Resettlements and sub-funds

Produced by a Tolley Trusts and Inheritance Tax expert

Trusts and Inheritance Tax

Guidance

Overview

A ‘resettlement’ refers to a transfer of trust assets from one trust to another. The trustees of each trust may be the same or different, and the legal ownership may not change. A new trust will be declared over the trust property using the trustees existing powers and the terms of the trust or beneficiaries will be different.

Any resettlement should be documented by a deed and this should be drafted by a lawyer or other person authorised to do so under the Legal Services Act 2007. See the Reserved legal services guidance note for further details.

This guidance note is for accountants and tax advisers and provides an outline of the issues that they will need to consider and look out for. It is not targeted at lawyers.

This guidance note deals with the position in England and Wales only. See Simon’s Taxes, Division I5.8 for details of the provisions affecting Scotland and Northern Ireland.

Trustees powers to resettle

Trustees will often have discretionary powers of appointment and advancement that are

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Corporation Tax

What are connected companies for loan relationship purposes ― practical approach

What are connected companies for loan relationship purposes ― practical approachBrief overview of the rulesThe loan relationships legislation applies to any ‘money debt’ arising from the lending of money entered into by a company, either as a lender or borrower. The rules are contained in CTA 2009,

20 Apr 2021 16:00 | Produced by Tolley Read more

Personal Tax

Interest and penalties on late paid tax under self assessment

Interest and penalties on late paid tax under self assessmentInterestIf the capital gains tax, the balancing payment or payments on account of tax and / or Class 4 national insurance contributions (NIC) are paid late, HMRC will charge interest on the amount overdue from the original due date. The

14 Jul 2020 12:00 | Produced by Tolley Read more

Corporation Tax

Terminal trading loss relief

Terminal trading loss reliefTerminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period.

14 Jul 2020 13:49 | Produced by Tolley Read more

��ɫ��