Trusts and Estates

One of the most important non-tax motives for arranging for property to be held in trust is to ensure that it will be held for the benefit of those beneficiaries who are favoured by the settlor, rather than those whose may have claims against the..

1. The current regulations excuse taxpayers from delivering the account required under s216 IHTA 1984 where: a) the value transferred by chargeable transfer(s) in any one tax year does not exceed £10,000, and the aggregate of value transferred..

HMRC proposes to introduce new regulations that will excuse trustees from delivering an account in respect of a chargeable event where there is no liability to tax, provided the trust meets a number of conditions. The conditions proposed are..

It is well known to practitioners that s102 Finance Act 1986 is drafted in wide terms to catch gifts with reservation of benefit, and to ensure that the gifted property suffers IHT by being treated as part of the donor’s estate. There are, in..

Practitioners are well aware that the word ‘settlement’ was defined very widely in s660G Taxes Act 1988 to include ‘any trust covenant or arrangement’ . The intention behind Chapter 1A of Part XV Taxes Act 1988 is to..

It is well known that the Income Tax Acts define a ‘settlement’ in terms which a trust lawyer would find very strange. Indeed, the income tax definition is quite different to those used for capital gains tax (CGT) or inheritance tax..