– see also Trust income

Accounts, delivery of

Legislation/Regulatory – IHTA84 s. 216(1)(b), (c)

Accrued income scheme

Bare trusts

Commentary – Tax Reporter ¶334-250 ; Tax Reporter ¶334-350 ; Tax Reporter ¶353-450
HMRC Guidance – TSEM3320 ; TSEM3325 ; TSEM3335 ; TSEM3340

Beneficial owner becoming trustee

Commentary – Tax Reporter ¶334-300

Discretionary settlements

Commentary – Tax Reporter ¶353-450
HMRC Guidance – TSEM3320 ; TSEM3325 ; TSEM3335 ; TSEM3340

Generally

Commentary – Tax Reporter ¶353-450
HMRC Guidance – TSEM3320 ; TSEM3325 ; TSEM3335 ; TSEM3340

Informal parental settlements

Commentary – Tax Reporter ¶353-450
HMRC Guidance – TSEM3320 ; TSEM3325 ; TSEM3335 ; TSEM3340

Interest in possession settlements

Commentary – Tax Reporter ¶353-450
HMRC Guidance – TSEM3320 ; TSEM3325 ; TSEM3335 ; TSEM3340

Settlor-interested settlements

Commentary – Tax Reporter ¶353-450
HMRC Guidance – TSEM3320 ; TSEM3325 ; TSEM3335 ; TSEM3340

Transfers to and from trustees

Commentary – Tax Reporter ¶353-450
HMRC Guidance – TSEM3320 ; TSEM3325 ; TSEM3335 ; TSEM3340

Accumulated or discretionary income

Legislation/Regulatory – ITA2007 s. 479, 480, 873

Accumulation of income

– see Trust income

Accumulations and ten-year charges

Legislation/Regulatory – SP 8/86

Additional tax rate, deductible expenditure

Case Law – Carver v. Duncan (H.M. Inspector of Taxes). Bosanquet v. Allen (H.M. Inspector of Taxes). [1984] BTC 297 ; Carver v. Duncan (H.M. Inspector of Taxes). Bosanquet v. Allen (H.M. Inspector of Taxes). [1983] BTC 51 ; Carver v. Duncan (H.M. Inspector of Taxes); Bosanquet v. Allen (H.M. Inspector of Taxes). [1985] BTC 248

Administration

Estates

– see Administration of estates

Administrative powers

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

Annual tax on enveloped dwellings

Commentary – Chanda on Property Investment 13.5.3

Annuities

Legislation/Regulatory – IHTA84 s. 90

Annuity, interest by way of

Commentary – Quick Overview ¶62490

Appeals, determination or agreement

– see Appeals

Appointing and removing

Commentary – Woolley on Financial Planning with Trusts 4.2.6

Appointment

Deed of

Legislation/Regulatory – SI 1987/516

Generally

Commentary – Tax Reporter ¶350-075

Payment/contribution towards costs

Legislation/Regulatory – LPA25 s. 42(2)

Appointment, meaning of individuals

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

As beneficiaries

Commentary – Woolley on Financial Planning with Trusts 4.1.2

As officers

Commentary – Kirk on Employment Status 7.1

Asbestos compensation settlements

Commentary – Tax Reporter ¶355-850

Assessments on

Commentary – Gordon on Discovery Assessments 8.1.3
Legislation/Regulatory – TMA70 s. 30AA

Attribution of gains of non-resident companies

Legislation/Regulatory – TCGA92 s. 79B

Bankrupt's estates

Commentary – Tax Reporter ¶180-700
Case Law – Ahajot v Waller (HMIT) ; Soul v. Commissioners of Inland Revenue Soul v. Caillebotte (H.M. Inspector of Taxes)

Bankruptcy, power to compromise

Case Law – Re Hurren (a bankrupt), ex parte the Trustee v. Inland Revenue Commissioners. [1982] BTC 373

Bare trustees, meaning

Commentary – Quick Overview ¶62375

Bare, acquisition of chargeable interest

Legislation/Regulatory – FA2003 Sch. 16, para. 3

Beneficiaries occupation of dwelling-house

Legislation/Regulatory – SP 10/79

Beneficiary, costs of maintaining

Case Law – Stevenson (H.M. Inspector of Taxes) v. Wishart & Ors. [1987] BTC 283 ; Stevenson (H.M. Inspector of Taxes) v. Wishart and Others. [1986] BTC 58

Capital gains tax

Actual disposals

Commentary – Tax Reporter ¶358-525

Annual exempt amount

Commentary – Key Data ¶7-010
Legislation/Regulatory – TCGA92 s. 3, 3A, Sch. 1

Annual exemption

Commentary – Quick Overview ¶14055 ; Quick Overview ¶15000 ; Tax Reporter ¶358-250 ; Tax Reporter ¶358-275 ; Tax Reporter ¶535-125 ; Quick Overview ¶62415

