Financial Planning with Trusts 2022-23

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
• All examples reviewed and updated as necessary

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