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Trusts

Expert commentary and practical guidance from ICAEW related to the taxation of trusts in the UK personal tax regime.

In this section

Practical guidance

ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax

TAXguide 07/18: Deemed domicile changes – trust protections

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.

TAXguide 04/18: Residence and domicile

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.

TAXguide 04/17: Offshore trust changes

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.

TAXguide 12/15

Reforms to the Taxation of Non Domiciles - Meeting notes

TAXguide 10/15

Inheritance Tax and Trusts: Trust variations and settlements

TAXguide 09/15

Inheritance Tax and Trusts: Update on Finance Act 2006 - Agreed correspondence with HMRC (replaces TAXGUIDE 01/07)

Features and articles

Trust Registration Service opens to all non-taxable trusts

HMRC has opened the Trust Registration Service to all non-taxable trusts. The deadline for registering these trusts has been extended to 1 September 2022. ICAEW’s Tax Faculty can confirm that trusts relating to healthcare policies and children’s bank accounts will not be required to register.

No change to TRS agent authorisation process

HMRC has confirmed that a planned change to simplify the authorisation of agents by trustees has not gone ahead due to security concerns. HMRC has told ICAEW that the Trust Registration Service process will remain unchanged.

Reminder to update the trust register

11 December 2020: Many trusts need to update details on the trust register or make a ‘no change’ declaration by 31 January 2021. Functionality is now available and HMRC has clarified its position on penalties, trust returns and closing trusts.

Webinars and recordings

HMRC agent strategy and services

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.

Tax planning with trusts

A chapter on tax planning with trusts, highlighting tax planning opportunities and potential pitfalls.

Trust drafting and precedents

Regularly updated service providing comprehensive practical information on drafting trusts.

Planning and administration of offshore and onshore trusts

Practical guide to setting up a trust, and managing and administering it once it has been established.

Trusts

Four chapters covering the taxation of both UK resident and non-UK resident trusts, with worked examples.

Trusts and estates 2020/21

Annual guide to the UK tax system related to trusts and deceased estates, providing worked examples and tax tables.

Trusts and estates

A full chapter on the taxation of trusts and estates in the UK, written for tax practitioners.

Trusts: interest in possession

Practical overview of the inheritance tax treatment of an interest in possession trust, written for tax practitioners.

Trusts, settlements and estates manual

HMRC Manual providing an introduction to trusts, their income and gains and how HM Revenue & Customs treats them for tax purposes.

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UK tax system: an introduction, The (3rd edition)

Guide to the UK tax system for tax practitioners and students.

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ICAEW Rep 76/18

Trust registration service penalties

Further support

Useful links

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.

Non-resident trusts

Guide explaining the basic rules for trustees, settlors and beneficiaries of non-resident trusts, and providing guidance on non-resident trust tax rules.

Trusts and taxes on GOV.UK

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.

Trusts, Settlements and Estates Manual

HMRC internal manual providing guidance on trust tax and gains, and how different types of trusts and estates are treated for tax purposes.

Charity Tax Group (CFG)

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.

The Tax Implications of Charity Trading

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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