Attribution of gains of non-resident companies

Commentary – Tax Reporter ¶358-550

Bare trustees

Commentary – Quick Overview ¶62375

Change of trustees

Commentary – Tax Reporter ¶358-125

Charge to tax

Commentary – Tax Reporter ¶503-050 ; Tax Reporter ¶503-550

Deemed disposals generally

Commentary – Tax Reporter ¶358-625
Case Law – Commissioners of Inland Revenue v. Chubb's Trustee

Deemed disposals, beneficiary becoming absolutely entitled

Commentary – Tax Reporter ¶358-650–Tax Reporter ¶358-725
HMRC Guidance – CG37332 ; CG37360
Case Law – Hart (H.M. Inspector of Taxes) v. Briscoe and Others Hoare Trustees v. Gardner (H.M. Inspector of Taxes)

Disposals generally

Commentary – Tax Reporter ¶358-500

Double tax treaty exemption

Commentary – Tax Reporter ¶358-550

Enterprise investment scheme deferral of capital gains

Commentary – Tax Reporter ¶566-550

Entrepreneurs' relief

Commentary – Tax Reporter ¶358-400 ; Tax Reporter ¶573-100–Tax Reporter ¶573-250

Expenses

Commentary – Tax Reporter ¶358-225
HMRC Guidance – CG33520
Case Law – Commissioners of Inland Revenue v. Chubb's Trustee

General consideration

Commentary – Tax Reporter ¶358-000

Generally

Commentary – Tax Reporter ¶351-625

Gifts of business assets

Commentary – Quick Overview ¶15405 ; Tax Reporter ¶574-700

Hold-over election, effect of disposal on

Commentary – Tax Reporter ¶358-575 ; Tax Reporter ¶358-600

Hold-over relief

Commentary – Tax Reporter ¶358-325

Indexation allowance

Commentary – Tax Reporter ¶523-400 ; Tax Reporter ¶523-500

Information, HMRC requirements

Commentary – Tax Reporter ¶358-200

Liability

Commentary – Tax Reporter ¶358-200 ; Quick Overview ¶62420

Losses

Commentary – Tax Reporter ¶358-150
HMRC Guidance – CG38535

Private residence exemption

Commentary – Quick Overview ¶15535

Private residence relief

Commentary – Tax Reporter ¶358-375
Case Law – Sansom and Another (Ridge Settlement Trustees) v. Peay (H.M. Inspector of Taxes)

Rate

Commentary – Quick Overview ¶14055
Legislation/Regulatory – TCGA92 s. 4(1AA)

Rates

Commentary – Key Data ¶7-000

Rates of tax

Commentary – Tax Reporter ¶358-175 ; Tax Reporter ¶500-250
HMRC Guidance – CG30610

Reliefs available

Commentary – Tax Reporter ¶358-300–Tax Reporter ¶358-425

Replacement of business assets

Commentary – Tax Reporter ¶358-425 ; Tax Reporter ¶572-250

Residence

Commentary – Tax Reporter ¶358-025–Tax Reporter ¶358-100 ; Tax Reporter ¶591-450 ; Tax Reporter ¶592-350
Legislation/Regulatory – TCGA92 s. 83A

Sub-fund elections

Commentary – Tax Reporter ¶358-750–Tax Reporter ¶358-825

Taper relief

– see Taper relief (pre-6 April 2008)

Termination of life interest

Commentary – Tax Reporter ¶358-835 ; Tax Reporter ¶358-840 ; Tax Reporter ¶358-950
HMRC Guidance – CG36471 ; CG36474 ; CG37370
Case Law – (1) Pexton (H.M. Inspector of Taxes) v. Bell and Another (Colbourne Will Trustees) (2) Crowe (Bird Will Trustee) v. Appleby (H.M. Inspector of Taxes)

Termination of life interest on death

Commentary – Tax Reporter ¶358-850–Tax Reporter ¶358-925

Transfers of assets chargeable to inheritance tax

Commentary – Tax Reporter ¶358-350

Vulnerable beneficiaries

Commentary – Quick Overview ¶62415

Capital gains tax and value transferred

Legislation/Regulatory – IHTA84 s. 165(2)
HMRC Guidance – IHTM42163

Ceasing to be liable to UK tax

Legislation/Regulatory – TCGA92 s. 83

Change of

Legislation/Regulatory – ITTOIA2005 s. 258

Charitable trusts

Legislation/Regulatory – TCGA92 s. 256

Charity, claim for repayment of tax made out of time

Case Law – Inland Revenue Commissioners v. Crawley & Ors. [1987] BTC 112

Civil recovery

– see Civil recovery proceedings

Class 4 contributions

Legislation/Regulatory – SSCBA92 Sch. 2, para. 5

Class 4 contributions, exception from liability

Commentary – Tax Reporter ¶1018-050
HMRC Guidance – BIM52765 ; BIM52785 ; LLM5430 ; NIM24523

