Settlements

Absolute divestment of trust property

Case Law – Watson v. Holland (H.M. Inspector of Taxes). [1984] BTC 180

Absolute entitlement

As against trustees

Case Law – Figg (as Trustee of Stewart's Settlement) v. Clarke (HM Inspector of Taxes). [1997] BTC 157 ; Jenkins (H.M. Inspector of Taxes) v. Brown; Warrington (H.M. Inspector of Taxes) v. Sterland & Ors. and related appeals. [1989] BTC 281

Exercise of power of appointment or advancement

Legislation/Regulatory – SP 7/84

Generally

Legislation/Regulatory – TCGA92 s. 71

Case Law – Bond (H.M. Inspector of Taxes) v. Pickford. [1982] BTC 144 ; Bond (H.M. Inspector of Taxes) v. Pickford. [1983] BTC 313

Accounts, delivery of

Commentary – Tax Reporter ¶180-895

Accrued income scheme

Commentary – Tax Reporter ¶334-400

Accumulation and maintenance

– see Accumulation and maintenance trusts

Acquisition and expenditure for gain

Commentary – CGT and the Private Residence ¶30-105

Adjustments between settlor and trustees

Commentary – Quick Overview ¶62340

Administration of estate not completed

Legislation/Regulatory – IHTA84 s. 91 ; Misc. 119

Annual exemption

Legislation/Regulatory – TCGA92 Sch. 1

Anti-avoidance

Capital gains tax

Legislation/Regulatory – FA2018 Sch. 10, Pt. 1

Anti-avoidance provisions

Benefit retained by settlor

Commentary – Quick Overview ¶62330

Capital sums paid to settlors

– see also Capital sums paid to settlors

Commentary – Quick Overview ¶62345

Children

– see Settlements on children

Covenanted payments to charity

Commentary – Quick Overview ¶62315

Family companies

Commentary – Tax Reporter ¶356-750–Tax Reporter ¶356-800

For trusts created on the same day

Commentary – Quick Overview ¶62550

Generally

Commentary – Quick Overview ¶62305

Maintenance funds for historic buildings

Commentary – Quick Overview ¶62355

Meaning of settlement

Commentary – Tax Reporter ¶350-950

Case Law – (1) COMMISSIONERS OF INLAND REVENUE v. PAYNE (2) COMMISSIONERS OF INLAND REVENUE v. GUNNER ; COPEMAN (H.M. INSPECTOR OF TAXES) v. COLEMAN ; Chinn v. Collins (H.M. Inspector of Taxes) ; Commissioners of Inland Revenue v. Buchanan ; Commissioners of Inland Revenue v. Plummer ; Crossland (H.M. Inspector of Taxes) v. Hawkins ; HOOD BARRS v. COMMISSIONERS OF INLAND REVENUE ; Yates (H.M. Inspector of Taxes) v. Starkey

Settlors

– see Settlor-interested settlements

Anti-avoidance, allotment of shares to shareholders' wives

Case Law – Young (HM Inspector of Taxes) v Scrutton; Young (HM Inspector of Taxes) v Pearce. [1996] BTC 322

Appellants owning bulk shares in company

Case Law – Donovan & Anor [2014] TC 03188

Appointment by trustees valid and effective

Case Law – Sieff & Ors v Fox & Ors. [2005] BTC 452

Appointment, inheritance tax

Exempt government securities

Case Law – Minden Trust (Cayman) Ltd. and Others v. Inland Revenue Commissioners. [1984] BTC 8,071 ; Minden Trust (Cayman) Ltd. v. Inland Revenue Commissioners. [1985] BTC 8,066

Generally

Case Law – Inland Revenue Commissioners v. The Trustees of Sir John Aird's Settlement (No. 2). [1984] BTC 8,003 ; Inland Revenue Commissioners v. Trustees of Sir John Aird's Settlement (No. 2). [1982] BTC 8,026

