Succession Taxes

Enterprise Management Incentives: call for evidence

By Ruth Mace on 8 April 2021

HMT published a call for evidence following the Budget announcement that the government “would review the Enterprise Management Incentives (EMI) scheme to ensure it provides support for high-growth companies to recruit and retain the best talent so they can scale up effectively, and examine whether more companies should be able to access the scheme.”

Scope for specific reforms on taxation of trusts, says CIOT

By Hamant Verma on 24 March 2021

The Chartered Institute of Taxation (CIOT) is calling for specific reforms to the taxation of trusts despite the Government pulling back from a wholesale review of this area.

IHT operational procedures: HMRC update 17 March 2021

By Ruth Mace on 17 March 2021

HMRC have provided us, as members of the Trust and Estates Agents Advisory Group, with an update on operational procedures relating to Clearance requests and IHT calculations.

Delay in implementation of TRS under 5MLD

By Ruth Mace on 15 March 2021

The 5th Anti-Money Laundering Directive (5MLD) extends the requirement to register on the Trust Registration Service (TRS) to many non-tax paying trusts that are currently excluded. Following a regular meeting with HMRC on 11 March attended by CIOT and ATT representatives on the implementation of the new version of the TRS, HMRC have announced that:

Inheritance Tax: Gift with Reservation and spouse exemption

By Ruth Mace on 8 March 2021

CIOT, together with other professional bodies, has been discussing with HMRC the availability of the inheritance tax (IHT) spouse exemption in relation to assets held in a trust that are treated as beneficially owned by the settlor as a result of the reservation of benefit rules.

Treasury Committee launches Tax after Coronavirus report

By George Crozier on 1 March 2021

The House of Commons Treasury Committee has published its much-awaited report on Tax after Coronavirus, the most ambitious parliamentary report ever produced on tax reform.

Call to restrict inheritance tax agriculture relief to exclude short leases

By CIOT External Relations Team on 8 February 2021

A Conservative peer has suggested reforms to legislation and taxation relating to rural landlords and the letting of land. Opening a debate which lasted just over an hour, Baroness Rock said the tenanted sector of agriculture is adversely affected by short-term thinking, but the Tenant Farmers Association (TFA) has put forward tax changes to address this, and the Government should look at these.

Inheritance tax: 2010 and 2011 correspondence between CIOT and HMRC on Business property relief and groups of companies

By Ruth Mace on 8 January 2021

We are re-issuing for the benefit of members and the public correspondence between our Succession Taxes Committee and HMRC during 2010 and 2011.

'Whether the decline in trusts is due to taxation, regulation or some other factors, they remain excellent vehicles for protection'

By Contributor on 14 December 2020

CIOT committee member Megan Saksida writes a guest blog on the merits of using trusts and asks why there has been a decline in their use

Commission offers qualified support to a one-off wealth tax

By George Crozier on 9 December 2020

If the government chooses to raise taxes as a response to the coronavirus pandemic, it should go for a one-off wealth tax, says a commission of experts.

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