Close company loans to participators

Legislation/Regulatory – ITTOIA2005 s. 421

Company distributions

Legislation/Regulatory – CTA2010 s. 1060

Connected persons

Commentary – Quick Overview ¶14665

Corporate beneficiaries

Discretionary payments by trustees to

Legislation/Regulatory – CTA2010 s. 610

Trustees' expenses

Legislation/Regulatory – CTA2010 s. 611

Costs incurred in administration of estates and trusts

Legislation/Regulatory – SP 2/04 ; TCGA92 s. 38, 64

Death

Legislation/Regulatory – TCGA92 s. 81
HMRC Guidance – CG38200

Death of

Commentary – Woolley on Financial Planning with Trusts 4.2.5

Debts

Legislation/Regulatory – TCGA92 s. 251(5)

Deed of appointment void

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

Deeply discounted securities

Legislation/Regulatory – ITTOIA2005 s. 457

Deferral relief, EIS

Discretionary trusts

Commentary – Tax Reporter ¶358-430

Generally

Commentary – Tax Reporter ¶358-430

Hybrid trusts

Commentary – Tax Reporter ¶358-430

Interest in possession settlements

Commentary – Tax Reporter ¶358-430

Offshore trusts

Commentary – Tax Reporter ¶358-430

Delegation, powers of

Commentary – Tax Reporter ¶350-100

Deposit-takers deduction of tax at source

Legislation/Regulatory – ITA2007 s. 873

Depreciatory transaction by

Legislation/Regulatory – IHTA84 s. 65(1)(b)

Development land tax, disposal of land

Generally

Case Law – Inland Revenue Commissioners v. Matthew's Executors. [1984] BTC 8,061

Sports club

Case Law – Frampton & Anor. (Trustees of Worthing R.F.C.) v. Inland Revenue Commissioners. [1987] BTC 8,029 ; Frampton & Anor. (Trustees of Worthing Rugby Football Club) v. Inland Revenue Commissioners; Inland Revenue Commissioners v. Frampton & Anor. (Trustees of Worthing Rugby Football Club). [1985] BTC 66

Disabled person's trusts, transfer of securities

Legislation/Regulatory – ITA2007 s. 641

Disabled persons, annual exemption

Commentary – Tax Reporter ¶358-275

Discretionary payments

– see also Trust income

Calculation of tax pool

Legislation/Regulatory – ITA2007 s. 497, 498, Sch. 2, para. 104

Charge to tax

Legislation/Regulatory – ITA2007 s. 496

Effect of

Legislation/Regulatory – ITA2007 s. 496

Employment income

Legislation/Regulatory – ITA2007 s. 496A, 496B, Sch. 5, para. 9A

Generally

Legislation/Regulatory – ITA2007 s. 493

Grossing up

Legislation/Regulatory – ITA2007 s. 494

Payment of tax

Legislation/Regulatory – ITA2007 s. 494

Relief for trustees

Legislation/Regulatory – ITA2007 s. 496B

Statement about deduction of tax

Legislation/Regulatory – ITA2007 s. 495

Discretionary trusts

Payments under

Commentary – Quick Overview ¶62255
Legislation/Regulatory – ESC B18 ; IRInt. 190

Rate of tax

Commentary – Quick Overview ¶62245

Stock dividends

Legislation/Regulatory – IRInt. 262

Disposals

Actual disposals

Commentary – Tax Reporter ¶358-525

Attribution of gains of non-resident companies

Commentary – Tax Reporter ¶358-550

Beneficiary becoming absolutely entitled

Commentary – Tax Reporter ¶358-650–Tax Reporter ¶358-725
HMRC Guidance – CG37332 ; CG37360
Case Law – Hart (H.M. Inspector of Taxes) v. Briscoe and Others Hoare Trustees v. Gardner (H.M. Inspector of Taxes)

Deemed disposals generally

Commentary – Tax Reporter ¶358-625
Case Law – Commissioners of Inland Revenue v. Chubb's Trustee