Arctic Systems case

Commentary – Tax Reporter ¶356-750–Tax Reporter ¶356-800

Asbestos compensation settlements

Commentary – Tax Reporter ¶355-850

Availability of relief

Commentary – CGT and the Private Residence ¶20-045

Bare trust

Legislation/Regulatory – FA2003 Sch. 4ZA, para. 10 ; FA2016 s. 128(3)

Becoming no-resident

– see Non-resident trusts

Beneficiaries

– see Beneficiaries

Beneficiary's personal exemptions, availability to trustees

Legislation/Regulatory – IHTA84 s. 57

Business use of, restrictions

Commentary – CGT and the Private Residence ¶80-020

Calculation of exit charge

Case Law – Seddon & Ors (Trustees of Mrs M Seddon Second Discretionary Settlement) [2015] TC 04344

Calculation of rate of inheritance tax on settled property

Legislation/Regulatory – F(No. 2)A2015 s. 11

Capital distributions

Case Law – Bowring & Anor v Revenue and Customs Commissioners [2015] BTC 530 ; Inland Revenue Commissioners v. Trustees of Sir John Aird's Settlement. [1982] BTC 8,003

Capital gains tax

Absolute and beneficial entitlement

Commentary – Quick Overview ¶62370

Appointment of capital, deemed disposal

Case Law – Swires (HM Inspector of Taxes) v. Renton. [1991] BTC 362

Assets leaving settlement

Commentary – Quick Overview ¶62395

Bare trustees

Commentary – Tax Reporter ¶357-075 ; Tax Reporter ¶357-100 ; Quick Overview ¶62375

Case Law – Tomlinson (H.M. Inspector of Taxes) v. Glyns Executor & Trustee Co. and Another

Beneficiaries

– see Beneficiaries

Charge, occasions of

Commentary – Tax Reporter ¶357-025

Connected persons

Commentary – Tax Reporter ¶357-050

HMRC Guidance – CG14590

Creation

Commentary – Tax Reporter ¶357-150–Tax Reporter ¶357-325

HMRC Guidance – CG35730

Disabled persons

Commentary – Quick Overview ¶62415

Disposal of interest by beneficiary

Commentary – Quick Overview ¶62410

Disposal of life interest

Case Law – Berry v. Warnett (H.M. Inspector of Taxes). [1982] BTC 239

Dual resident trusts

Commentary – Quick Overview ¶62240

Flip-flop scheme

Case Law – Trennery v West (HM Inspector of Taxes) and related appeals. [2005] BTC 69

Generally

Commentary – Tax Reporter ¶357-000 ; Quick Overview ¶62365 ; 5.3.3

Gifts of business assets

Commentary – Quick Overview ¶15405

Gifts, connected persons

Commentary – Quick Overview ¶14650

Hold-over relief

Commentary – Tax Reporter ¶548-650

Interest in a settlement

Commentary – Tax Reporter ¶548-670

Liability of trustees

Commentary – Quick Overview ¶62420

Losses where beneficiary absolutely entitled

Commentary – Quick Overview ¶62395

Nominees

Commentary – Tax Reporter ¶357-075 ; Tax Reporter ¶357-100

Case Law – Tomlinson (H.M. Inspector of Taxes) v. Glyns Executor & Trustee Co. and Another

Non-resident

– see Non-resident trusts

Non-resident trusts

– see Non-resident trusts

Payments by non-resident trust, identification of settlor

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

Private residence occupied by beneficiary

Commentary – Tax Reporter ¶546-750

Case Law – Sansom and Another (Ridge Settlement Trustees) v. Peay (H.M. Inspector of Taxes)

Rates

Commentary – Quick Overview ¶14055

Recovery of tax

Commentary – Quick Overview ¶1805

Settlor, meaning

Commentary – Quick Overview ¶62380

Settlors

– see Settlors

Sub-funds

Commentary – Quick Overview ¶62425

Termination of life interests (on death)

Commentary – Quick Overview ¶62405

Termination of life interests (otherwise than on death)

