Podcast Location:
Sorry, this podcast has been removed as it is now out of date
Categories:
Tax Law
CPD Points:
Up to 1 point. details »

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Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
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Regulated by ILEX:
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Cost:
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Length:
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Contributor(s):
Course Aims:

This course provides an overview of the changes to the tax system for resident trusts, in relation to income and capital gains tax. It is suitable for practitioners of all levels. It contains an analysis of the arguments for and against the changes discussed, and reaches conclusions about the efficacy of the new regime.

Outcomes:
After completing the course you will:
  • Understand the residence rules in relation to capital gains and income tax;
  • Be aware of the relaxation of those rules for professional trustees of foreign trusts;
  • Understand the new deemed residence rule and its effect;
  • Be aware of the definition of a "permanent establishment" for the purposes of trust law;
  • Appreciate the potential problems for trustees offering investment management services on an international basis;
  • Recognise the taxation risk for beneficiaries of creating a "permanent establishment" within the UK.
Level:
Specialist Difficulty: 5 of 5
Classification:
Case Update
Legislative Updates
Practical Guide
Sources and References:
  • Taxation of Chargeable Gains Act 1992;
  • Freedom of Information Act 2000;
  • Finance Act 1989;
  • Income and Corporation Taxes Act 1988;
  • Income Tax Act 2007;
  • Finance Act 2003.

In this podcast, Simon McKie provides a detailed analysis of the 2006 changes to the residence rules for trustees in relation to income and capital gains tax. The consequences of abolishing the existing residence rules relating to professional trustees of foreign trusts, and of implementing the new "deemed residence" rule, are explored. The government's justification for introducing these changes is discussed. Finally, Simon McKie examines the industry's response to these changes and highlights the potential risk for UK trustees and for UK business as a whole.

Podcast Added: 29/8/2008

Podcast last reviewed: 2011-06-10

This course has now been removed from the site. It is no longer suitable for CPD purposes as it contains information that is out of date or incorrect. For a list of our latest CPDcasts, please visit the library.

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