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 2022-23 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
Text and examples amended to reflect higher tax rates for dividends
Expanded commentary on current planning opportunities using Rysaffe trusts
HMRC clarification re spouse exemption re gifts with reservation of benefit
Revised HMRC attitude to family investment companies
Case law re resident beneficiaries receiving discretionary payments from non-UK resident trusts
Updated rules re investment powers for attorneys
Major update re new proposals for lifetime care costs
New de minimis proposals for tax exemption for trusts with small amounts of income
Reporting of IHT chargeable lifetime transfers where notional aggregate chargeable transfer exceeds 80% of nil rate band
New Register of Overseas Entities
Detailed coverage of new regulations re obligations of non-taxable express trusts to be registered on the TRS