Under a will trust the settlor’s partner was provided with a residence and annuity for the rest of her life. Legacies were also to be paid to grandchildren on their 25th birthdays. The cash funds have been exhausted
There is uncertainty as to whether a form R185 (Trust Income) or a form R185 (Settlor) should be issued when a settlor is the beneficiary of an interest in possession trust
The inheritance tax implications of pension trusts
Who pays what when considering settlor-interested discretionary trusts, and who is repaid what?
A client’s will contained a nil-rate band discretionary trust clause and the residue of the estate was left to the widow of the deceased. The estate is below £325,000 and there is doubt as to the entitlement of income from the main estate asset, a property
HMRC’s trusts and estates section has made changes to its inheritance tax (IHT) compliance checks in an effort to streamline the process and encourage collaborative working with taxpayers.
The Revenue aims to send an initial letter within eight to ten weeks of receipt of an account to explain it has been selected for a check. The case will then be allocated to an investigator, the contact point for all subsequent communication.
By John Woolley; £94.50; paperback; 459 pages inc. index; Claritax Books
Trustees of PL Travers will trust (TC2830)
Executor of the estate of Teresa Rosenbaum (deceased) (TC2884)
A UK taxpayer who was receiving 5% withdrawals from offshore life assurance bonds has died. Potential income tax liabilities will depend upon who is entitled to the policy proceeds and whether a trust is in existence
What happens if a liability is accidentally increased? Tax normalisation may be the key
A trust was established before the major changes to the tax regime that were introduced in FA 2006. However, the terms of that trust have recently been changed