The law never stands still does it?

 In Gill's Blog, Tax, Trusts

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At the moment, in Private Client practice, we have:

  • The Law Commission’s wide ranging review of the law relating to Wills which will undoubtedly result in a new Wills Act, sometime after Brexit, no doubt.
  • The Law Commission’s inclusion in their recently announced 13th programme of work – Modernising Trust law for a Global Britain.
  • The tax system is also being reviewed:
    • The Office for Tax Simplification is reviewing IHT in general and could result in the abolition of IHT, middle England’s most hated tax
    • Research undertaken on behalf of HM Treasury as to the estate planning decisions of clients based on use of reliefs
    • HMRC are looking at simplifying trust taxation- again!
  • The Probate service is moving to online applications. At present, this is only for estates:
    • With one executor
    • An original Will
    • The deceased classed England & Wales as his/her permanent home

The hope of the service is to have more people, including Agents, using the online service in due course

  • The operational process for IHT is currently under internal HMRC review to improve the customer’s journey
  • The rules regarding trust administration for tax purposes were thrown into turmoil with the introduction of the Trust Registration Service but things are now steadying. So we have
    • FATCA
    • CRS – although Mishcon de Reya are challenging it
    • Legal Entity Identifiers
    • TRS

We need to factor all this into the costs of administering trusts.

I think that is truly enough to be going on with, don’t you?

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Trusts are a muddle

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