Generally

Commentary – Tax Reporter ¶358-500

Hold-over elections, effect on

Commentary – Tax Reporter ¶358-575 ; Tax Reporter ¶358-600

Losses

Commentary – Tax Reporter ¶358-700

Sub-fund elections

Commentary – Tax Reporter ¶358-750–Tax Reporter ¶358-825

Transfers to a separate settlement

Commentary – Tax Reporter ¶358-750–Tax Reporter ¶358-825

Distributed income

Commentary – Woolley on Financial Planning with Trusts 6.3.3

Dividend trust rate and trust rate

2006-07

Commentary – Key Data ¶3-060

2007-08

Commentary – Key Data ¶3-055

2008-09

Commentary – Key Data ¶3-050

2009-1

Commentary – Key Data ¶3-045

2010-11

Commentary – Key Data ¶3-040

2011-12

Commentary – Key Data ¶3-035

2012-13

Commentary – Key Data ¶3-030

2013-14

Commentary – Key Data ¶3-025

2014-15

Commentary – Key Data ¶3-020

2015-16

Commentary – Key Data ¶3-015

2016-17

Commentary – Key Data ¶3-010

2017-18

Commentary – Key Data ¶3-005

2018-19

Commentary – Key Data ¶3-004

2019-20

Commentary – Key Data ¶3-003

2020-21

Commentary – Key Data ¶3-002

Structure of income tax rates from 2017-18

Commentary – Key Data ¶3-000

Domicile

Commentary – Tax Reporter ¶352-100

Double taxation agreements

Commentary – Quick Overview ¶62206

Dual resident

Attribution of gains to beneficiaries

Legislation/Regulatory – FA2008 Sch. 7, para. 115-155 ; TCGA92 s. 87, 88, 89

Attribution of gains to settlors with interest in settlement

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

Capital payment, meaning

Legislation/Regulatory – TCGA92 s. 97

Companies, payments by and to

Legislation/Regulatory – TCGA92 s. 96

Generally

Legislation/Regulatory – TCGA92 s. 84, 87, 88
HMRC Guidance – CG38200

Gifts of business assets

Legislation/Regulatory – TCGA92 s. 169

Information, power to obtain

Legislation/Regulatory – TCGA92 s. 98

Duties

Commentary – Tax Reporter ¶350-100

Duty of care

Commentary – Woolley on Financial Planning with Trusts 4.1.2

Duty to inform beneficiaries

Commentary – Woolley on Financial Planning with Trusts 4.3.3

Earnings-related contributions, payments to be disregarded

Legislation/Regulatory – SI 2001/1004 reg. 26

Employee share ownership plans

– see Share incentive plans (SIPs)

Employee share ownership schemes

– see Employee share ownership trusts (ESOTs); Share incentive plans (SIPs)

Employee share trusts

– see Employee share trusts

Employee trusts

Legislation/Regulatory – TCGA92 s. 239, 239ZA

Enhanced stock dividends received by

Legislation/Regulatory – SP 4/94

Enterprise management incentives

– see Enterprise management incentives (EMIs)

Enterprise zone property scheme

Legislation/Regulatory – SI 1988/267 reg. 5, 6

Entitlement to declarations sought

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

Entitlement to repayment of tax credit

Case Law – Guild & Ors (as Trustees of the William Muir (Bond 9) Ltd Employees Share Scheme) v. Inland Revenue Commissioners. [1993] BTC 267

Entrepreneurs' relief

Commentary – Tax Reporter ¶358-400 ; Tax Reporter ¶573-100–Tax Reporter ¶573-250

Excepted settlements, delivery of accounts

Legislation/Regulatory – SI 2008/606

Executors

Commentary – Woolley on Financial Planning with Trusts 4.1.2

Exercise of power of appointment or advancement

Legislation/Regulatory – SP 7/84

Expenses

Beneficiary's income

Legislation/Regulatory – ITA2007 s. 499-503

Generally

Commentary – Tax Reporter ¶353-000 ; Tax Reporter ¶353-050 ; Tax Reporter ¶358-225 ; Tax Reporter ¶652-050
HMRC Guidance – CG33520 ; TSEM8162 ; TSEM8705 ; TSEM8712 ; TSEM8713 ; TSEM8719 ; TSEM8720 ; TSEM8726 ; TSEM8729
Case Law – Commissioners of Inland Revenue v. Chubb's Trustee

How allowable expenses are to be set against trust rate income

Legislation/Regulatory – ITA2007 s. 486

Non-UK resident trustees

Legislation/Regulatory – ITA2007 s. 487

Properly chargeable to income

Case Law – Carver v. Duncan (H.M. Inspector of Taxes). Bosanquet v. Allen (H.M. Inspector of Taxes). [1984] BTC 297 ; Carver v. Duncan (H.M. Inspector of Taxes). Bosanquet v. Allen (H.M. Inspector of Taxes). [1983] BTC 51 ; Carver v. Duncan (H.M. Inspector of Taxes); Bosanquet v. Allen (H.M. Inspector of Taxes). [1985] BTC 248

Proportion attributed to trust income

Case Law – Trustees of the Peter Clay Discretionary Trust v Revenue and Customs Commissioners. [2007] BTC 724 ; Trustees of the Peter Clay Discretionary Trust v. R & C Commrs (2007) Sp C 595

