When trustees are safe to release assets subject to a capital gains tax holdover election
More information from the latest edition of the HMRC trusts & states newsletter
New IHT forms for Scottish estates have been published
Bowring and another (TC2766)
An offshore trust has undistributed income and stockpiled gains. If the trustees create a new trust out of the original trust assets, how are the income and gains apportioned?
The August edition of the HMRC trusts and estates newsletter has been published:
Inheritance tax treatment of compensation payments
HMRC Trusts and Estates have confirmed the treatment of compensation payments for inheritance tax purposes on the basis it can cause some difficulties for taxpayers and their agents, especially when compensation is received after the date of death.
There are special rules for allocating the income arising from property held jointly by spouses or civil partners and this may cause confusion
A couple jointly own a company that is about to be sold. They plan to transfer shareholdings to the value of their inheritance tax nil-rate bands to a trust shortly before sale
The Supreme Court’s decision in the conjoined Pitt and Futter cases shines a light on equitable remedies
The life tenant of an interest in possession trust would like to use some of the capital to purchase a residential property in which she could live. One of the remaindermen is a minor, but the other beneficiaries are happy to allow this. The tax implications of a capital withdrawal or property purchase are reviewed