Bloomsbury Professional Trusts and Estates 2020/21

Trusts and Estates 2020/21 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 2020/21edition has been updated to Finance Act 2020 and includes the following:

- Updated commentary to reflect the Government confirmation that legislation will be introduced in Finance Bill 2020-21 which will introduce a 2% surcharge from 1 April 2021 for non-UK residents purchasing residential property in the UK
- The Administration of Estates Act 1925 (Fixed Net Sum) Order 2020, which increases the statutory legacy in intestate estates from �0,000 to �0,000 from 6 February 2020
- Online CGT Return and the Finance Act 2019 compliance application to UK and non-UK resident PRs/Trustees
- Updated commentary reflecting the provisions from Finance Bill 2020-21 that UK and non-UK resident PRs who sell a residential property that gives rise to a CGT liability must send a stand-alone tax return to HMRC and pay any CGT due within 30 days of completion of the sale
- Case law - Mackay v Wesley [2020] EWHC 1215 (Ch) (18 May 2020) - application to rescind Trustee appointment

Written by two of the leading experts in this field, Trusts and Estates 2020/21enables 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.

List of contents

Chapter 1 Introduction
Chapter 2 Background
Chapter 3 Starting a trust
Chapter 4 Running a trust: income tax
Chapter 5 Running a trust: capital gains tax
Chapter 6 Running a trust: inheritance tax
Chapter 7 Trusts for disabled persons and vulnerable beneficiaries
Chapter 8 Ending a trust
Chapter 9 Deceased estates: introduction
Chapter 10 Deceased estates: practical IHT considerations
Chapter 11 Deceased estates: income tax and CGT
Chapter 12 Deceased estates: post-death re-arrangements
Chapter 13 Stamp duties: trustees and personal representatives

About the author

Iris Wünschmann-Lyall, Chris Erwood

Summary

Trusts and Estates 2020/21 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 2020/21edition has been updated to Finance Act 2020 and includes the following:

- Updated commentary to reflect the Government confirmation that legislation will be introduced in Finance Bill 2020-21 which will introduce a 2% surcharge from 1 April 2021 for non-UK residents purchasing residential property in the UK
- The Administration of Estates Act 1925 (Fixed Net Sum) Order 2020, which increases the statutory legacy in intestate estates from £250,000 to £270,000 from 6 February 2020
- Online CGT Return and the Finance Act 2019 compliance application to UK and non-UK resident PRs/Trustees
- Updated commentary reflecting the provisions from Finance Bill 2020-21 that UK and non-UK resident PRs who sell a residential property that gives rise to a CGT liability must send a stand-alone tax return to HMRC and pay any CGT due within 30 days of completion of the sale
- Case law - Mackay v Wesley [2020] EWHC 1215 (Ch) (18 May 2020) – application to rescind Trustee appointment

Written by two of the leading experts in this field, Trusts and Estates 2020/21enables 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.

Foreword

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.

Product details

• Authors: Chris Erwood, Chris Wunschmann-Lyall Erwood, Iris Wunschmann-Lyall, Iris Erwood Wunschmann-Lyall, Iris Wünschmann-Lyall
• Publisher: Bloomsbury
• Languages: English
• Product format: Paperback / Softback
• Released: 30.06.2020
• EAN: 9781526514905
• ISBN: 978-1-5265-1490-5
• No. of pages: 464
• Series: Core Tax Annuals
• Subjects: Guides > Law, job, finance > Taxes; Social sciences, law, business > Law > Taxes