP trustees - deemed income
- TSEM8320: IIP beneficiaries - case law
- TSEM8325: IIP beneficiaries - TMEs not a tax deduction
- TSEM8330: IIP beneficiaries - tax law
- TSEM8335: IIP beneficiaries - tax law - ITA 2007, s 500
- TSEM8340: IIP beneficiaries - trust deed
- TSEM8345: IIP beneficiaries - measure of income - net and gross amount
- TSEM8350: IIP beneficiaries - measure of income - tax paid by trustees
- TSEM8355: IIP beneficiaries - ITA 2007, s 500 - basis of allowance
- TSEM8360: IIP beneficiaries - tax law - order of set-off
- TSEM8365: IIP beneficiaries - tax law - order of set-off - example
- TSEM8370: IIP beneficiaries - tax law - form R185 (Trust Income)
- TSEM8375: IIP beneficiaries - mandated income
- Close sectionTSEM8400: Bare trusts
- Close sectionTSEM8500: Settlor-interested trusts
- Close sectionTSEM8600: Mixed trusts
- Close sectionTSEM8700: Guide to specific items
- TSEM8705: Introduction
- TSEM8710: Accountancy - general
- TSEM8712: Accountancy - preparation of trust accounts
- TSEM8713: Accountancy - audit of trust accounts
- TSEM8715: Accountancy - preparation of trust tax return
- TSEM8717: Accountancy - software for making return
- TSEM8719: Accountancy - obtaining tax advice
- TSEM8720: Bank charges
- TSEM8723: Depreciation
- TSEM8726: Distribution of income
- TSEM8729: Insurance premiums for trust assets
- TSEM8730: Interest - general
- TSEM8735: Interest etc. on tax bills
- TSEM8740: Investment advice
- TSEM8745: Legal costs
- TSEM8747: Life policies - premiums
- TSEM8750: Personal expenses of beneficiary
- TSEM8755: Property costs
- TSEM8760: Reimbursement of expenses to trustees
- TSEM8765: Running costs
- TSEM8770: Travel and subsistence costs
- TSEM8780: Trustees' fees - general
- TSEM8783: Trustees' fees - the Public Trustee
- TSEM8786: Trustees' fees - trustees other than the Public Trustee - general
- TSEM8788: Trustees' fees - trustees other than the Public Trustee - corporate trustees
- TSEM8790: Woodlands expenses
- Close sectionTSEM9000: Ownership and Income Tax
- Close sectionTSEM9005: Introduction
- Close sectionTSEM9100: Legal background - ownership
- TSEM9105: Meaning of property
- TSEM9110: Two types of ownership
- TSEM9120: Legal owner
- TSEM9130: Beneficial owner
- TSEM9140: Legal and beneficial ownership - interaction
- TSEM9150: Legal and beneficial ownership - separation
- TSEM9160: Income follows property
- TSEM9170: Income follows property - variation
- Close sectionTSEM9200: Legal background - joint ownership
- Close sectionTSEM9300: Income tax principles
- Close sectionTSEM9400: Income tax claims
- Close sectionTSEM9500: Express trust
- Close sectionTSEM9600: Implied trust - resulting
- Close sectionTSEM9700: Implied trust - constructive
- Close sectionTSEM9800: Jointly held property - married couples and civil partners
- TSEM9805: Overview - introduction
- TSEM9810: Overview - explanation of terms
- TSEM9812: Overview - two main rules
- TSEM9814: The 50/50 rule - 50/50 rule and exclusions
- TSEM9816: The 50/50 rule - income to which neither of the individuals is beneficially entitled
- TSEM9818: The 50/50 rule - partnership income
- TSEM9820: The 50/50 rule - income from furnished holiday lettings
- TSEM9822: The 50/50 rule - income from jointly held shares in a close company
- TSEM9824: The 50/50 rule - income which is treated as the income of the other individual, or of a third party
- TSEM9826: The 50/50 rule - income in relation to which a declaration by the individuals under section 837 has effect
- TSEM9828: The 50/50 rule - asset first put into joint names
- TSEM9830: The 50/50 rule - new source
- TSEM9832: The 50/50 rule - year of marriage or civil partnership - assets already jointly held
- TSEM9834: The 50/50 rule - year of death
- TSEM9836: The 50/50 rule - year of permanent separation
- TSEM9838: The 50/50 rule - year of divorce or dissolution
- TSEM9840: The 50/50 rule - year of reconciliation
- TSEM9842: Form 17 rule - introduction
- TSEM9844: Form 17 rule - who can make a declaration?
