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There's a catch
Key points
- Trusts have a legitimate purpose to protect vulnerable beneficiaries.
- Does the tax system do enough to support these arrangements?
- Qualifying trusts for disabled beneficiaries receive favourable inheritance tax treatment.
- Neutral treatment for trust income and gains can be claimed.
- Hold-over relief on the establishment of a trust is arguably deficient.
- Should relief under TCGA 1992 s 260 be extended?
Evolving international standards of transparency are driving changes to domestic law. Whatever Brexit turns out to mean it is a good bet the Fifth Anti-Money Laundering Directive will be implemented by January 2020. This is likely to allow persons with a legitimate interest – including journalists and non-governmental organisations working on anti-money laundering or countering terrorist financing – to access information about the ultimate beneficial owners of trusts. Who knows what future reforms may bring or what legitimate interest may come to encompass?
Trusts and legitimate aims
Traditionally in some quarters trusts have been...
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