Non-resident trusts

Attribution of gains to beneficiaries

Attribution of gains to beneficiary

Case Law – Bayley (H.M. Inspector of Taxes) v. Garrod. [1983] BTC 90 ; Billingham (HM Inspector of Taxes) v Cooper; Edwards (HM Inspector of Taxes) v Fisher. [2001] BTC 282 ; Billingham (HM Inspector of Taxes) v Cooper; Edwards (HM Inspector of Taxes) v Fisher. [2000] BTC 28 ; Ewart v. Taylor (H.M. Inspector of Taxes) and Associated Appeals. [1983] BTC 131 ; Jones (HMIT) v. Lincoln-Lewis & Ors. [1991] BTC 171 ; Leedale (H.M. Inspector of Taxes) v. Lewis. [1982] BTC 355

Attribution of gains to settlors

Commentary – Tax Reporter ¶593-100

Becoming non-resident

Charge on disposal of interest

Commentary – Tax Reporter ¶359-475

Death of trustee, change of residence

Commentary – Tax Reporter ¶359-350

Disposal of interest following migration

Commentary – Tax Reporter ¶359-050 ; Tax Reporter ¶359-500

Dual residence trustees

Commentary – Tax Reporter ¶359-425

Exit charge

Commentary – Tax Reporter ¶359-325

Exporting a settlement

Commentary – Tax Reporter ¶359-300

Liability of former trustees

Commentary – Tax Reporter ¶359-400

Replacement of business assets

Commentary – Tax Reporter ¶359-450

Reporting requirements

Commentary – Tax Reporter ¶359-525

UK residential property interest, deemed disposal of

Commentary – Tax Reporter ¶359-340

Year of emigration

Commentary – Tax Reporter ¶359-375

Beneficiaries

Attribution of gains to

Commentary – Tax Reporter ¶593-150

Capital payments

Commentary – Tax Reporter ¶359-950–Tax Reporter ¶360-000 ; Tax Reporter ¶360-200

Charge to tax

Commentary – Tax Reporter ¶359-850

Dual resident settlements

Commentary – Tax Reporter ¶360-050

Information powers

Commentary – Tax Reporter ¶360-150

Inter-settlement transfers of property

Commentary – Tax Reporter ¶360-075

Interaction with income tax charge

Commentary – Tax Reporter ¶360-125

Matching capital payments with gains

Commentary – Tax Reporter ¶360-200–Tax Reporter ¶360-300

Migration of settlements

Commentary – Tax Reporter ¶360-025

Non-domiciled

Commentary – Tax Reporter ¶359-875 ; Tax Reporter ¶359-900

Reporting requirements

Commentary – Tax Reporter ¶360-150

Section 2(2) amount

Commentary – Tax Reporter ¶360-225–Tax Reporter ¶360-275

Supplementary charge

Commentary – Tax Reporter ¶360-100

Transitional provisions

Commentary – Tax Reporter ¶359-875 ; Tax Reporter ¶360-325

Years from 2008-09

Commentary – Tax Reporter ¶359-850 ; Tax Reporter ¶359-875

Years to 2007-08

Commentary – Tax Reporter ¶359-850 ; Tax Reporter ¶359-875

Beneficiaries assessment to capital gains

Case Law – De Rothschild v. Lawrenson (HM Inspector of Taxes). [1995] BTC 279

Capital gains tax

Capital payment

Commentary – Essential Tax Companion ¶62220

Charge (from 2008-09)

Commentary – Essential Tax Companion ¶62220

Computation

Commentary – Essential Tax Companion ¶62220

Gains apportioned to beneficiaries

Commentary – Essential Tax Companion ¶62220

Gains treated as settlors

Commentary – Essential Tax Companion ¶16135 ; Essential Tax Companion ¶62225

Inter-settlement transfers of property

Commentary – Essential Tax Companion ¶62220

Matching rules

Commentary – Essential Tax Companion ¶62220

Migrant settlements

Commentary – Essential Tax Companion ¶62235

Proposed anti-avoidance rules

Commentary – Essential Tax Companion ¶62220

Residence of trustees

Commentary – Essential Tax Companion ¶62210

Supplementary charge

Commentary – Essential Tax Companion ¶62220

Capital payments received from family settlement. indirect receipt

Case Law – Herman & Anor v. R & C Commrs (2007) Sp C 609

Enterprise investment scheme deferral of capital gains

Commentary – Tax Reporter ¶566-550

Exercise of power of appointment

Case Law – Abacus Trust Co (Isle of Man) Ltd & Anor v National Society for the Prevention of Cruelty to Children. [2002] BTC 178 ; Green & Ors v Cobham & Ors. [2002] BTC 170

