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HMRC v Household Estate Agents, Chancery Division, 12 July 2007

Powerful wife

A Scottish case concerned whether or not the widow had an interest in possession in settled property. The husband had transferred certain securities and investments to the trustees of an inter vivos trust created for his wife in 1962. He died in 1981, and up to that time the income from the trust had been regarded by the Revenue as that of the husband. The wife died in 2002. The Revenue determined that, under IHTA 1984, s 221, she had had an interest in possession in the settled property.
The trustees appealed.

Trustees of the Peter Clay Discretionary Trust (SpC 595)

MATTHEW HUTTON considers what scope there may be for creating 'new' trusts (including will trusts) since 22 March 2006

MATTHEW HUTTON considers FA 2006, Sch 20. What should be done with trust structures in place on 22 March 2006?

OWEN CLUTTON argues that the new 'permanent establishment' test for trustee residence in TCGA 1992, s 69(2D) is too onerous.

PENNY BATES presents an idiot's guide to the taxation of settlors and beneficiaries of offshore trusts.

ROBERT JAMIESON discusses the implications of the Special Commissioner's decision in Phizackerley.

Conference of the month

Taxation readers can claim an exclusive £100 discount on the cost of the following conference, if they book before 10 May 2007. Just quote 'Taxation' when booking.

RICHARD CURTIS 'sits in' on another visit to the Taxables by their chartered tax adviser.

Cost of a face

HMRC's recent advertising campaign for the child trust fund featuring Sheree Murphy, actress formerly of Emmerdale fame, cost £25,000.
Good of the HMRC to keep the members of the acting profession in work at taxpayers' expense …
Hansard, 18 April 2007, vol 459, no 75, col 689W

STEP's Technical Committee examines the new test for trustee residence and how this will affect trusts in offshore jursidictions such as in Jersey and elsewhere.

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