Rateable apportionment

Legislation/Regulatory – ITTOIA2005 s. 646A

Set against trust rate income

Legislation/Regulatory – ITA2007 s. 484, Sch. 2, para. 102

Unused, carry-forward

Legislation/Regulatory – ITA2007 s. 485, Sch. 2, para. 102

Flat management companies, service charge funds and sinking funds

Legislation/Regulatory – IRInt. 210

Gains from policies and contracts

Legislation/Regulatory – ITTOIA2005 s. 467

Gains on life policies/life annuity contracts

Commentary – Tax Reporter ¶344-400 ; Tax Reporter ¶344-520
HMRC Guidance – IPTM3220 ; RDRM33540

General duty of care

Commentary – Tax Reporter ¶350-100

General provisions

Legislation/Regulatory – TCGA92 s. 69
HMRC Guidance – CG10732 ; CG10960 ; CG13440 ; CG18620 ; CG33340 ; CG33370 ; CG35400 ; CG37800 ; CG37830 ; CG37841 ; CG38410 ; CG38415 ; DMBM580020 ; TSEM10015 ; TSEM10020 ; TSEM10050 ; TSEM10055 ; TSEM3036

Generally

Commentary – Indirect Tax Reporter ¶41-200(7) ; Quick Overview ¶62205

Gifts of business assets

Legislation/Regulatory – IRInt. 214 ; TCGA92 s. 165

Hastings-Bass principle

Commentary – Tax Reporter ¶350-300 ; Tax Reporter ¶351-775
Legislation/Regulatory – IRInt. 268

Heritage maintenance settlements

– see Heritage maintenance settlements

Heritage property

– see National heritage property

Hold-over relief

Inheritance tax chargeable

Commentary – Tax Reporter ¶358-350

Transfer of business assets

Commentary – Tax Reporter ¶358-325

In bankruptcy

Commentary – Woolley on Financial Planning with Trusts 27.2.5

Income

– see Trust income

Income tax

Bankrupt's estates

Commentary – Tax Reporter ¶180-700
Case Law – Ahajot v Waller (HMIT) ; Soul v. Commissioners of Inland Revenue Soul v. Caillebotte (H.M. Inspector of Taxes)

Charge to tax

Commentary – Tax Reporter ¶134-850

Deemed single person

Commentary – Tax Reporter ¶351-600
Case Law – (1) A.W. WILLIAMS (SURVEYOR OF TAXES) v. W.M.G. SINGER AND OTHERS. (2) A.F. POOL (SURVEYOR OF TAXES) v. ROYAL EXCHANGE ASSURANCE. ; REID'S TRUSTEES v. THE COMMISSIONERS OF INLAND REVENUE. THE COMMISSIONERS OF INLAND REVENUE v. REID'S TRUSTEES.

Incapacitated persons, charge to tax

Commentary – Tax Reporter ¶134-100

Infants or minors, charge to tax

Commentary – Tax Reporter ¶134-150
Case Law – (1) REX v. COMMISSIONERS OF TAXES FOR THE NEWMARKET DIVISION OF SUFFOLK. (Ex parte HUXLEY.) (2) REX v. COMMISSIONERS OF TAXES FOR THE COPTHORNE DIVISION OF SURREY. (Ex parte HUXLEY.)

Returns

Commentary – Tax Reporter ¶180-600–Tax Reporter ¶180-700
Case Law – Ahajot v Waller (HMIT) ; Soul v. Commissioners of Inland Revenue Soul v. Caillebotte (H.M. Inspector of Taxes)

Inheritance tax

Accounts, delivery of

Commentary – Tax Reporter ¶180-895

Charging provisions

Commentary – Tax Reporter ¶603-100

Connected persons

Commentary – Tax Reporter ¶602-900

Depreciatory transactions

Commentary – Quick Overview ¶62450

Distributions and appointments by

Commentary – Quick Overview ¶62445

Generally

Commentary – Tax Reporter ¶351-650 ; Quick Overview ¶62460

Hold-over relief

Commentary – Tax Reporter ¶358-350

Limitation of liability

Commentary – Tax Reporter ¶183-145 ; Tax Reporter ¶183-175

Limited liability

Commentary – Quick Overview ¶1930

Participator in close company

Commentary – Tax Reporter ¶603-950

Residence

Commentary – Tax Reporter ¶351-650

Transfer of value, time of making

Commentary – Tax Reporter ¶616-250

Insolvent's assets

Legislation/Regulatory – TCGA92 s. 66

Insuring property, powers to

Commentary – Tax Reporter ¶350-100

Interest on penalties

Legislation/Regulatory – TMA70 s. 107A

Interest relief restriction

Commentary – Chanda on Property Investment 7.2.3

Interim/permanent

Assessment for interest overpayments

Legislation/Regulatory – VATA94 s. 78A(8)

Representative, meaning

Legislation/Regulatory – CEMA79 s. 1(1)

