Bloomsbury Professional Trusts and Estates 2021/22

An essential reference guide for trustees, personal representatives and their professional advisers to the tax aspects of dealing with trusts and deceased estates, specifically in satisfying their various compliance responsibilities to HMRC.

Trusts and Estates 2021/22 is a practical and accessible reference book that provides clear guidance on compliance and operation under current law and is indispensable when starting, running or ending a trust, or dealing with a deceased’s estate. The 2021/22 edition includes updates to the following: - Introduction of tougher penalties for late tax payments and new points based penalty for late filing of SA returns from 2023 - SA 21 return includes requirement to declare both Furlough payments as income and Furlough amounts over claimed - End of the road for Trust taxation reforms as HMRC announce closure of long running review - Trust Registration Service (TRS) - Publication of the Manual - 5AMLD extends TRS to most trusts whether or not income/gain producing - IHT thresholds – References to the freezing of the nil rate band and the fixing of the residence nil rate band and taper threshold - IHT compliance – A change in HMRC’s practice when handling applications for a clearance certificate (form IHT30) - Covid-19 - Temporary easements for IHT compliance purposes resulting from difficulties caused by Covid-19 - Temporary measure reduced thresholds for Stamp Duty Land Tax - Controversial decision in Mackay v Wesley partially overturned - HMRC appeal Upper Tax Tribunal successful in overturning access to BADR through failure of beneficiaries to hold trust interest for required 12 month period (Quentin Skinner 2005 Settlement v HMRC) Written by two of the leading experts in this field, this title enables practitioners to gain a better understanding of current tax law so they can confidently organise their clients’ financial affairs in a tax-efficient and compliant manner. This accessible reference guide has a user-friendly structure with ‘signposts’ at the beginning of each chapter to summarise key topics and ‘focus points’ throughout to highlight important issues, as well as numerous worked examples demonstrating how to apply the main principles in practice.