Commentary – Quick Overview ¶62400

Transfers of property into

Commentary – Quick Overview ¶62390

Transfers of value

Commentary – Quick Overview ¶62230

Trustees

– see Trustees

Unmarried settlor

Case Law – Unmarried Settlor v IR Commrs (2003) Sp C 345

Capital sums paid to settlor

– see Capital sums paid to settlors

Cessation of annuity

Legislation/Regulatory – ESC F11

Charitable trusts

– see Charities

Children

Legislation/Regulatory – ESC A93

Children, arrangement constituting

Case Law – Butler (H.M. Inspector of Taxes) v. Wildin. [1988] BTC 475

Children, on

– see Settlements on children

Completely constituted trust, date of

Case Law – Cunningham and Others v. Inland Revenue Commissioners. [1982] BTC 8,049

Contingent interest meaning

Commentary – Tax Reporter ¶350-400

Covenanted payments to charity

Commentary – Quick Overview ¶62315

Creation

Death

Commentary – Tax Reporter ¶357-325

Exemptions

Commentary – Tax Reporter ¶357-200

General considerations

Commentary – Tax Reporter ¶357-150

HMRC Guidance – CG35730

Inter vivos

Commentary – Tax Reporter ¶357-300

Losses on

Commentary – Tax Reporter ¶357-275

Reliefs

Commentary – Tax Reporter ¶357-200

Settlor trustee or beneficiary

Commentary – Tax Reporter ¶357-175

Transfer of business assets into

Commentary – Tax Reporter ¶357-225 ; Tax Reporter ¶357-250

Data-gathering powers: relevant data-holder

Legislation/Regulatory – FA2011 Sch. 23, para. 26 ; SI 2012/847 reg. 24

Death of life tenant, exclusion of chargeable gain

Generally

Legislation/Regulatory – TCGA92 s. 73, 74

Gifts of business assets

Legislation/Regulatory – TCGA92 s. 74

Inheritance tax, gifts

Legislation/Regulatory – TCGA92 s. 74

Death of life tenant, inheritance tax relief on transfer of land

Case Law – Fetherstonhaugh & Ors. v. Inland Revenue Commissioners. [1984] BTC 8,046

Debts

Legislation/Regulatory – TCGA92 s. 251(5)

HMRC Guidance – CG53485

Deed of appointment of assets

Capital gains tax (CGT) liability

Case Law – Kennedy & Ors v Kennedy & Ors [2015] BTC 2

Claim for order

Case Law – Kennedy & Ors v Kennedy & Ors [2015] BTC 2

Generally

Case Law – Kennedy & Ors v Kennedy & Ors [2015] BTC 2

Depreciatory transactions

Case Law – Macpherson & Anor. v. Inland Revenue Commissioners. [1987] BTC 8,003 ; Macpherson & Anor. v. Inland Revenue Commissioners. [1988] BTC 8,065 ; Macpherson v. Inland Revenue Commissioners. [1985] BTC 8,059

Disclaimers

Legislation/Regulatory – IHTA84 s. 93

Discovery assessments

Case Law – Donovan & Anor [2014] TC 03188

Discretionary settlements

Commentary – Tax Reporter ¶350-650

Disposal of settled property

Commentary – CGT and the Private Residence ¶80-000

Disposition of interest in possession for maintenance of beneficiary's family

Legislation/Regulatory – IHTA84 s. 51(2)

Distributions etc from property settled by will

Legislation/Regulatory – F(No. 2)A2015 s. 14

Dividend income paid to wife, income of husband as settlor

Case Law – Jones v Garnett (HM Inspector of Taxes). [2005] BTC 306 ; Jones v Garnett (HM Inspector of Taxes). [2006] BTC 24 ; Jones v Garnett (HM Inspector of Taxes). [2007] BTC 476 ; Jones v Garnett (HMIT) (2004) Sp C 432

