Trusts

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RICHARD CURTIS follows Standing Committee A's debates on the new inheritance tax regime for trusts.

CAROLYN STEPPLER takes a practical look at inheritance tax charges on an accumulation and maintenance trust under the new rules.

WIDE RANGING CHANGES to the inheritance tax regime for trusts were introduced by Finance Act 2006. While existing interest in possession trusts may be grandfathered, this is not the case automatically for accumulation and maintenance trusts. Any A&M trust in existence which does not provide that beneficiaries become entitled to income and capital at 18 will fall within the new rules from 6 April 2008.

RICHARD CURTIS considers Standing Committee A's opening debate on the new rules on trusts.

ALLISON PLAGER reports highlights from the Standing Committee's 14th and 15th sittings.

REBECCA MURRAY introduces the new increased rate of tax for certain share buy-backs from trustees.

JOHN JEFFREY-COOK CTA (Fellow), FCA, FCIS, ATT marshals the amendments and debates on this year's Finance Bill.

MALCOLM GUNN FTII, TEP, consultant with Squire Sanders & Dempsey, examines the Finance Bill changes in relation to accumulation and maintenance trusts.

Disabled trusts: what is the latest position? ROBIN WILLIAMSON reports.

JOHN WOOLLEY provides an inheritance tax update on life assurance trusts.

Changes in the tax treatment of certain trusts has put a dampener on many aspects of tax planning, says JOHN ENDACOTT.

Extracts from HMRC's eighty-third Tax Bulletin.

Franchised businesses

As the Special Commissioner's conclusions were based on findings of fact, HMRC do not consider that the ruling in Balloon Promotions Ltd and Others (SpC 524, see Taxation, 20 April 2006, page 62 for a report of the case) is of general application to other cases involving the sale of franchised businesses. HMRC do not intend to lodge an appeal.