Interpretation

Legislation/Regulatory – CTA2010 s. 1169 ; ITA2007 s. 463, 465

Investment powers

Commentary – Tax Reporter ¶350-125

Investors' relief

Commentary – Tax Reporter ¶358-428

Invoice issued by unauthorised person

Commentary – Gordon on Discovery Assessments 4.6.4

Land, powers to acquire

Commentary – Tax Reporter ¶350-100

Lasting powers of attorney

Commentary – Woolley on Financial Planning with Trusts 21.1

Late payment of capital gains tax, surcharge

Case Law – England (as Trustee of England Discretionary Will Trust) [2010] TC 00477

Liability

Capital gains tax

Legislation/Regulatory – TCGA92 s. 65, 82
HMRC Guidance – DMBM580020

Generally

Legislation/Regulatory – IRInt. 155

Mineral leases and timber cropping

Legislation/Regulatory – IRInt. 156

Liability for tax

Conditionally exempt transfers

Legislation/Regulatory – IHTA84 s. 207(3)

Extent of

Legislation/Regulatory – IHTA84 s. 204(2)

Generally

Legislation/Regulatory – IHTA84 s. 201(1)

Intermeddling

Legislation/Regulatory – IHTA84 s. 199(4)

Non-resident trustees

Legislation/Regulatory – IHTA84 s. 201(3), (5)

Pensions

Legislation/Regulatory – IHTA84 s. 210

Personal exemptions of beneficiaries, availability of

Legislation/Regulatory – IHTA84 s. 57

Liability in case of negligence

Commentary – Woolley on Financial Planning with Trusts 4.1.2

Liability to tax

Commentary – Quick Overview ¶62205

Lloyd's underwriters premiums trust funds

– see Lloyd's underwriters

Losses

Beneficiary absolutely entitled

Legislation/Regulatory – TCGA92 s. 71

Set-off against capital gains

Legislation/Regulatory – TCGA92 s. 79A

Maintenance funds for historic buildings

– see also Maintenance funds for heritage assets

Generally

Commentary – Quick Overview ¶62355
Legislation/Regulatory – IHTA84 Sch. 4, para. 2(2)

Management expenses

Commentary – Quick Overview ¶62207

Meaning

Commentary – Woolley on Financial Planning with Trusts 4.1.2
Legislation/Regulatory – IHTA84 s. 45, 272 ; SI 1988/267 reg. 2
HMRC Guidance – IHTM16050 ; IHTM30101

Mental incapacity

Commentary – Woolley on Financial Planning with Trusts 21.2

Migrating

Generally

Legislation/Regulatory – TCGA92 s. 80

Liability for tax

Legislation/Regulatory – TCGA92 s. 65, 82

MIRAS

Legislation/Regulatory – SI 1982/1236 reg. 7B

Non-resident

Accounts, delivery of

Legislation/Regulatory – IHTA84 s. 218

Attribution of gains to beneficiaries

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

Attribution of gains to settlors with interest in settlement

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

Beneficiaries, deposit-takers deduction of tax at source

Legislation/Regulatory – ITA2007 s. 861

Capital payment, meaning

Legislation/Regulatory – TCGA92 s. 97(1)
HMRC Guidance – CG38625 ; CG38910 ; VOACGTSEC7_CGTVF

Deeply discounted securities

Legislation/Regulatory – ITTOIA2005 s. 458

Disposal of interests in settled property

Legislation/Regulatory – TCGA92 s. 85

Gains from policies and contracts

Legislation/Regulatory – ITTOIA2005 s. 468

Generally

Legislation/Regulatory – TCGA92 s. 80, 87

Increase in tax payable

Legislation/Regulatory – TCGA92 s. 91

Information, power to obtain

Legislation/Regulatory – TCGA92 s. 98

Inter-American Development Bank, income from

Legislation/Regulatory – FA76 s. 131

Payments by and to companies

Legislation/Regulatory – TCGA92 s. 96

Residence

Legislation/Regulatory – TCGA92 s. 83A

Settled property, meaning

Legislation/Regulatory – TCGA92 s. 97(7)
HMRC Guidance – CG38580

Settlement and settlor, meaning

Legislation/Regulatory – TCGA92 s. 97(3)
HMRC Guidance – CG38625

Transfers between settlements

Legislation/Regulatory – TCGA92 s. 90

Non-resident trustees

Liability to tax

Commentary – Tax Reporter ¶148-700 ; Tax Reporter ¶352-150

Residence

Commentary – Tax Reporter ¶359-225 ; Tax Reporter ¶359-250

Vulnerable beneficiaries

Commentary – Tax Reporter ¶355-500

Non-resident trusts

– see Non-resident trusts

Occupational pension schemes, disclosure of information

Legislation/Regulatory – PSA93 s. 158(6)

Omission to exercise rights

Legislation/Regulatory – IHTA84 s. 70(10)