Dual resident

Beneficiaries, attribution of gains to

Legislation/Regulatory – FA2008 Sch. 7, para. 115-155 ; TCGA92 s. 87, 89

Capital payment, meaning

Legislation/Regulatory – TCGA92 s. 97

Companies, payments by and to

Legislation/Regulatory – TCGA92 s. 96

Gains of

Legislation/Regulatory – TCGA92 s. 88

HMRC Guidance – CG38595 ; CG39270

Gifts of business assets into

Legislation/Regulatory – TCGA92 s. 169

Increase in tax payable

Legislation/Regulatory – TCGA92 s. 91

Information, power to obtain

Legislation/Regulatory – TCGA92 s. 98

Participator, meaning

Legislation/Regulatory – ESC D40

Settlors with interest in, attribution of gains to

Legislation/Regulatory – TCGA92 s. 86, Sch. 5

Transfers between settlements

Legislation/Regulatory – TCGA92 s. 90

Ending

Commentary – Tax Reporter ¶350-325

Enquiries

Commentary – Stamp Taxes Reporter ¶100-060

Entitled to occupy

Meaning

Commentary – CGT and the Private Residence ¶80-010

Under the terms of the settlement

Commentary – CGT and the Private Residence ¶80-010

Estates in administration

Commentary – Tax Reporter ¶365-675

Case Law – Moore (H.M. Inspector of Taxes) v. R.J. Mackenzie & Sons Ltd. Commissioners of Inland Revenue v. R.J. Mackenzie & Sons Ltd.

Excepted settlements, delivery of accounts

Legislation/Regulatory – SI 2008/606

Excluded property

Commentary – Quick Overview ¶62465

Excluded property, meaning

Case Law – Barclays Wealth Trustees (Jersey) Ltd & Anor v Revenue and Customs Commissioners [2015] BTC 28

Excluded property, persons domiciled overseas

Legislation/Regulatory – IRInt. 1007

Exemption from ten-yearly charge for heritage property

Legislation/Regulatory – F(No. 2)A2015 s. 12

Exercise of power of appointment or advancement

Legislation/Regulatory – SP 7/84

Exercise of powers, deemed disposal

Case Law – [1992] BTC 144

Extent of settlor's control over application of income

Case Law – Inland Revenue Commissioners v. Schroder. [1983] BTC 288

Generally

Commentary – CGT and the Private Residence ¶20-045 ; Tax Reporter ¶350-000

Case Law – The Camille and Henry Dreyfus Foundation, Inc. v. Commissioners of Inland Revenue

Gifts

Commentary – CGT and the Private Residence ¶80-200

Gifts and similar payments

Commentary – Tax Reporter ¶355-860

Gifts of business assets

Legislation/Regulatory – TCGA92 s. 74, 169, Sch. 7, para. 2

Gifts subject to reservation

Commentary – Tax Reporter ¶614-750

Grandchildren

Generally

Legislation/Regulatory – TCGA92 Sch. 5, para. 2A

Protected settlement, meaning

Legislation/Regulatory – IRInt. 189

Heritage maintenance

– see Heritage maintenance settlements

Historic buildings

– see Maintenance funds for heritage assets

Income

– see Trust income

Income arising under

Legislation/Regulatory – ITTOIA2005 s. 648

HMRC Guidance – RDRM31490 ; RDRM33590 ; RDRM33595

Indefeasible interest

Commentary – Tax Reporter ¶350-375 ; Tax Reporter ¶350-400

Inheritance tax

Beneficiary, meaning

Commentary – Quick Overview ¶62460

Creation

Commentary – Quick Overview ¶62435

Depreciatory transactions

Commentary – Quick Overview ¶62450

Distributions and appointments by trustees

Commentary – Quick Overview ¶62445

Election to allocate nil-rate band to a settlement

Commentary – Quick Overview ¶62455

Generally

Commentary – Quick Overview ¶62430

Case Law – Barclays Wealth Trustees (Jersey) Ltd & Anor v Revenue and Customs Commissioners [2015] BTC 28 ; Seddon & Ors (Trustees of Mrs M Seddon Second Discretionary Settlement) [2015] TC 04344

