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Extending relief for self-employed training costs

The ATT considers that, as far as possible, employed and self-employed individuals should have a level-playing field when it comes to tax

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‘Taxation of income is based on beneficial ownership, not legal ownership.

Testators have a range of possible trusts that can be used for partners, young children and grandchildren in their wills, including an immediate post-death interest, trusts for bereaved minors, and

Types of will trust

Even after the changes to the inheritance tax treatment of trusts that were made in March 2006, testators have a range of possible trusts that can be used for partners

The concept of domicile links an individual to a particular jurisdiction.

The concept of connected persons appears throughout the direct taxes legislation.

Recently, there has been much litigation about the procedural aspects of the tax code, including several decisions of the Supreme Court on the Taxes Management Act 1970 alone.

In the January 2022 issue of Tax Adviser, we examined the changes that had been made to trusts from 18 November 2015 in Finance (No.2) Act 2015.

One effect of the inheritance tax changes to trusts in Finance Act 2006 was that trusts within the ‘relevant property regime’ became much more common.

The normal expenditure from income exemption provides a valuable exemption from inheritance tax. Where available, gifts made are immediately outside the donor’s estate.