ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.
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ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax
Guidance from ICAEW, STEP, and the CIOT to highlight a key issue with respect to the trust protections as introduced by Finance (No 2) Act 2017. This guide focuses on the situation where the settlor is deemed UK domiciled only under the 15-year rule and offshore income gains arise directly to the non-UK resident trust.
Guidance on registering trusts on the Trust Registration Service and updating that information.
This TAXguide has been prepared by committee members of STEP, ICAEW, the CIOT and the Law Society to highlight practical issues and uncertainties raised by Finance Act 2018 Schedule 10 (Settlements: Anti-avoidance, etc.).
Finance (No 2) Act 2017 introduced significant changes to the taxation of foreign domiciliaries. In TAXguide 06/18 ICAEW, STEP, the CIOT and the Law Society have published questions and draft suggested answers to highlight and consider areas of uncertainty in the statutory provisions for trust protections. Read a summary and download the full guide.
In TAXguide 04/18 Lisa Spearman provides an introduction to the taxation issues which may be in point when considering the non UK aspects of a client’s affairs. Read a summary here, Tax Faculty members can download the full guide.
In TAXguide 04/17 - Offshore trust changes, Sue Moore, technical lead for private client tax matters in the Tax Faculty, provides information on the implications of changes to income tax legislation published on 26 January 2017. In particular the guide offers more details on transfer of assets and settlements legislation and has been created with input from HMRC.
Reforms to the Taxation of Non Domiciles - Meeting notes
Inheritance Tax and Trusts: Trust variations and settlements
Features and articles
HMRC now allows charities to claim gift aid on waived loans if specific conditions are met and the donation is gift aid eligible. Find out how to get it right and structure the gift to maximise the benefit to donor and charity.
As we all know by now, the Trust Registration Service was set up in 2017, as part of a worldwide drive to reduce money laundering. Although this was done as part of a European initiative, it was agreed as part of the Brexit Withdrawal Agreement that this would be maintained in future. However, another register has been introduced with very little notice or publicity.
HMRC has updated its Trust Registration Service (TRS) guidance to set out more information on how and when to register an excluded express trust, also known as a Schedule 3A trust.
In advance of the 1 September 2022 deadline for registering trusts online, HMRC shares guides on registering a trust and how to claim a trust and authorise an agent.
The deadline for registering non-taxable trusts becoming registerable on or after 6 October 2020 is 1 September 2022 or 90 days if longer. ICAEW’s Tax Faculty highlights the support available to all members dealing with the new requirements.
Are you a glass half full or a glass half empty person? I imagine that many of us who are chartered accountants would have to say that our training encourages us to be more ‘half glass empty’ than ‘half glass full’! The Chancellors’ Spring Statement may have given us a perfect opportunity to test that out for ourselves.
Senior Technical Manager Caroline Miskin explains the fast-approaching deadline to register non-taxpaying trusts that existed on 6 October 2020.
The April 2022 edition of HMRC’s trusts and estates newsletter highlights the 1 September 2022 deadline for registering non-taxpaying trusts and includes other useful updates on capital taxes.
Webinars and recordings
New rules require all UK express trusts and some non-UK trusts to register with HMRC. This includes non-taxable trusts unless the trust is specifically excluded.
Frank Haskew and Caroline Miskin discuss the latest developments on HMRC’s agent strategy and services.
Bloomsbury Core Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.
Regularly updated service providing comprehensive practical information on drafting trusts.
Annual guide to the UK tax system related to trusts and deceased estates, providing worked examples and tax tables.
Practical overview of the inheritance tax treatment of an interest in possession trust, written for tax practitioners.
Practical guide to setting up a trust, and managing and administering it once it has been established.
A full chapter on the taxation of trusts and estates in the UK, written for tax practitioners.
Four chapters covering the taxation of both UK resident and non-UK resident trusts, with worked examples.
Comprehensive practical guide on the full range of UK taxes, containing worked examples throughout.
A chapter on tax planning with trusts, highlighting tax planning opportunities and potential pitfalls.
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact firstname.lastname@example.org.
A comprehensive and user-friendly examination of the legal and taxation implications arising from estate planning work within the private client department of a solicitors' firm. The guide deals in a practical way with all the areas confronting the practitioner on a day-to-day basis, from tax and financial planning to the administration of trusts. Worked examples illustrate how to calculate the tax position of the client. This new edition has been updated to take account of recent decisions such as Smith v Michelmores Trust Corp Ltd.
Guide to the UK tax system for tax practitioners and students.
A response dated 21 February 2020 to a consultation published by HMRC on 24 January 2020
A response dated 28 February 2019 to a consultation published by HMRC on 7 November 2018.
Trust registration service penalties
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
Newsletters published by HMRC, usually biannually, giving updates and guidance on trusts taxation and inheritance tax issues.
Guide explaining the basic rules for trustees, settlors and beneficiaries of non-resident trusts, and providing guidance on non-resident trust tax rules.
An overview giving information and guidance on types of trusts, how trusts are treated for income tax, CGT and inheritance tax purposes, tax for trust beneficiaries, and the tax reponsibilities of trustees.
HMRC internal manual providing guidance on trust tax and gains, and how different types of trusts and estates are treated for tax purposes.
HMRC guidance on the direct tax obligations of charities, VAT and reliefs or exemptions available. Sections cover Gift Aid, Payroll Giving, donating land, buildings, shares or securities, claims, and audits.
A non-profit membership organisation previously known as the Charities' Tax Reform Group, which makes representations to government on issues relating to the taxation of charities. The site includes updates and commentary on a wide range of tax issues relevant to charities.
Guidance for lay users on the tax aspects of the main areas of trading activity that charities get involved in. Sections cover fundraising, basic tax exemptions, business sponsorship, trading companies, shops and cafes, merchandising, events, providing services, cost allocation, transfer pricing, loss making trades, and social enterprise.
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