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Trustees Warned Over Tax Return Requests

RSM has become aware of a number of incidences in which HMRC’s gateway system shows a tax return has been issued to a trust, even if no corresponding notice to complete a tax return has been issued to trustees. Trustees shouldn’t however assume that a tax return issued through the gateway is an error as failure to complete a return could incur a penalty. You have been warned!

Disclosure Of Information By Trustees

It is not uncommon for a settlor to impress upon a trustee the wish that under no circumstances should his family be told anything about the trust he has just settled for their benefit.

IHT & Trusts Nonsense!

Reading the nonsense written in the papers about the non-payment of IHT by the Duke of Westminster on his £9.9billion estate, makes me think that nothing much has changed.
Investment Entities

CRS & Investment Entities: Guernsey

On 29 July 2016, the States of Guernsey Income Tax ("ITO") published their latest bulletin on guidance in relation to the implementation of the Common Reporting Standard ("CRS") in Guernsey. Bulletin 2016/6 repeats the text of the definition of Investment Entity, as set out in Section VIII A(6) of the CRS and affirms the Supplementary Guidance Notes published in draft on 24 December 2015 in relation to the CRS.

Taxing Times: A Briefing Note On AB v CD

On June 30 2016 Her Majesty's First Deemster, Deemster Doyle, delivered a judgment in the case of AB v CD, in which Kevin O'Loughlin and Christopher Arrowsmith of Simcocks acted for the Defendant trustee

How To Be Art Smart: Tips For Trustees

How to be art smart: We set out a brief summary of the various pitfalls trustees should be aware of when dealing within the art market…

Trustee: To Be Or Not To Be “Momentous”

As a trustee, the issue of whether a particular decision is “momentous” is often clear, as is the need to apply to court for its blessing of that decision.
Contentious Trusts

Contentious Trusts Case Summaries 05/08

Contentious Trusts: The High Court of Justice of the Isle of Man was asked to consider whether Call Options granted by trustees should be set aside on the basis of the Hastings-Bass rule
international taxvideo

The Dynamic Rise of International Tax & Enforcement

Elspeth Talbot-Rice QC of XXIV Old Buildings and Bruce Zagaris, Partner at Berliner Corcoran & Rowe discuss international taxation regulations and enforcement in relation to the trust industry.

No Such Thing As A Simple Life For Trustees

While various government initiatives are focused on making tax compliance easier, life is becoming much more complicated for trustees. While professional trustees should be well placed to keep up-to-date with legislative changes, lay trustees could be at a real disadvantage.