CGT concessions for disabled and vulnerable beneficiaries

Produced by a Tolley Trusts and Inheritance Tax expert

Trusts and Inheritance Tax

Guidance

Introduction

Finance Act 2013 introduced harmonising amendments to all the qualifying conditions for trusts for disabled persons and other vulnerable beneficiaries. See the Disabled and vulnerable beneficiary trusts ― uniform definitions guidance note. Prior to the FA 2013 changes, it was a confusing trail through the tangle of CGT concessions aimed at trusts for vulnerable people. Not only did they conflict with the concessions for other taxes, the provisions for capital gains tax were not consistent. The new rules in Finance Act 2013 attempt to apply uniform conditions for all special provisions for disabled and vulnerable beneficiary trusts with effect from 2013/14. Finance Act 2014 made further adjustments.

However, where the new rules have become more restrictive, trusts already in existence, or included in a Will drafted before 8 April 2013, and satisfying the old conditions, will continue to qualify under the old conditions. The change to more restrictive qualifying conditions relates principally to the application of capital

Access this article and thousands of others like it
free for 7 days with a trial of TolleyGuidance.

TAKE A FREE TRIAL

Popular Articles

Personal Tax

Foreign tax relief

Foreign tax reliefIncome and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting

14 Jul 2020 11:44 | Produced by Tolley Read more

Tax Returns

Employment Tax

Ministers of religion

Ministers of religionMost ministers of religion or members of the clergy are either office-holders or employees and so their earnings are taxable under ITEPA 2003 as employment income and are subject to Class 1 National Insurance.For the purposes of the tax system, a minister does not have to belong

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

Trusts and Inheritance Tax

Corrections and amendments to the IHT account

Corrections and amendments to the IHT accountThis guidance note explains how to deal with changes to the taxable values in the original inheritance tax account.Why do amendments arise?When the IHT account is first submitted to HMRC, it is based on information available at an early stage of the

14 Jul 2020 11:20 | Produced by Tolley Read more

UU��ֱ��