Overview

Legislation/Regulatory – ITA2007 s. 462

Participators in close company

Capital, alteration of

Legislation/Regulatory – IHTA84 s. 100

Transfer by

Legislation/Regulatory – IHTA84 s. 99

Participators, attribution of gains

Legislation/Regulatory – TCGA92 s. 79B

Penalties

Legislation/Regulatory – TMA70 s. 107A

Pension schemes, transfer of securities

Legislation/Regulatory – ITA2007 s. 646

Power to appoint under foreign discretionary settlement

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

Powers

Accumulation of income

Commentary – Tax Reporter ¶350-175 ; Tax Reporter ¶352-950
HMRC Guidance – TSEM6239
Case Law – Commissioners of Inland Revenue v. Sir Kenneth Berrill and Gumb (as Trustees of H. E. and M. E. Kent Settlement)

Delegation

Commentary – Tax Reporter ¶350-125

Employee trusts

Legislation/Regulatory – IHTA84 s. 13(4)

Generally

Commentary – Tax Reporter ¶350-125 ; Quick Overview ¶62202 ; Quick Overview ¶62204 ; Woolley on Financial Planning with Trusts 4.2

Insuring property

Commentary – Tax Reporter ¶350-125

Investment

Commentary – Tax Reporter ¶350-125

Land acquisitions

Commentary – Tax Reporter ¶350-125

Raise tax

Legislation/Regulatory – IHTA84 s. 212

Trust instrument

Commentary – Tax Reporter ¶350-125

Trustee Act 1925 s. 31

Commentary – Tax Reporter ¶350-275

Private residence relief

Commentary – Tax Reporter ¶358-375
Case Law – Sansom and Another (Ridge Settlement Trustees) v. Peay (H.M. Inspector of Taxes)

Profit sharing schemes

– see also Profit sharing schemes

Generally

Legislation/Regulatory – ICTA88 Sch. 9, para. 30-34

Property businesses

Legislation/Regulatory – ITTOIA2005 s. 362

Protector, distinguished

Commentary – Woolley on Financial Planning with Trusts 3.1.3

Rate of tax (trust rate and dividend trust rate)

Accumulated or discretionary income

Legislation/Regulatory – ITA2007 s. 479, 480

Expenses

Legislation/Regulatory – ITA2007 s. 484-487, Sch. 2, para. 102

First slice of trust rate income

Legislation/Regulatory – ITA2007 s. 491, 492

Generally

Legislation/Regulatory – IRInt. 190 ; ITA2007 s. 9, 15 ; TCGA92 s. 4(1AA)

Income charged

Legislation/Regulatory – ITA2007 s. 15

More than one settlement made by settlor

Legislation/Regulatory – ITA2007 s. 492

Other amounts to be charged

Legislation/Regulatory – ITA2007 s. 481, 482

Share incentive plans

Legislation/Regulatory – ITA2007 s. 488-490, Sch. 2, para. 103

Sums paid by personal representatives

Legislation/Regulatory – ITA2007 s. 483

Registered pension schemes, liability as administrator

Legislation/Regulatory – FA2004 s. 272

Relevant life policies

Commentary – Woolley on Financial Planning with Trusts 23.6.2

Removal of

Commentary – Tax Reporter ¶350-050 ; Tax Reporter ¶350-075 ; Woolley on Financial Planning with Trusts 4.2.6

Remuneration

Charging clause

Commentary – Tax Reporter ¶350-150

Fixed

Commentary – Tax Reporter ¶350-150

Generally

Commentary – Tax Reporter ¶350-150 ; Tax Reporter ¶488-960 ; Quick Overview ¶62260 ; Woolley on Financial Planning with Trusts 4.1.2
HMRC Guidance – ESM4520
Case Law – Dale v. Commissioners of Inland Revenue

Settlor as trustee

Commentary – Tax Reporter ¶350-150

Replacement of business assets

Commentary – Tax Reporter ¶358-425 ; Tax Reporter ¶572-250

Residence

Capital gains tax

Commentary – Tax Reporter ¶358-025–Tax Reporter ¶358-100 ; Tax Reporter ¶591-400 ; Tax Reporter ¶591-450

Dual resident settlements

Commentary – Tax Reporter ¶358-075 ; Tax Reporter ¶592-350

Generally

Commentary – Tax Reporter ¶199-510 ; Tax Reporter ¶352-050
Legislation/Regulatory – FA2006 Sch. 12, para. 30-41 ; ITA2007 s. 475, 835, Sch. 2, para. 134, 135 ; M08/09 ; TCGA92 s. 83A
HMRC Guidance – INTM610050 ; TSEM10050 ; TSEM10055
Case Law – (1) A.W. WILLIAMS (SURVEYOR OF TAXES) v. W.M.G. SINGER AND OTHERS. (2) A.F. POOL (SURVEYOR OF TAXES) v. ROYAL EXCHANGE ASSURANCE. ; Genovese v. R & C Commrs ; LYSAGHT v. THE COMMISSIONERS OF INLAND REVENUE. ; Miesegaes v. Commissioners of Inland Revenue ; PEEL v. THE COMMISSIONERS OF INLAND REVENUE.

