Introduction to the Taxation of Offshore Trusts - Capital Gains & Income Tax
- Podcast Location:
- Download it here [file size: 27.4 MB]
- Categories:
-
Tax Law
Trusts & Charities
Tax & Planning
- CPD Points:
- Up to 1 point. details »
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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 podcast aims to familiarise practitioners with the principles governing the taxation of non-UK trusts by HMRC. It is primarily concerned with income tax and capital gains tax. The podcast will also discuss how the concepts of residence and domicile fit within the legislative framework. Practitioners who need a more comprehensive introduction to the area should look at the introductory titles in the CPDcast library under Tax.
- Outcomes:
- After completing the course you will:
- Understand the concept of an offshore trust;
- Understand when and offshore trust will pay income tax;
- Be aware that the rules about income tax differ depending on the type of offshore trust;
- Understand when an offshore trust will pay capital gains tax;
- Understand upon whom the tax liability falls and why;
- Understand what the key triggers for a charge to tax are.
- Level:
- Specialist
- Classification:
-
Introduction
Legal Principles
- Sources and References:
-
- Inheritance Tax Act 1984 s218;
- Taxation of Chargeable Gains Act 1992 ss 69(2D), 71, 80, 86, 87, 165, 260;
- Income Tax Act 2007 ss 475(6), 731;
- Income Tax (Trading and Other Income) Act 2005 ss 624, 629, 633;
- Crowe v Appleby [1975] 3 All ER 529;
- The agreed HMRC & STEP Guidance on Deemed UK Residence of Professional Trustees.
In this podcast, James Sheedy outlines how offshore trusts are taxed by HMRC with respect to income and capital gains. It is suitable for practitioners new to this area or for those who would benefit from a refresher.
Podcast added: 12/08/10
Podcast last reviewed: 2011-05-31
