Book review of Tolley’s UK Taxation of Trusts 2022-23 by Ian Maston TEP
Tolley’s tax books are designed for the practitioner and this one is no exception. It helps to clarify the law relating to the taxation of trusts using worked examples and illustrations. It is a modest volume in length but not in content as its purpose is to draw together in one volume the law and practice on the UK taxation of trusts.
The book is divided into two parts:
- Part I deals with the taxation of various types of UK resident trusts.
- Part II examines the UK taxation implications of setting up and running offshore trusts.
Part I has 23 chapters ranging from the different types of trust, the different taxes to starting a trust, running a trust and ending a trust concluding with chapters on compliance and anti-avoidance.
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Part II considers residence and domicile, Income tax, Capital Gains Tax, Inheritance tax and tax planning issues for Offshore Trusts.
Structure & Layout
Within each chapter there are section headings with each paragraph numbered for ease of reference. Throughout the text are references to case law, statute, Statutory Instruments and HMRC guidance and practice. Press releases and statements of practice are included in an appendix as are extra statutory concessions. There is a useful worked example of the construction and running of a Tax pool in a trust in appendix C and a blank form SA900 in appendix F for those unfamiliar with the form. There is an appendix on the Trust Management of Expenses and one on the Trust Registration Service.
The text contains examples illustrating how the law works in practice. For example, in the chapter on running a trust there is a series of simple examples demonstrating how making use of discretionary trusts in the Wills and during lifetime impact on the joint estate of a married couple.
Clarity & readability
The book has evolved through different authors over time, but all have kept to the principle of writing in clear and straightforward English to describe what are often complex concepts or positions in law and practice. It is eminently readable.
Relevance to practitioners
No practitioner responsible for advising on trusts should be without this text on their bookshelf. It is a handy manual which will slip into your briefcase and will provide a starting point to many queries you are asked to investigate.
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