Immigration and emigration

Commentary – Tax Reporter ¶358-050

Inheritance tax

Commentary – Tax Reporter ¶351-650

Year of assessment

Commentary – Tax Reporter ¶358-100

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

Retirement, deed of

Legislation/Regulatory – SI 1987/516

Returns

Commentary – Quick Overview ¶1350
Legislation/Regulatory – TMA70 s. 8A

Scottish trusts

Legislation/Regulatory – ITA2007 s. 464

Self-assessment

– see also Self-assessment

Generally

Commentary – Quick Overview ¶1350

Separate property business

Commentary – Chanda on Property Investment 6.4.2

Settlements

Commentary – Quick Overview ¶62385

Share incentive plans

– see also Share incentive plans (SIPs)

General duties

Commentary – Tax Reporter ¶468-420

Notice of awards of shares

Commentary – Tax Reporter ¶468-420

Other powers

Commentary – Tax Reporter ¶468-420

Records

Commentary – Tax Reporter ¶468-420

Tax liabilities

Commentary – Tax Reporter ¶468-420

Shareholding in employee trust

Legislation/Regulatory – IHTA84 s. 28(2)

Significant influence and control

Commentary – Woolley on Financial Planning with Trusts 39.2.2

Single and distinct person, treated as

Legislation/Regulatory – ITA2007 s. 474, 476, Sch. 2, para. 134, 135
HMRC Guidance – CTM61525

Stamp duty land tax liability

Legislation/Regulatory – FA2003 Sch. 16, para. 4-7
HMRC Guidance – SDLTM31760

Sub-fund elections

Commentary – Tax Reporter ¶358-750–Tax Reporter ¶358-825
Legislation/Regulatory – ITA2007 s. 477

Sub-funds

Commentary – Quick Overview ¶62425

Sub-underwriting transactions, charge to tax

Case Law – Clarke (HM Inspector of Taxes) v. British Telecom Pension Scheme Trustees & Ors. [1998] BTC 362

Submission of return

Commentary – Gordon on Discovery Assessments 4.2

Surcharges

Legislation/Regulatory – TMA70 s. 107A

Tainted charitable donations

Legislation/Regulatory – ITA2007 s. 809ZO

Taper relief

– see Taper relief

Tax pool

Legislation/Regulatory – ITA2007 s. 497, 498, Sch. 2, para. 104

Termination of life interest

Generally

Commentary – Tax Reporter ¶358-835 ; Tax Reporter ¶358-840

Hold-over relief

Commentary – Tax Reporter ¶358-975

On death

Commentary – Tax Reporter ¶358-850–Tax Reporter ¶358-925

Part of settled property

Commentary – Tax Reporter ¶358-950
HMRC Guidance – CG36471 ; CG36474 ; CG37370
Case Law – (1) Pexton (H.M. Inspector of Taxes) v. Bell and Another (Colbourne Will Trustees) (2) Crowe (Bird Will Trustee) v. Appleby (H.M. Inspector of Taxes)

Trading

Commentary – Tax Reporter ¶203-000

Transactions set aside under Hastings-Bass rule

Case Law – Pitt & Anor v Holt & Anor. [2010] BTC 235 ; Pitt & Anor v Holt & Anor; Futter & Anor v Futter & Ors. [2011] BTC 322

Transfer of securities, accrued income profits

Foreign trustees, interest on securities involving losses

Legislation/Regulatory – ITA2007 s. 680

Owner becoming entitled to securities as

Legislation/Regulatory – ITA2007 s. 651

Transfers by or to

Legislation/Regulatory – ITA2007 s. 666

Treatment as settlement income

Legislation/Regulatory – ITA2007 s. 667

Transfers of value linked with trustee borrowing

– see Transfers of value

Trust income

– see Trust income

Trust instrument

Commentary – Tax Reporter ¶350-100

UK resident, trust income from foreign investments

Case Law – Dawson v. Inland Revenue Commissioners. [1987] BTC 191 ; Dawson v. Inland Revenue Commissioners. [1988] BTC 245 ; Dawson v. Inland Revenue Commissioners. [1989] BTC 200

Unauthorised unit trusts

Deduction of tax at source

Legislation/Regulatory – FA2010 Sch. 13, para. 4 ; ITA2007 s. 941-943D, Sch. 2, para. 166, 168

Generally

Legislation/Regulatory – ITA2007 s. 504-506
HMRC Guidance – SAIM5100

Unmarried minor

Commentary – Quick Overview ¶62204