Trust Taxation and Estate Planning, 4th Edition (Mainwork + 2nd Supplement)

• This book is not limited to a simple discussion of taxation of trusts.  It covers all aspects of estate planning generally for individuals with a particular focus on use of trusts. The taxation of beneficiaries and settlors as well as trustees of UK resident and non-resident trusts is considered.   The chapters on residence and domicile are entirely rewritten and contain a comprehensive survey of all the pre and post April 2013 law in these areas. 
• Part 1 contains an overview of trust law including the recent Supreme Court decision on mistake and Hastings Bass and the categorisation of foreign entities including discussion of the Anson decision.
• Part 2 analyses the pre April 2013 residence position and contains practical advice for the taxpayer in relation to disputes with HMRC.   The new statutory residence test is considered in detail with many examples illustrating practical points of difficulty for taxpayers to watch.   The new temporary residence rules and split year are analysed in detail.   Part 2 now has a separate chapter on domicile.  The residence of trustees, PRs and companies is now considered along with the tax position of foreign domiciliaries as both settlors and beneficiaries.  
• Part 3 covers income tax issues for trusts, settlors and beneficiaries. 
• Part 4 covers capital gains tax and all the reliefs including resettlements, entrepreneurs’ relief, rollover relief and hold over relief. The book analyses typical problems that the private client practitioner is likely to meet in the capital gains tax context when advising private clients
• Part 5 considers inheritance tax including reservation of benefit and POAT, all aspects of excluded property trusts and UK trusts including specialist areas such as the exercise of general powers of appointment, deduction of liabilities, relevant property trusts.
• Part 6 contains specialist topics. These include: tax efficient will drafting and deeds of variation, pilot trusts, appropriate trusts for children and grandchildren, use of trusts in divorce, bare trusts, capital tax issues for personal representatives, disabled trusts.
• Part 7 is a new section on houses and chattels, including discussion of ATED and the new capital gains tax charge on high value property, how to deal with past inheritance tax schemes on the family home including home loan schemes, inheritance tax planning in the future, capital gains tax problems on the main residence and the pros and cons of different property owning structures for foreign domiciliaries.
• Part 8 deals with business structures including business property relief and agricultural property relief, EBTs and partnerships.
• Part 9 covers investments including bonds and life policies, pension arrangements.
• Part 10 covers SDLT, GAAR and tax avoidance, penalties and disclosure and has a useful  checklist of pointers for private clients. 
• Appendix 1 contains useful precedents for all private client practitioners that cross refer to the main text. These include wills, pilot trusts, deeds of appointment and advancement, a bare trust, a disabled trust
• Appendix 2 contains miscellaneous Revenue material and correspondence with Technical bodies not always easily accessible to the average practitioner
• Appendix 3 contains an invaluable summary of all the pre April 2013 case law on residence and a comparison between different factors that will be vital for a practitioner wishing to assess their client’s position in a dispute with HMRC

Emma Chamberlain is a barrister at Pump Court Tax Chambers. She specialises in taxation and trust advice for private clients. She is also co-author of Pre-owned Assets and Tax Planning Strategies and co-editor of Dymond’s Capital Taxes.

Chris Whitehouse is a barrister at 5 Stone Buildings who advises on all aspects of private client taxation, trust estates and wills. He is also co-author of Pre-owned Assets and Tax Planning Strategies and co-editor of Dymond’s Capital Taxes.