Trusts

Dr RM Hughes (TC3866)

The continued importance of flexible will trusts for inheritance tax purposes

Is there a tax-free benefit in transferring main residences to an existing trust?

The latest consultation on calculating charges could be the final nail in the coffin

Transfer of assets abroad rules and a capital distribution from an overseas trust

Will mortgage interest be fully allowable if only part of the property is owned?

HMRC have published a third consultation document on simplifying the inheritance tax (IHT) treatment of relevant property trust charges.

The document’s proposals aim to prevent taxpayers reducing their IHT liabilities by setting up multiple trusts for their heirs, each with a £325,000 tax-free allowance.

The future of trusts in the light of proposed inheritance tax reforms and other recent developments

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