- TSEM9846: Form 17 rule - declaration is optional
- TSEM9848: Form 17 rule - beneficial interests
- TSEM9850: Form 17 rule - declaration must reflect reality
- TSEM9851: Form 17 rule - evidence
- TSEM9852: Form 17 rule - how couple make declaration
- TSEM9854: Form 17 rule - property not covered by declaration
- TSEM9856: Form 17 rule - further change in beneficial interests
- TSEM9858: Form 17 rule - no limit on number of declarations
- TSEM9860: Form 17 rule - when declaration takes effect - normal case
- TSEM9862: Form 17 rule - strict time limit
- TSEM9864: Form 17 rule - when a declaration stops
- TSEM9866: Form 17 rule - death, separation and divorce or dissolution of civil partnership
- TSEM9868: Form 17 rule - married couple or civil partners continue to live together
- TSEM9870: Form 17 rule - action on receipt of form 17
- TSEM9872: Form 17 rule - declaration accepted
- TSEM9874: Form 17 rule - declarations delayed or lost in post
- TSEM9876: Form 17 rule - exchange of information for investigation purposes
- TSEM9878: Form 17 rule - general approach to declarations
- Close sectionTSEM9900: Specific types of property
- TSEM9905: Introduction
- TSEM9910: Land and buildings - legal title
- TSEM9912: Land and buildings - express trusts
- TSEM9914: Land and buildings - implied trusts
- TSEM9916: Land and buildings - joint ownership
- TSEM9918: Land and buildings - taxation of rental income
- TSEM9920: Land and buildings - examples
- TSEM9921: Land and buildings - sole name - example 1
- TSEM9922: Land and buildings - sole name - example 2
- TSEM9923: Land and buildings - sole name - example 3
- TSEM9924: Land and buildings - sole name - example 4
- TSEM9925: Land and buildings - sole name - example 5
- TSEM9926: Land and buildings - sole name - example 6
- TSEM9927: Land and buildings - sole name - example 7
- TSEM9928: Land and buildings - sole name - example 8
- TSEM9929: Land and buildings - sole name - example 9
- TSEM9930: Bank and building society accounts - legal and beneficial ownership
- TSEM9932: Bank and building society accounts - joint ownership
- TSEM9934: Bank and building society accounts - taxation of interest
- TSEM9940: Bank and building society accounts - examples
- TSEM9941: Bank and building society accounts - example 1
- TSEM9942: Bank and building society accounts - example 2
- TSEM9943: Bank and building society accounts - example 3
- TSEM9944: Bank and building society accounts - sole name - example 4
- TSEM9945: Bank and building society accounts - sole name - example 5
- TSEM9946: Bank and building society accounts - joint name - example 6
- TSEM9947: Bank and building society accounts - joint name - example 7
- TSEM9948: Bank and building society accounts - joint name - example 8
- TSEM9949: Bank and building society accounts - joint name - example 9
- TSEM9950: Bank and building society accounts - joint name - example 10
- TSEM9951: Bank and building society accounts - joint name - example 11
- TSEM9952: Bank and building society accounts - joint name - example 12
- TSEM9953: Bank and building society accounts - joint name - example 13
- TSEM9954: Bank and building society accounts - example 14
- TSEM9960: Shares - legal and beneficial ownership
- TSEM9962: Shares - joint ownership
- TSEM9964: Shares - taxation of dividends
- TSEM9970: Shares - examples
- TSEM9971: Shares - sole name - example 1
- TSEM9972: Shares - sole name - example 2
- TSEM9973: Shares - sole name - example 3
- TSEM9974: Shares - joint name - example 4
- TSEM9975: Shares - joint name - example 5
- TSEM9976: Shares - joint name - example 6
- TSEM9977: Shares - joint name - example 7
- TSEM9978: Shares - joint name - example 8
- Close sectionTSEM10000: Non-resident trusts
- Close sectionTSEM10005: Residence rules
- TSEM10006: What is a non-resident trust?
