HMRC has announced the extension of a manual/paper-based process of trust registration for those agents of new trusts who have been unable to register for the trust registration service (TRS), owing to their limited digital interaction with HMRC in the past.
Trusts’ exit charges
Thomas Barker and Janet Pierce (Charter Tax Consulting) explain the bad news and good news from the latest condoc on non-dom reforms.
Arabella Murphy (Maurice Turnor Gardner) considers the judgment in Bainbridge, where an application to rescind mistaken transfers of farmland to a trust was complicated by the fact that some of the land had been sold.
In an updated version of the tax information and impact note published at Autumn Statement 2015, HMRC has confirmed that for the tax year 2016/17 it will not require notification from trustees or personal representatives dealing with estates in administration, where the only source of income is s
Trust arrangements and earnings
The Taxation of Chargeable Gains (Gilt-edged Securities) Order, SI 2015/1790, specifies the following seven Treasury gilt-edged securities as exempt from tax on chargeable gains on disposal:
HMRC is consulting until 14 December 2015 on whether to continue the requirement for providers of child trust fund accounts to carry out the ‘lifestyling’ process of reviewing their investment strategy to minimise risk in the run-up to an account reaching maturity.