Leases for life

Commentary – Quick Overview ¶62460

Meaning of settlement

Commentary – Quick Overview ¶62460

Meaning of settlor

Commentary – Quick Overview ¶62460

Ten-year charge

Commentary – Quick Overview ¶62455 ; Quick Overview ¶62515 ; Quick Overview ¶62520 ; Quick Overview ¶62525 ; Quick Overview ¶62530 ; Quick Overview ¶62535

Trustee, meaning

Commentary – Quick Overview ¶62460

Variation of an existing settlement

Commentary – Quick Overview ¶62440

Initial interest in possession

Legislation/Regulatory – F(No. 2)A2015 s. 13

Interaction of income tax and inheritance tax

Legislation/Regulatory – SP 1/82

Interest in possession

– see also Interest in possession; Settled property

Generally

Commentary – CGT and the Private Residence ¶80-100 ; CGT and the Private Residence ¶80-105 ; CGT and the Private Residence ¶80-110

Interest in possession, termination on death

Legislation/Regulatory – SP D10 ; TCGA92 s. 72

Interest in possession, without

Commentary – Quick Overview ¶62505–Quick Overview ¶62545

Interest in remainder

Commentary – Tax Reporter ¶350-450

Interest in settled property

Deemed disposal of underlying assets

Legislation/Regulatory – FA2000 s. 91(3) ; FA2006 Sch. 12, para. 5 ; IRInt. 249 ; TCGA92 s. 76A, Sch. 4A

Disposal

Legislation/Regulatory – TCGA92 s. 76

Interpretation

Legislation/Regulatory – CTA2010 s. 1169

Investigation

– see Investigations

Investment income

Commentary – Tax Reporter ¶355-860

Lease for life

Legislation/Regulatory – IHTA84 s. 43(3)

Leases for life

Commentary – Tax Reporter ¶350-925

Liability for tax

– see Liability for tax

Maintenance funds for historic buildings

– see Maintenance funds for historic buildings

Maintenance payments

– see Maintenance payments

Marital breakdown, formal trusts

Commentary – CGT and the Private Residence ¶90-210

Meaning

Anti-avoidance legislation

Commentary – Tax Reporter ¶350-950

Generally

Commentary – Quick Overview ¶62200 ; Quick Overview ¶62310 ; 6.3

Legislation/Regulatory – IHTA84 s. 43(2), 272 ; ITA2007 s. 463, 465 ; ITTOIA2005 s. 620 ; TCGA92 s. 286(3ZA)

HMRC Guidance – CA11630 ; CG33240 ; CG33280 ; CH29950 ; CIRD45190 ; IHTM14836 ; IHTM14882 ; IHTM16041 ; IHTM16042 ; IHTM16068 ; IHTM16076 ; IHTM16078 ; IHTM27054 ; IHTM44009 ; TTM12060

Case Law – Barclays Wealth Trustees (Jersey) Ltd & Anor v Revenue and Customs Commissioners [2015] BTC 28

Inheritance tax

Commentary – Tax Reporter ¶350-925

Northern Ireland

Commentary – Tax Reporter ¶350-925

One or more than one

Commentary – Tax Reporter ¶351-550–Tax Reporter ¶351-575

Case Law – Roome and Denne v. Edwards (H.M. Inspector of Taxes)

Scotland

Commentary – Tax Reporter ¶350-925

Miscellaneous and other income

Commentary – Tax Reporter ¶355-860

Multiple settlors

Legislation/Regulatory – IHTA84 s. 44(2)

HMRC Guidance – IHTM42253

Nature of charge

Commentary – Quick Overview ¶62340

Negotiations

Commentary – Stamp Taxes Reporter ¶100-060

Non-resident

– see Non-resident trusts; Non-resident settlements

Non-resident trusts

– see Non-resident trusts

Northern Ireland, meaning

Legislation/Regulatory – IHTA84 s. 43(5)

