Wildy logo
(020) 7242 5778
enquiries@wildy.com

Wildy’s Book News

Book News cover photo

Vol 21 No 11 Nov/Dec 2016

Book of the Month

Cover of Criminal Injuries Compensation Claims

Criminal Injuries Compensation Claims

Price: £99.95

Pupillage & Student Offers

Special Discounts for Pupils, Newly Called & Students

Read More ...


Secondhand & Out of Print

Browse Secondhand Online

Read More...


This book is now Out of Print.
A new edition has been published, the details can be seen here:
Trust Taxation and Estate Planning 4th ed isbn 9780414028548

Trust Taxation 3rd ed


ISBN13: 9780414043350
New Edition ISBN: 9780414028548
Previous Edition ISBN: 9781847036025
Published: December 2011
Publisher: Sweet & Maxwell Ltd
Country of Publication: UK
Format: Hardback
Price: Out of print



Trust Taxation covers the taxation of UK resident and non-resident trusts explaining in detail the income tax, capital gains tax and inheritance tax treatment of the various different types of trusts. The book covers the tax consequences of creating and ending a trust, as well as the tax issues to consider during the lifetime of each type of trust and on distributions to beneficiaries.

Part 1 contains an overview of trust law including recent case law on Hastings Bass, the categorisation of foreign entities, the new domicile and residence proposals and case law on residence and domicile generally. It also summaries the tax rules for foreign domiciliaries.

Parts 2 to 4 explain the relevant legislation in detail as it relates to trusts, including discussion of entrepreneurs' relief, rollover relief, reservation of benefit, excluded property and relevant property trusts.

Part 5 deals with special situations, including the family home, chattels, employee benefit trusts, pilot trusts, bare trusts, disabled trusts, will drafting, variations, business property relief and agricultural property relief, divorce and trusts.

Appendix 1 contains precedents that cross refer to the main text

Appendices 2 and 3 contain miscellaneous Revenue material and computations.

What you will find in the new edition:-

  • An overview of the basic principles of a trust
  • Explanations of the types of trusts and advice on the most appropriate ones to use in varying situations
  • Specific and common scenarios to explain how the taxes are applied
  • How past and present schemes worked and what legislation has been introduced to counteract them
  • Specialist areas such as Bare Trusts, Reverter to Settlor Trusts and Trusts for minors and older children
  • Illustrations for Inheritance Tax calculations

Subjects:
Equity and Trusts, Taxation
Contents:
PART I: GENERAL
What is a trust; types of trust; sham trusts; Hastings Bass and mistake; perpetuity and accumulation issues; using income to pay capital expenses – the UK dimension
NEW Categorisation of foreign entities and trusts: purpose trusts, foundations, grantor trusts – the international dimension.
Residence and domicile status of individuals
NEW Residence of trusts and companies
NEW Taxation of non residents and foreign domiciliaries - basic principles
PART II: INCOME TAX
NEW Income Tax of non-settlor interested trusts – UK resident
NEW Income Tax and capital gains tax issues arising in relation to settlor -interested trusts – UK resident
NEW Income tax of non-resident trusts. The foreign dimension.
PART III: CAPITAL GAINS TAX
CGT definitions
CGT on creation of a settlement
Actual disposals
Deemed disposals
NEW Roll-over relief
NEW Entrepreneurs’ relief
NEW Incorporation relief
NEW EIS relief
NEW Share for share exchanges; earn outs; share buy backs and priority of reliefs
CGT hold-over relief
Offshore Trusts – CGT position for foreign and UK domiciliaries
CGT on the disposal of a beneficial interest
Loss relief provisions
PART IV: INHERITANCE TAX
IHT and reservation of benefit: an introduction
The IHT rules: an overview
IHT Definitions and Classifications
Creation of Settlements
NEW Tax treatment of qualifying and non qualifying interest in possession trusts and reversionary interests including valuation, issues, leases, reliefs Melville schemes and sales
When IHT is charged on interest in possession trusts (including transitional relief).
Immediate post death interests and other qualifying interests in possession after FA 2006
Taxation of Relevant Property Settlements
Accumulation and Maintenance Trusts
Excluded property settlements – IHT and the foreign dimension
Liabilities
Reservation of benefit
Pre-owned assets
PART V: SPECIALIST TOPICS
Trusts for Minors and Under 25s;
Trusts for Vulnerable and disabled Beneficiaries
Reverter to settlor trusts
Will drafting; maximising transferable nil rate bands and other reliefs
Deeds of variation, disclaimers and other post death rearrangements; trusts and claims under the Inheritance (Provision for Family and Other Dependants) Act 1975
NEW Tax issues for personal representatives; excepted estates and reporting requirements
NEW Pilot Trusts
Bare trusts
Trusts and houses – principal private residence relief; foreign domiciliaries acquiring houses
NEW Chattel schemes
Business property relief;
Farms: agricultural property relief
Life policies and other life products held in trust
NEW Pension arrangements and trusts
Employee benefit trusts Trusts & Divorce; prenuptial agreements and trusts; protecting an estate from Inheritance Act claims; second marriages
Stamp duty and SDLT
NEW Partnership structures.
NEW Offshore funds
NEW Taxation of non-UK resident companies
NEW Maintenance Trusts
Disclosure rules for IHT, CGT and income tax; new reporting regime for excepted transfers and relevant property settlements; tax avoidance schemes generally – a new approach
NEW Checklist for private clients: tax planning and drafting trusts EC
APPENDICES
I PRECEDENTS
PART I: SETTLEMENTS
PART II: WILL TRUSTS AND VARIATIONS
PART III: SUBSIDIARY DOCUMENTS
II. MISCELLANEOUS MATERIAL DELIVERED
III. COMPUTATIONS