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.
