THE TAXATION OF TRUSTS 2010
Updated to Include FA 2010
Author: Robert Venables Q.C.
Publication date: 01/06/2010
This Intelligence Report is a revised, updated and further expanded third edition of "The Taxation of Trusts Post Finance Act 2006". The new Report takes into account the changes made by Finance Acts 2008, 2009 and 2010, as well as Income Tax Act 2007.
It contains new Chapters on the Transfer of Assets Abroad Provisions and Finance Act 2010 Inheritance Tax Anti-Avoidance legislation. It states the law in force at May 1st 2010.
The author deals with the major changes introduced since Finance Act 2006 to inheritance tax, capital gains tax and income tax as they affect trusts, their settlors and beneficiaries. An important feature of the Report is the pragmatic discussion of new strategies for survival under the new regime.
The Intelligence Report is intended primarily for barristers, solicitors, accountants, chartered tax advisers, professional trustees, officers of trust corporations and other professionals who already have a working knowledge of the United Kingdom taxation of trusts.
Robert Venables Q.C. is an acknowledged expert on taxation, particularly the taxation of trusts, inheritance tax and offshore and international taxation. He is the author of several seminal works on trusts and taxation, including The Taxation of Foundations (published earlier this year), Non-Resident Trusts and Inheritance Tax Planning.
In the course of his practice at the bar over the last quarter century (and particularly since being appointed Queen's Counsel in 1990) he has advised on sophisticated planning for many trusts, both at home and abroad, and appeared in landmark cases in the House of Lords, the Privy Council and the European Court of Justice, as well as in the Court of Appeal and High Court. Famous cases involving trusts and/or inheritance tax in which he has appeared include Lady Ingram, Jerome v Kelly, R v Dimsey, and Marshall v Kerr in the House of Lords and Howell v Trippier in the Court of Appeal.
He was Chairman of the Revenue Bar Association of England and Wales 2001-05, is a Master of the Bench of the Middle Temple and a Fellow and Council Member of the Chartered Institute of Taxation. He was a full-time Oxford law don in the 1970's and is now a non-executive Fellow of the college of St Edmund Hall, in the University of Oxford.
Chapter 1 The New World
Chapter 2 First Principles
Chapter 3 Important Concepts, Old and New
Chapter 4 Recognised and Unrecognised Interests in Possession
Chapter 5 Immediate Post-death Interests
Chapter 6 Transitional Serial Interest Type I: Section 49C Interests
Chapter 7 Transitional Serial Interest Type II: Section 49D Interests
Chapter 8 Transitional Serial Interest Type III: Section 49E Interests
Chapter 9 Disabled Person's Interest
Chapter 10 Taxation of Interest in Possession Trusts
Chapter 11 Accumulation and Maintenance Trusts
Chapter 12 Section 71A Trusts for Bereaved Minors
Chapter 13 Section 71D Age 18-to-25 Trusts
Chapter 14 Insurance Policies
Chapter 15 Wills and Variations of the Estates of Deceased Persons
Chapter 16 Capital Gains Tax: Inheritance Tax Related Changes
Chapter 17 Capital Gains Tax: Other Changes
Chapter 18 Income Tax Changes
Chapter 19 Gifts with Reservation of Benefit and Previously Owned Assets
Chapter 20 Strategies for pre-B Day interest in possession Trusts
Chapter 21 Strategies for pre-B Day accumulation and maintenance Trusts
Chapter 22 Strategies Using New Trusts
Chapter 22A The Income Tax "Settlement" Provisions Post Jones v Garnett
Chapter 22B The Transfer of Assets Abroad Provisions
Chapter 22C Finance Act 2010 Inheritance Tax Anti-Avoidance
Chapter 23 Epilogue
Appendix A Calculation of Inheritance Tax Charges on Relevant Property Trusts