Trusts: taxation, planning and TRS

Summary

With the huge changes to IHT, over the next 2 years, having a major impact on the use of trusts, it’s a good time to take stock of key elements of trust taxation the effective ways they can be used in tax planning, while also being mindful of compliance obligations!

1) Taxation of Trusts and Tax planning by trusts:

· A recap on Trust taxation principles, the key IHT, CGT and Income Tax provisions;

· Major uses of lifetime trusts and will trusts in IHT planning;

· Reviewing the place of trusts in planning ahead of the APR/BPR changes due in 2026,

· Including not waiting until 2026 and how the £1m allowances might work etc;

· Trusts in the new pensions world, looking ahead to the changes due in 2027.

2) TRS update and the latest HMRC practice:

o TRS where are we now: a quick recap;

o Penalties (the revised focus) & Discrepancy reporting (e.g. “material discrepancy”);

o Bare trusts, the 2-year exclusion & Deeds of Variation

o When do Deeds of Variation of estates and trusts need registering? Any work around?

o TRS Review Consultation in 2024: the proposed changes to watch out for in 2025?

The talk will start at 2.00 pm following a chance to network from 1.30 pm and will end at 5.00pm

Please note this will be at Leonardo Hotel Brighton Station BN1 4DJ.

There are various car parks around, the nearest is Brighton Railway Station Car Park, Stroudley Road, BN1 4DJ (but this can fill up quickly).

You may also wish to try Churchill Square BN1 2RU , Russell Road BN1 2DX, Regency Square BN1 2FG or Brighton Theatre BN1 1US.

JOHN BUNKER LL.B CTA TEP is a freelance lecturer and Consultant Solicitor & Chartered Tax Adviser with Irwin Mitchell LLP. John is co-Editor (& author of 1/3) of the Law Society’s IHT Planning Handbook and now co-editor of Bloomsbury's Practical Inheritance Tax Planning (with Mark Mclaughlin and IM colleague Sarah Paton). With extensive experience specialising in wills, trusts, estate and tax planning, John serves on HMRC’s Capital Taxes Liaison Group, and TRS and IHT on Pensions sub-groups; and on the CIOT’s Private Client (UK) committee, which he Chaired for 3 ½ years until Sept 2021, and TACT’s Private Trusts Committee.

John created a training / know-how role for Thomas Eggar, in 2012 after 23 years as a partner, now developed within Irwin Mitchell’s national Private Client team. Alongside this John developed external training work in a freelance capacity. He brings enthusiasm for his subject, seeking to illuminate technical details with practical insight, to training for CIOT and STEP nationally, branches of STEP, CIOT, SFE/ALL, local law societies and the Law Society, as well as Professional Conferences, MBL and individual firms.

Dates for your diaries

Do look out for our future events.

Our next seminar is planned for 7th May 2025 with the ever popular Anthony Nixon.

After that we have our Summe Special on 11th June 2025. The full lineup is still to be announced, but we're excited to have Lesley King back.

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