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Bloomsbury Professional Trusts and Estates 2021/22

By: Iris Wünschmann-Lyall, Chris Erwood
Media of Bloomsbury Professional Trusts and Estates 2021/22
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Published: 29-09-2021
Format: PDF eBook (?)
Edition: 1st
Extent: 464
ISBN: 9781526518538
Imprint: Bloomsbury Professional
Series: Core Tax Annuals
RRP: £108.00
Online price : £97.20
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About Bloomsbury Professional Trusts and Estates 2021/22

Trusts and Estates 2021/22 is a practical and accessible reference book that provides clear guidance on compliance and operation under current law and is indispensable when starting, running or ending a trust, or dealing with a deceased's estate.

The 2021/22 edition includes updates to the following:

- Introduction of tougher penalties for late tax payments and new points based penalty for late filing of SA returns from 2023
- SA 21 return includes requirement to declare both Furlough payments as income and Furlough amounts over claimed
- End of the road for Trust taxation reforms as HMRC announce closure of long running review
- Trust Registration Service (TRS)
- Publication of the Manual
- 5AMLD extends TRS to most trusts whether or not income/gain producing
- IHT thresholds – References to the freezing of the nil rate band and the fixing of the residence nil rate band and taper threshold
- IHT compliance – A change in HMRC's practice when handling applications for a clearance certificate (form IHT30)
- Covid-19
- Temporary easements for IHT compliance purposes resulting from difficulties caused by Covid-19
- Temporary measure reduced thresholds for Stamp Duty Land Tax
- Controversial decision in Mackay v Wesley partially overturned
- HMRC appeal Upper Tax Tribunal successful in overturning access to BADR through failure of beneficiaries to hold trust interest for required 12 month period (Quentin Skinner 2005 Settlement v HMRC)

Written by two of the leading experts in this field, this title enables practitioners to gain a better understanding of current tax law so they can confidently organise their clients' financial affairs in a tax-efficient and compliant manner.

This accessible reference guide has a user-friendly structure with 'signposts' at the beginning of each chapter to summarise key topics and 'focus points' throughout to highlight important issues, as well as numerous worked examples demonstrating how to apply the main principles in practice.

Table Of Contents

Chapter 1 Introduction
Chapter 2 Background
Chapter 3 Starting a trust
Chapter 4 Running a trust: income tax
Chapter 5 Running a trust: capital gains tax
Chapter 6 Running a trust: inheritance tax
Chapter 7 Trusts for disabled persons and vulnerable beneficiaries
Chapter 8 Ending a trust
Chapter 9 Deceased estates: introduction
Chapter 10 Deceased estates: practical IHT considerations
Chapter 11 Deceased estates: income tax and CGT
Chapter 12 Deceased estates: post-death re-arrangements
Chapter 13 Stamp duties: trustees and personal representatives

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