The Taxation of Trusts v Assets Outright Ownership - A Comparison
- Podcast Location:
- Sorry, this podcast has been removed as it is now out of date
- 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:
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Regulated by ILEX:
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- Cost:
- a) £69+VAT for this CPDcast only
- b) £325+VAT for unlimited access to all of our podcasts. 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 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
- 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.
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)
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.
