Taxation of UK Trusts

Speaker:  Russell Cockburn  |  CPD Hours: 6.0

Price £595 plus VAT

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OBJECTIVES

Trusts can seem a daunting prospect to tax practitioners with their own tax rules which differ depending on the type of trust involved. HM Revenue & Customs’ perception that trusts are used as tax avoidance vehicles is also seeing increasing bodies of tax avoidance legislation.

This course introduces tax practitioners to what a trust is, how it operates and the special taxation rules that applies to trusts. It considers the different types of trusts that are found in the UK and address the different tax regimes that apply to each of them with a series of worked examples and case studies.

CONTENT

What is a trust for tax purposes?

  • What is a trust under general law?
  • Specific tax definitions of what constitutes a trust
  • What are the requirements to create a trust?
  • What are the different types of trust for UK tax purposes?
  • The residence of trustees
  • Legal provisions commonly encountered within trust documents

Income tax & Trusts

  • Taxation of trusts where a beneficiary has an interest in possession
  • Taxation of trusts where no beneficiary has a fixed interest including the tax pool and distributions
  • Anti-avoidance

Capital gains tax and trusts

  • Tax implications of the creation of a trust
  • Capital gains tax on trustee transactions
  • Tax implications of distributions and winding up a trust
  • Reliefs available
  • Anti avoidance

Inheritance tax and trusts

  • Tax on the creation of a trust
  • Qualifying interest in possessions and relevant property trusts
  • The relevant property tax regime including the consequences of FA 2008

WHO SHOULD ATTEND

Tax practitioners who are new to trusts or those who need a refresher on the subject and those who are completing trusts returns or who are responsible for advice which involves trusts. The course assumes the delegates will have a basic knowledge of personal taxation.

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