Exemption for Small Trusts: Change is in the Air
What Changes are Coming? Tax At Source & The Concession Six years ago there was a major shakeup in the taxation of interest and dividends – instead of tax at basic rate being deducted or deemed to have been…
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HMRC Unsuccessfully Challenges Tax Reducing Rectification
The England and Wales High Court (EWHC) has agreed to rectify two deeds of appointment made in 2013 that mistakenly terminated Nicholas Ware’s life interest, a qualifying pre-March 2006 life interest, in the assets of his late father, when they…
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Trust Registration Deadline Extended for Non-Taxpaying Trusts
HMRC have confirmed that the March 2021 target for upgrading the Trust Registration Service (TRS) to allow non-taxable trusts to register will not be met. The general requirement for all express trusts to register on the TRS was introduced by…
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Gift Ruled to be a Transfer of Beneficial Ownership
This is an interesting case for anyone involved in issues/disputes over legal and beneficial ownership. It includes a useful review of relevant case law and clearly emphasises the importance of the circumstances and facts. The England and Wales High Court…
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Trust Registration Obligations: Update Early March 2020
“The immanent extension of the online UK Trust Registration Service (TRS) to cover express trusts without any tax consequences, under the EU Fifth Anti-Money Laundering Directive (5AMLD), is likely to extend the number of registrable trusts from around 200,000…
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Are Trustees Ready for 10 March 2020??? The Stakes Are High!!!
As the number of trusts and estates have continued to fall, trustees should be taking advice about the increasing scope of the trust register, as implied in my post of 1 October. Trustees now have less than six months tp prepare…
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Is this the end of a centuries-long era for trusts?
Statistics released by HMRC this week show a fourth consecutive year of decline in the number of trusts in the UK. This is the continuation of a trend which over the last decade or so has seen the total number…
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Association of Taxation Technicians Calls For Trusts Register Delay
The Association of Taxation Technicians (ATT) in the UK has called for an extension to the trust register deadline. New anti-money laundering regulations introduced in June 2017 require most trusts to retain written records of the individuals involved in the…
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Trust Registration: New Online Requirement
HMRC’s online registration service for trusts and estates is now available. All trusts and estates with a tax liability must be registered, including any already reported in paper form 41G. The deadline is 5 October 2017 – http://bit.ly/1PjPOwE
Trust registration form is now officially obsolete
Form 41G (Trust) has been withdrawn and will be replaced during summer 2017 by a new registration service. When this is available all trusts with a tax liability should use it to register with HM Revenue and Customs – http://bit.ly/1PjPOwE