Historical background

Commentary – Tax Reporter ¶359-200

Identification of settlor

Generally

Case Law – Gallic Leasing Ltd v. Coburn (HM Inspector of Taxes). [1991] BTC 451 ; Marshall (HM Inspector of Taxes) v. Kerr. [1993] BTC 194 ; Marshall (HM Inspector of Taxes) v. Kerr. [1994] BTC 258

UK beneficiary on gains realised by trustees

Case Law – De Rothschild v. Lawrenson (HM Inspector of Taxes). [1993] BTC 483

Inheritance tax

Delivery of accounts

Case Law – Inland Revenue Commissioners v. Stype Trustees (Jersey) Limited and Others. [1985] BTC 8,043

Information

Commentary – Tax Reporter ¶180-935

Intermeddling with estate, executor de son tort

Case Law – Inland Revenue Commissioners v. Stype Investments (Jersey) Limited, Re Clore (deceased). [1982] BTC 8,039

Returns, failure to make

Commentary – Tax Reporter ¶181-600

Non-domiciliaries occupying UK residential property

Commentary – CGT and the Private Residence ¶100-205

Reporting requirements

Commentary – Tax Reporter ¶359-275

Sale of land, time of disposal

Case Law – Jerome v Kelly (HM Inspector of Taxes). [2002] BTC 290 ; Jerome v Kelly (HM Inspector of Taxes). [2003] BTC 52 ; Jerome v Kelly (HM Inspector of Taxes). [2004] BTC 176

Settlements with foreign element, special returns

Commentary – Essential Tax Companion ¶62215

Settlor, charge on

Background

Commentary – Tax Reporter ¶359-550

Charge to tax

Commentary – Tax Reporter ¶359-575

HMRC Guidance – CG38545

Exceptions to charge

Commentary – Tax Reporter ¶359-650

Grandchildren, qualifying settlements

Commentary – Tax Reporter ¶359-725

Information powers

Commentary – Tax Reporter ¶359-825

Interest in a settlement, meaning

Commentary – Tax Reporter ¶359-675

Meaning of settlor

Commentary – Tax Reporter ¶359-625

Case Law – Commissioners of Inland Revenue v. Leiner

Protected settlements

Commentary – Tax Reporter ¶359-750

Qualifying settlements

Commentary – Tax Reporter ¶359-700

Recovery of tax, right of

Commentary – Tax Reporter ¶359-800

Reporting requirements

Commentary – Tax Reporter ¶359-825

Tainted settlements

Commentary – Tax Reporter ¶359-775–Tax Reporter ¶359-795

Temporary non-resident settlors

Commentary – Tax Reporter ¶359-600

Tainted settlements

Adjuster clauses

Commentary – Tax Reporter ¶359-775

Administrative expenses

Commentary – Tax Reporter ¶359-775

Beneficiaries, addition of

Commentary – Tax Reporter ¶359-785

Close companies

Commentary – Tax Reporter ¶359-775

Enhanced scrip dividends

Commentary – Tax Reporter ¶359-775

Guarantees

Commentary – Tax Reporter ¶359-775

Indemnities

Commentary – Tax Reporter ¶359-775

Life tenants and life renters

Commentary – Tax Reporter ¶359-775

Loans

Commentary – Tax Reporter ¶359-775

Other scenarios

Commentary – Tax Reporter ¶359-775

Reimbursement, failure to exercise right of

Commentary – Tax Reporter ¶359-775

Ultra vires payments

Commentary – Tax Reporter ¶359-795

Transfers of value between

Attribution of gains to beneficiaries

Commentary – Tax Reporter ¶360-050–Tax Reporter ¶360-975

Background

Commentary – Tax Reporter ¶360-350

Case Law – Herman & Anor v. R & C Commrs

Deemed disposal

Commentary – Tax Reporter ¶360-375

Effective value of remaining assets

Commentary – Tax Reporter ¶360-450

Partial or total disposal

Commentary – Tax Reporter ¶360-400

Transfers of value

Commentary – Tax Reporter ¶360-425

Trustee borrowing

Commentary – Tax Reporter ¶360-500–Tax Reporter ¶360-625

Trustees

– see Non-resident trustees

UK beneficiaries

Entitlement to income

Commentary – Tax Reporter ¶354-500

UK source income

Commentary – Tax Reporter ¶354-550

Unrelieved losses accruing in previous year of assessment, deduction

Case Law – Ritchie (H.M. Inspector of Taxes) v. McKay. [1984] BTC 193

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