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London, 26 February 2008. Reported by MATTHEW HUTTON
SPEAKERS:
- Matthew Hutton Chartered Tax Adviser
- John Barnett Burges Salmon
- Paul Howard Chiltern
- John Tallon QC Pump Court Tax Chambers
- Andy Richens Bishop Fleming
- Clare Maurice Allen & Overy
- Simon McKie McKie & Co (Advisory Services) LLP
UK settlor-interested trusts
Andy Richens noted that from 2008-09 gains of UK settlor-interested trusts would be assessed on the trustees and that TCGA 1992 ss 77-79 would be repealed.
Matthew Hutton observed that this might not be revenue neutral and could be a revenue raiser.
While a flat rate of 18% would apply the applicable annual exemption would be that of the trustees and only allowable losses of the trustees could go to reduce gains. In 2007-08 ...
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