Offshore trusts

Commentary – CGT and the Private Residence ¶80-030

One or more than one

Absolute and beneficial entitlement

Commentary – Tax Reporter ¶351-560

Case Law – Hart (H.M. Inspector of Taxes) v. Briscoe and Others Hoare Trustees v. Gardner (H.M. Inspector of Taxes)

Capital gains tax

Commentary – Tax Reporter ¶351-550

Case Law – Roome and Denne v. Edwards (H.M. Inspector of Taxes)

HMRC practice

Commentary – Tax Reporter ¶351-560

Case Law – Hart (H.M. Inspector of Taxes) v. Briscoe and Others Hoare Trustees v. Gardner (H.M. Inspector of Taxes)

Inheritance tax

Commentary – Tax Reporter ¶351-575

Out-of-court

– see Out-of-court settlements

Outright gift

Case Law – Jones v Garnett (HM Inspector of Taxes). [2007] BTC 476

Overview

Legislation/Regulatory – ITA2007 s. 462, 465

Partnership assurance policies

Commentary – Tax Reporter ¶350-925

Partnership assurance scheme

Legislation/Regulatory – ESC F10

Penalties

Commentary – Stamp Taxes Reporter ¶100-065

Perpetuities

Commentary – Tax Reporter ¶350-200

Power of appointment over property

Case Law – Melville & Ors v Inland Revenue Commissioners. [2001] BTC 8,039

Power to obtain information

Commentary – Quick Overview ¶62340

Powers over

Legislation/Regulatory – IHTA84 s. 47A

Private residence relief

Legislation/Regulatory – TCGA92 s. 225

Property income

Commentary – Tax Reporter ¶355-860

Property moving between

Excluded property

Legislation/Regulatory – IHTA84 s. 82

Generally

Commentary – Quick Overview ¶62615

Reversionary interest

Legislation/Regulatory – IHTA84 s. 81(3)

Time of

Legislation/Regulatory – IHTA84 s. 81(2)

Treated as remaining in first settlement

Legislation/Regulatory – IHTA84 s. 81(1)

Protective trusts, interest in possession

Case Law – Moore & Anor. v. Inland Revenue Commissioners. [1984] BTC 8,034

Purchased settlement powers

Legislation/Regulatory – IHTA84 s. 55A

Qualifying asset

Commentary – CGT and the Private Residence ¶80-005

Quick succession relief

– see Quick succession relief

Rectification

Generally

Case Law – Allnutt & Anor v Wilding & Ors. [2006] BTC 8,040 ; Allnutt & Anor v Wilding & Ors. [2007] BTC 8,003

Increase number of shares transferred to two beneficiaries

Case Law – Prowting 1968 Trustee One Ltd & Ors v Amos-Yeo & Anor [2015] BTC 33

Trustees and beneficiaries to qualify for entrepreneurs' relief

Case Law – Prowting 1968 Trustee One Ltd & Ors v Amos-Yeo & Anor [2015] BTC 33

Two share acquisition agreements

Case Law – Prowting 1968 Trustee One Ltd & Ors v Amos-Yeo & Anor [2015] BTC 33

Related settlements, meaning

Commentary – Quick Overview ¶62520

Reorganisation or reduction of share capital

Legislation/Regulatory – TCGA92 Sch. 11, para. 16

Residential lettings by trustees

Commentary – CGT and the Private Residence ¶80-025

Residential status of property

Duration of occupation rights

Commentary – CGT and the Private Residence ¶80-015

Let property relief, interaction

Commentary – CGT and the Private Residence ¶80-025

Occupation

Commentary – CGT and the Private Residence ¶80-015

Ownership

Commentary – CGT and the Private Residence ¶80-015

Settlor interest rules

Commentary – CGT and the Private Residence ¶80-030

User-related restrictions

Commentary – CGT and the Private Residence ¶80-020

Retention of interest in settled property

Case Law – Trennery v West (HM Inspector of Taxes) and related appeals. [2004] BTC 3 ; West (HM Inspector of Taxes) & Ors v Trennery & Ors. [2003] BTC 317

