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Kate Silverman
Kate Silverman
Clarke Willmott
Paul Davies
Paul Davies
Clarke Willmott
Phil Roberts
Phil Roberts
Clarke Willmott
Stuart Hoysted
Stuart Hoysted , LLB (Hons), FCILEx
Technical Director
Clarke Willmott
Contributions by Clarke Willmott Experts

84

UK resident trusts—foreign income
UK resident trusts—foreign income
Practice notes

This Practice Note considers the tax treatment of income which has arisen abroad and is payable to UK trustees. It covers the conversion into sterling, exchange rates, FOTRA securities, foreign dividend income, receipts from a non-resident company, stock dividend paid by a non-UK company, double taxation relief, income distributions from offshore funds and offshore income gains.

When to seek a third party debt order—spotting the opportunities
When to seek a third party debt order—spotting the opportunities
Practice notes

This Practice Note is designed to assist in spotting opportunities for when a Third Party Debt Order (TPDO) can be used as a means of enforcing a money judgment.

Two discretionary trusts are established through two deeds of variation of the Will of a deceased individual. How do the related settlement rules apply to the two trusts created and what is their effect on the nil rate band available to each trust? Does section 266 of the Inheritance Tax Act 1984 have any application?
Two discretionary trusts are established through two deeds of variation of the Will of a deceased individual. How do the related settlement rules apply to the two trusts created and what is their effect on the nil rate band available to each trust? Does section 266 of the Inheritance Tax Act 1984 have any application?
Q&As

Under the Pre-Action Protocol for Debt Claims, does the time limit for the debtor's response include Bank Holidays?
Under the Pre-Action Protocol for Debt Claims, does the time limit for the debtor's response include Bank Holidays?
Q&As

What is the limitation period for a B2B debt claim? Will the limitation period be paused or stopped on issuance of a notice of default or must proceedings be commenced?
What is the limitation period for a B2B debt claim? Will the limitation period be paused or stopped on issuance of a notice of default or must proceedings be commenced?
Q&As

What options are available where the life tenant of a Will trust wishes to remain in the trust property for their lifetime, but the remainder of the deceased testator’s estate is insufficient to settle the inheritance tax (IHT) due on the property and the property would otherwise need to be sold? The life tenant is willing to settle the IHT liability themselves (with the instalment option) provided their estate is reimbursed when the property is sold after their death.
What options are available where the life tenant of a Will trust wishes to remain in the trust property for their lifetime, but the remainder of the deceased testator’s estate is insufficient to settle the inheritance tax (IHT) due on the property and the property would otherwise need to be sold? The life tenant is willing to settle the IHT liability themselves (with the instalment option) provided their estate is reimbursed when the property is sold after their death.
Q&As

What was the inheritance tax (IHT) treatment on the creation of a life interest trust in 2005? What is the IHT treatment on the death of the life tenant of that trust (where two successive life interests for the settlor and settlor’s spouse) are appointed?
What was the inheritance tax (IHT) treatment on the creation of a life interest trust in 2005? What is the IHT treatment on the death of the life tenant of that trust (where two successive life interests for the settlor and settlor’s spouse) are appointed?
Q&As

When an estate is left to children by their deceased parent until they reach the age of 23, is it classed as a 18–25 trust?
When an estate is left to children by their deceased parent until they reach the age of 23, is it classed as a 18–25 trust?
Q&As

When pursuing a debt in Euros, for the purposes of calculating the value of the claim for determining High Court or County Court issue thresholds and issue fee and solicitor’s costs for inclusion on the claim form, do you need to use the converted sterling value?
When pursuing a debt in Euros, for the purposes of calculating the value of the claim for determining High Court or County Court issue thresholds and issue fee and solicitor’s costs for inclusion on the claim form, do you need to use the converted sterling value?
Q&As

Where a bailiff is appointed, can you add the bailiff’s fee to the costs owed for debt recovery on the order for enforcement? Or do you need a new order for the bailiff fee to be added?
Where a bailiff is appointed, can you add the bailiff’s fee to the costs owed for debt recovery on the order for enforcement? Or do you need a new order for the bailiff fee to be added?
Q&As

Where a claim form is served on a defendant at their address by post while they are out of the country on extended holiday and is therefore unaware of the claim and is unable to file an acknowledgment of service in time, and default judgment is subsequently entered against them, is this classed as a wrongly entered judgment? If so, is there an obligation on the claimant to get the judgment set aside or consent to it being set aside?
Where a claim form is served on a defendant at their address by post while they are out of the country on extended holiday and is therefore unaware of the claim and is unable to file an acknowledgment of service in time, and default judgment is subsequently entered against them, is this classed as a wrongly entered judgment? If so, is there an obligation on the claimant to get the judgment set aside or consent to it being set aside?
Q&As

