Podcast Location:
Download it here [file size: 18.5 MB]
Categories:
Private Client: Wills, Trusts & Lifetime Planning
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)
Listen only, gain ½ a CPD point (30 minutes)

Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Cost:
  • FREE
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 compare and contrast the tax treatment of assets in trust against assets in absolute ownership. The podcast will analyse how the piecemeal amendment to tax legislation has created a disjunction between the taxation of trusts and absolute ownership for IHT, CGT and Income Tax.

Outcomes:
After completing the course you will:
  • Understand the UK government's current and past policy with regards to the taxation of trust assets;
  • Be aware of the inconsistencies in the treatment of trust assets for IHT;
  • Be aware of the why there is an inconsistency between the treatment of trust assets and absolute ownership for CGT purposes;
  • Understand how the changes to the top rate of Income Tax in 2010/11 is likely to affect trusts;
  • Be aware of the possible options and prospects for making trusts tax neutral.
Level:
Specialist Difficulty: 5 of 5
Classification:
Legal Principles
Legislative Updates
Sources and References:
  • Finance Act 2006;
  • Finance Act 2008;
  • Inheritance Tax Act 1984;
  • Taxation of Chargable Gains Act 1992 s86, 87 Sch 5 para 6;
  • Income Tax (Trading and Other Income) Act 2005 s619;
  • Income Tax Act 2007 s481, s720, s731.
Tags:

In this podcast, Judith Ingham, tax partner at Withers analyses the tax treatment of assets held in trust and compares that position to the equivalent tax treatment of the same assets held in absolute ownership focussing on inheritance tax (IHT), Capital Gains Tax (CGT) and Income Tax.

Podcast added: 8/12/09 Podcast last added: 22/06/2010 (this podcast is currently under review following the Budget on 22nd June 2010)

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