Scottish settlement, meaning

Legislation/Regulatory – IHTA84 s. 43(4)

Scottish trusts

Legislation/Regulatory – ITA2007 s. 464

HMRC Guidance – CG33810 ; CG33817

Scrip dividends, capital or income

Case Law – Seddon & Ors (Trustees of Mrs M Seddon Second Discretionary Settlement) [2015] TC 04344

Settled on death

Legislation/Regulatory – IHTA84 s. 83

Settled property, meaning

Generally

Legislation/Regulatory – ITA2007 s. 466, 478 ; TCGA92 s. 68

HMRC Guidance – CG20500 ; CG33230 ; CG33280 ; CG38410 ; CG65405 ; TSEM11000 ; TSEM1102

Income tax

Commentary – Tax Reporter ¶350-875

Settlement, meaning

Legislation/Regulatory – ITTOIA2005 s. 620

Settlor

– see Settlors

Settlor, meaning

Legislation/Regulatory – ITTOIA2005 s. 620

Settlor-interested settlements

– see Settlor-interested settlements

Settlors

– see Settlors

Stamp duty land tax

Beneficiaries who are children

Legislation/Regulatory – FA2003 Sch. 4ZA, para. 12

Generally

Legislation/Regulatory – FA2003 s. 98, Sch. 16

HMRC Guidance – SDLTM31700

Interests of beneficiaries

Legislation/Regulatory – FA2003 Sch. 16, para. 2

Meaning

Legislation/Regulatory – FA2003 Sch. 16, para. 1

HMRC Guidance – SDLTM09550

Sub-fund elections

Legislation/Regulatory – TCGA92 s. 73(1A), 286(3)(b), Sch. 1, para. A1, 3, Sch. 4ZA

HMRC Guidance – CG14562 ; CG14590 ; CG14596 ; CG33280 ; CIRD45120

Sui juris

Commentary – Tax Reporter ¶350-475

Survival of appointee

Case Law – Inland Revenue Commissioners v. Trustees of Sir John Aird's Settlement. [1982] BTC 8,003

Survivorship clauses

Legislation/Regulatory – IHTA84 s. 92

HMRC Guidance – IHTM16110

Taper relief

– see Taper relief

Taxation of (settlor alive and UK resident)

Commentary – 6.3.1

Taxation of (settlor dead or not UK resident)

Commentary – 6.3.2

Termination of life interest on death

Generally

Legislation/Regulatory – SP D10 ; TCGA92 s. 72

Gifts of business assets

Legislation/Regulatory – TCGA92 s. 74

Inheritance tax, gifts

Legislation/Regulatory – TCGA92 s. 74

Trading income

Commentary – Tax Reporter ¶355-860

Transfers between, identification of settlor

Legislation/Regulatory – FA2006 Sch. 12, para. 1 ; TCGA92 s. 68B

Transfers into

Legislation/Regulatory – TCGA92 s. 70

HMRC Guidance – CG35710 ; CG35750 ; CG36527 ; CG36546 ; CG65365 ; CG65376 ; CG65428

Transfers into, domicile of transferor

Case Law – Surveyor v IR Commrs (2002) Sp C 339

Transfers of value linked with trustees borrowing

– see Transfers of value

Trustee's appointment, contribution/payment towards costs

Legislation/Regulatory – LPA25 s. 42(2)

Trustees

– see also Trustees

Absolute discretion over wife's occupation of former matrimonial home

Case Law – Judge & Anor as Personal Representatives of P I A Walden (dec'd) v. R & C Commrs (2005) Sp C 506

Administrative powers

Case Law – Miller & Ors. v. Inland Revenue Commissioners. [1987] BTC 8,017

Appointment, meaning of individuals

Case Law – Jasmine Trustees Ltd & Ors v Wells & Hind (a firm) & Anor. [2007] BTC 185