Where a debtor has paid a debt which it subsequently believes it did not need to pay, can it bring a claim for repayment and/or set off against other amounts owed? What limitation issues may arise?
Where a debtor has paid a debt which it subsequently believes it did not need to pay, can it bring a claim for repayment and/or set off against other amounts owed? What limitation issues may arise?
Q&As

Where a director personally guarantees the debts of their own limited company, is that guarantee subject to the debt pre-action protocol?
Where a director personally guarantees the debts of their own limited company, is that guarantee subject to the debt pre-action protocol?
Q&As

Where an estate contains two properties with one sold at a gain as compared to date of death value and one sold at a loss and where the CGT position has already been reported in Self Assessment returns, in what circumstances can the personal representatives claim for loss on sale of land relief for inheritance tax purposes?
Where an estate contains two properties with one sold at a gain as compared to date of death value and one sold at a loss and where the CGT position has already been reported in Self Assessment returns, in what circumstances can the personal representatives claim for loss on sale of land relief for inheritance tax purposes?
Q&As

Where chattels are appointed out of a life interest trust during the life tenant's lifetime but do not physically pass to the recipient remainderman until a later date (thus remaining in the property in which the life tenant resides under the terms of the trust), which date should be used for the purposes of both the capital gains tax disposal and the starting point of the potentially exempt transfer seven-year clock?
Where chattels are appointed out of a life interest trust during the life tenant's lifetime but do not physically pass to the recipient remainderman until a later date (thus remaining in the property in which the life tenant resides under the terms of the trust), which date should be used for the purposes of both the capital gains tax disposal and the starting point of the potentially exempt transfer seven-year clock?
Q&As

Where the deceased was foreign domiciled and the vast majority of the estate is in the USA but there is a cross-border element as they left a residential property in the UK which passed to the surviving spouse by survivorship, and where the chattels situated in the UK property had been settled by the deceased during their lifetime on a US trust, how are those chattels treated for UK inheritance tax and capital gains tax purposes on a sale by the trustees of the US trust?
Where the deceased was foreign domiciled and the vast majority of the estate is in the USA but there is a cross-border element as they left a residential property in the UK which passed to the surviving spouse by survivorship, and where the chattels situated in the UK property had been settled by the deceased during their lifetime on a US trust, how are those chattels treated for UK inheritance tax and capital gains tax purposes on a sale by the trustees of the US trust?
Q&As

Where the judgment debtor is in prison can you make a CPR 71 request for further information against them or can the High Court Enforcement Officer attempt recovery at the judgment debtor’s last known address?
Where the judgment debtor is in prison can you make a CPR 71 request for further information against them or can the High Court Enforcement Officer attempt recovery at the judgment debtor’s last known address?
Q&As

Where the residence nil rate band (RNRB) is available in relation to a lifetime gift of a qualifying residential interest (QRI) on the basis that there was a gift with reservation of benefit (GROB), what value of the QRI is used for calculating the available RNRB? Is it the value of the QRI when it was gifted or on the donor's death?
Where the residence nil rate band (RNRB) is available in relation to a lifetime gift of a qualifying residential interest (QRI) on the basis that there was a gift with reservation of benefit (GROB), what value of the QRI is used for calculating the available RNRB? Is it the value of the QRI when it was gifted or on the donor's death?
Q&As

Would the full amount of the residence nil rate band be available where the value of the deceased’s estate is less than £2m, but where the chargeable estate also includes failed potentially exempt transfers?
Would the full amount of the residence nil rate band be available where the value of the deceased’s estate is less than £2m, but where the chargeable estate also includes failed potentially exempt transfers?
Q&As

Would the residence nil rate band (RNRB) and the transferable RNRB be available where an individual (W) gifted their house to their adult child in 2003 but continued to live in the property without paying rent (ie a gift with reservation of benefit) until they moved into care one year before their death in 2019? W’s spouse (H) died in 1987. What is the capital gains tax position in relation to the uplift in value of the property?
Would the residence nil rate band (RNRB) and the transferable RNRB be available where an individual (W) gifted their house to their adult child in 2003 but continued to live in the property without paying rent (ie a gift with reservation of benefit) until they moved into care one year before their death in 2019? W’s spouse (H) died in 1987. What is the capital gains tax position in relation to the uplift in value of the property?
Q&As

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