Financial Planning with Trusts 2023-24

This substantial work looks at a wide range of topical tax and financial planning strategies using trusts. 

Essential for tax practitioners and financial advisers alike, the book demonstrates the effective use of different trusts to meet financial and tax planning objectives. The book includes CGT, income tax and IHT planning and also examines the special trust arrangements used in the financial services sector.

Examples of the topics covered include (among many others) lifetime IHT planning; family investment companies as alternatives to trusts; offshore trusts; trusts and deeds of variation; trustee investment strategies; death benefits under registered pension schemes; by-pass trusts; asset protection trusts; personal injury trusts; money laundering and the Trust Registration Service.

Written by two highly qualified and experienced authors, this book helps readers to grasp the full implications, advantages and potential disadvantages of using a particular trust. The text is supported throughout by statutory references and case law precedents.

The 2023-24 edition reflects all recent statutory and case law changes, with examples updated as necessary.

Worth its weight in gold … . The contents table is awesome. – AccountingWeb review of earlier edition

Useful and practical, and it succeeds in explaining complex subjects in a clear and concise way.” – Taxation review of earlier edition

Contents (in brief)

• First principles
• Taxation of trusts – general principles
• Inheritance tax planning
• International aspects
• Wills, probate and powers of attorney
• Trusts to provide financial protection on death
• Investments
• Pensions
• Trusts and the private business
• Trusts for residential property
• Other uses of trusts
• Compliance and administration
• Glossary

New for this edition

• Changing income tax rules for discretionary trusts
• Reducing CGT annual exemption
• Case law developments re: interest in possession; double trust schemes; time limits for tax credits on income received by offshore trustees; domicile of choice; personal savings allowances and top slicing of gains; challenging asset protection in cases of fraud; sham trusts; personal injury trusts and deliberate deprivation; impact of payments from a personal injury trust on state benefit
• Use of bloodline trusts to keep trust benefits within a family line
• HMRC confirmation of treatment of tax paid on income attributable to the settlor
• More GAAR advisory panel rulings re tax planning arrangements
• Family investment companies – expanded coverage of key features
• Updated commentary on taxation of foreign income of protected settlements
• Securing entitlement to RNRB on second death
• Will trusts for blended families
• 90-day requirement re trust registration
• Deeds of variation into trusts and the RNRB
• Abolition of pensions lifetime allowance; increase in annual allowances; changes to taxation of pension death benefits
• Deferral to of cap on care costs
• New guidance re deprivation of assets
• Reporting requirement changes for trusts with low income levels
• More stringent registration requirements for overseas entities
• Companies House assurances about restrictions on disclosure of trust-related information
• Registration requirement for non-UK trusts with short-term business relationships
• Discrepancy reporting
• Register of overseas entities (updated commentary)

VIEW FULL TABLE OF CONTENTS

VIEW SAMPLE EXTRACT