Asset transfer linked with trustee borrowing

Case Law – Bowring & Anor v Revenue and Customs Commissioners [2015] BTC 530

Deed of appointment void

Case Law – Jiggens & Anor v Low & Anor. [2010] BTC 631

Entitlement to declarations sought

Case Law – Futter & Anor v Futter & Ors. [2010] BTC 455

Generally

Commentary – Quick Overview ¶62385

Non-resident trusts

– see Non-resident trusts

Residence, double taxation relief

Case Law – Revenue and Customs Commissioners v Smallwood & Anor. [2010] BTC 637 ; Smallwood & Anor (trustees of the Trevor Smallwood Settlement) v Revenue and Customs Commissioners. [2009] BTC 135

Sale of shares, capital gains tax liability/double taxation relief

Case Law – Trustees of Wensleydale's Settlement v IR Commrs (1996) Sp C 73

Transactions set aside under Hastings-Bass rule

Case Law – Pitt & Anor v Holt & Anor. [2010] BTC 235

Transfer of trust assets of non-resident settlement to trustees of new UK-resident settlement

Case Law – Bowring & Anor v Revenue and Customs Commissioners [2015] BTC 530

Trustees, annuities

Legislation/Regulatory – IHTA84 s. 90

Types

Accumulation and maintenance settlements

Commentary – Tax Reporter ¶350-675

Bare trust

Commentary – Tax Reporter ¶350-575

Charitable trusts

Commentary – Tax Reporter ¶350-725 ; Tax Reporter ¶355-860

Case Law – The Camille and Henry Dreyfus Foundation, Inc. v. Commissioners of Inland Revenue

Constructive trust

Commentary – Tax Reporter ¶350-550

Discretionary settlements

Commentary – Tax Reporter ¶350-650

Estates in administration

Commentary – Tax Reporter ¶350-700

Express trust

Commentary – Tax Reporter ¶350-500

Implied trust

Commentary – Tax Reporter ¶350-525

Land in trust

Commentary – Tax Reporter ¶350-750

Protected trusts

Commentary – Tax Reporter ¶350-600

Resulting trusts

Commentary – Tax Reporter ¶350-625

Case Law – Haworth v. Commissioners of Inland Revenue ; Vandervell v. Commissioners of Inland Revenue

Tax implications

Commentary – Tax Reporter ¶356-200

HMRC Guidance – TSEM4215 ; TSEM4220 ; TSEM4325

Case Law – (1) JENKINS v. COMMISSIONERS OF INLAND REVENUE (2) MASON v. COMMISSIONERS OF INLAND REVENUE ; BARR'S TRUSTEES v. COMMISSIONERS OF INLAND REVENUE ; Commissioners of Inland Revenue v. Wachtel ; GLYN v. COMMISSIONERS OF INLAND REVENUE ; Hannay's Executors v. Commissioners of Inland Revenue ; Muir v. Commissioners of Inland Revenue ; Unmarried Settlor v IR Commrs

User-related restrictions

Commentary – CGT and the Private Residence ¶80-020

Variation of dispositions

Case Law – Russell & Anor. v. Inland Revenue Commissioners. [1988] BTC 8,041

Variation of will or intestacy etc., identification of settlor

Legislation/Regulatory – FA2006 Sch. 12, para. 1 ; TCGA92 s. 68C

Vested interest meaning

Commentary – Tax Reporter ¶350-400

Vulnerable beneficiaries

– see Beneficiaries

Without interests in possession

Accumulation and maintenance trusts

– see Accumulation and maintenance trusts

Associated operations

Case Law – Rysaffe Trustee Co (CI) Ltd v Inland Revenue Commissioners. [2002] BTC 8,019

Ten-year charge

Case Law – Rysaffe Trustee Co (CI) Ltd v Inland Revenue Commissioners. [2002] BTC 8,019

No subscription?