Advice is required on how ITTOIA 2005, s 629 taxes the trust income on the settlor of a parental discretionary trust and how payments to the children are matched against the “available trust income”
Advantages and pitfalls of dividends paid to spouses and civil partners
Gilchrist (as trustee of the J P Gilchrist 1993 Settlement) v CRC, Upper Tribunal (Tax and Chancery Chamber)
Under a will trust the settlor’s partner was provided with a residence and annuity for the rest of her life. Legacies were also to be paid to grandchildren on their 25th birthdays. The cash funds have been exhausted
There is uncertainty as to whether a form R185 (Trust Income) or a form R185 (Settlor) should be issued when a settlor is the beneficiary of an interest in possession trust
By John Endacott; second edition; £58.50; paperback; ; 146 pages; Claritax Books
A company owned by a father and daughter provides commercial loans and manages properties and collects rents. Activities include those carried out for family members and their businesses
A wealthy widower pays contributions into a bond that has a current surrender value of more than £120,000. This could be surrendered during his lifetime or it will pay out on his death
CRC v Executors of Lord Howard of Henderskelfe (deceased), Court of Appeal
Pitfalls to avoid when claiming agricultural property relief
A client is proposing to transfer a large residential property to his son. The client will continue to live at the property and pay a rent. This should avoid an inheritance tax charge
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