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

In this article, we’re taking a brief look at FRED 82 consultation responses, HMRC’s consultation on charities tax compliance and our Charity Commission special in this month’s newsletter.

At the end of April, HMRC published a Consultation Document proposing changes to charity tax rules to tackle non-compliance. It is clear from the Consultation Document that HMRC is targeting a minority of charities and donors who are either non-compliant or are seeking to abuse the available reliefs. As is often the case with changes such as these, there is a risk of unintended consequences, including increasing administrative burdens of otherwise compliant charities. This article gives an overview of the proposals and possible implications for the sector to consider.

This month, we provide you with resources and guidance to help prepare for the upcoming changes to ICAEW’s CPD Regulations, explain the changes to ICAEW’s disciplinary framework and how to implement ISQM1.

Highlights from the broader tax news for the week ending 19 April 2023, including: closure of online VAT return; PAYE direct debits; TRS reporting requirements; interest rate increase for discounted gift trusts; NMW campaign; Finance Bill amendment for R&D; closure of the DAC6 reporting service; and Tax Administration and Maintenance Day.

The chancellor has announced that the Spring Budget 2023 will be held on 15 March 2023. With many charities facing unprecedented challenges due to the cost-of-living crisis, Richard Bray, Chair of the Charity Tax Group and a member of ICAEW’s Charity Committee, is asking what charities can expect from the Spring Budget and outlines three key proposals.

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.

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.

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

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.