- TSEM10010: Trust residence for Income Tax purposes - periods to 5 April 2007
- TSEM10015: Trust residence for Capital Gains Tax purposes - periods to 5 April 2007
- TSEM10020: Trust residence for Income Tax and Capital Gains Tax purposes - periods from 6 April 2007
- TSEM10025: Trust residence for Income Tax and Capital Gains Tax purposes - periods from 6 April 2007 - changes during the tax year
- TSEM10030: Trust residence for Income Tax and Capital Gains Tax purposes - periods from 6 April 2007 - changes during the tax year - examples
- TSEM10035: Dual resident trusts
- TSEM10040: Difficulty with residence status of a trust
- TSEM10050: Professional trustees not resident in the UK - introduction and background
- TSEM10055: Professional trustees not resident in the UK - branch, agency or permanent establishment
- TSEM10060: Professional trustees not resident in the UK - treaty issues
- TSEM10065: Professional trustees not resident in the UK - examples and scenarios
- TSEM10070: Professional trustees not resident in the UK - OECD Tax Model Convention
- Close sectionTSEM10100: New non-resident trust
- TSEM10105: Notification of new trust
- TSEM10110: Non-resident trusts: new non-resident trust: use Trusts Registration Service
- TSEM10115: Obtaining information
- TSEM10120: Trust with no likelihood of income or gains
- TSEM10125: Issue of Self Assessment return
- TSEM10130: Issue of form 50FS
- TSEM10135: Completed form 50FS not received
- TSEM10140: Other entities - Anstalt, Stiftung, Foundation
- Close sectionTSEM10200: Trustees' chargeability
- TSEM10205: Introduction
- TSEM10210: Income Tax
- TSEM10215: Income tax - UK source income - effect of ITA 2007, s 811-814 - basic considerations
- TSEM10220: Income Tax - UK source income - effect of ITA 2007, s 811 - details
- TSEM10225: Income Tax - FOTRA securities
- TSEM10230: Income Tax - Accrued Income Scheme
- TSEM10235: Income Tax - accumulation and discretionary trusts
- TSEM10240: Income Tax - standard rate band
- TSEM10245: Income Tax - trust management expenses
- TSEM10250: Income Tax - trust management expenses - apportionment to untaxed income
- TSEM10255: Income Tax - tax pool
- TSEM10260: Income Tax - interest in possession trusts
- TSEM10265: Capital Gains Tax
- TSEM10270: Capital Gains Tax - exit charge
- TSEM10275: Capital Gains Tax - trustees fail to pay exit charge
- TSEM10280: Enquiries into trustees' return
- Close sectionTSEM10300: Settlor's chargeability
- TSEM10305: Income tax - introduction
- TSEM10310: Income tax - amount of charge
- TSEM10315: Income tax - minor unmarried child
- TSEM10320: Income tax - minor unmarried child - credit for tax paid: Extra Statutory Concession A93
- TSEM10325: Income tax - minor unmarried child - credit for tax paid: Extra Statutory Concession A93 - conditions for relief
- TSEM10330: Income tax - minor unmarried child - credit for tax paid: Extra Statutory Concession A93 - office dealing with claims
- TSEM10335: Income tax - capital sums paid to settlor
- Close sectionTSEM10400: Beneficiary's chargeability
- TSEM10405: Introduction
- TSEM10410: Bare trust
- TSEM10415: Trust income - interest in possession trust - UK law
- TSEM10420: Trust income - interest in possession trust - foreign law
- TSEM10423: Foreign law - Baker and Garland - list of countries
- TSEM10425: Trust income - interest in possession trust - foreign law - Baker type trust
- TSEM10430: Trust income - interest in possession trust - foreign law - Garland type trust
- TSEM10435: Trust income - discretionary trust - Extra Statutory Concession B18
- TSEM10440: Trust income - Extra Statutory Concession B18
- TSEM10445: Trust income - Extra Statutory Concession B18 - conditions for relief
- TSEM10450: Trust income - Extra Statutory Concession B18 - office dealing with claims
- TSEM10455: Trust income - Extra Statutory Concession B18 - example
- TSEM10460: Capital distributions made to beneficiary
- Close sectionTSEM10005: Residence rules
- TSEM11000: Glossary
- TSEM11100: Seeking technical advice from Trusts Technical