It's on the decline in the number of trusts...
The 2018/19 trust statistics have recently been issued by the government. Amongst the information provided is the number of trusts in existence. Both interest and possession trusts and discretionary trusts, have yet again fallen. The absolute number of trusts has continually fallen since the records the government disclosed began. In 2004/5 there were 220,500 trusts but the 2018/19 figures record only 151,000 trusts....
The maze of IHT...Do you know how to calculate an exit charge in a discretionary trust? Did you know there is a completely different method of calculation in the first 10 years of the trust? What about the charge in the first 3 months of the trust... did you know that is also different? How do we deal with capital distributions, business property relief, and related trusts in calculating IHT and when do we gross up? Come and find out the answers to all these questions and more, in my MBL Seminars Ltd Inheritance tax in discretionary trusts course running next Monday. Live at your desk complete with lots of examples, polls and illustrations... Let's find the way out the maze together!
I left school at 16. If I told my small-town Kiwi teenage self I would go on to get a university degree, move to the other side of the world, get three professional qualifications and then write a technical book she would not have believed me... but with a hard work ethic and a pocket full of dreams, you can do anything you set your mind to. Start small... keep going... don't give up... 🙌🤸👊
You can by the book here...
Are you clear on the theory behind inheritance tax calculations, but lost when it comes to actually making the calculations? Come to my MBL Seminars Ltd course on Friday afternoon! We will be looking at the precise steps required to get you from theory to the calculation of the eventual IHT including dealing with CLTs and PETs in life, the practical application of business and agricultural relief and charitable donations... it will be fun 😀
Good news for those wishing to rely on the Conditional Exemption Tax Incentive Scheme for buildings, land, works of art and other objects that qualify; leading to an exemption from UK IHT and CGT as long as they are open/viewed by the public for a certain minimum period in the tax year. Due to the COVID-19 lockdown, HMRC have confirmed that they will not consider the conditions broken if the national heritage property is closed, or delays its opening to later in 2020. This will apply even if some periods covered by the agreement are missed, or that it does not open at all in 2020. When the government advice on the lockdown changes, HMRC will expect the property to be open later in the year to make up for any lost days, if possible.
Quick message for all my CLT International STEP – Advising Families Across Generations 'UK Tax For International Clients students'... check out The Upper Tax Tribunal's decision in Davies v HMRC (2020 UKUT 67 TCC) where you will find a great discussion of the 'motive defence' we talked about in our last session together. The case shows that HMRC doesn't have to prove an allegation of tax avoidance, it is the taxpayer who must themselves prove there was no intention for avoidance.
Due to high demand I am repeating my seminar on the impact of COVID-19 on the exceptional days of the Statutory Residence Test for MBL Seminars Ltd tomorrow afternoon. Don't let your clients slip up by not realising which days will be counted and which will not!! Book here...
In this article by the CIOT, there are interesting thoughts on how the Government will be able to pay for the furlough and self-employed help it is giving... "Without such reform – possibly entailing tax rises – the government will struggle to raise the revenues needed to fund the services and benefits that the public expect." hashtag#tax hashtag#incometax hashtag#taxes hashtag#taxplanning hashtag#taxlaw hashtag#hmrc hashtag#uktax
Calling all accountants and solicitors who need to either prepare or understand trust or estate accounts... this course is for you! A two-part (6 hours in total) course explaining all the detail you need to successfully prepare and or understand trust and estate accounts. We will look at all the tricky bits including how to split capital and income, what to do with XD dividends and how to deal with a QIIP ending ...See you there Friday week!! #uktax #accountingfortrusts #accountingfordeathestates #probate #trustaccounts #estateaccounts #accountants #solicitors #privateclientsolicitors #trustandestates #accounting #accountingtips