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Trusts

Expert commentary and practical guidance from ICAEW related to the taxation of trusts in the UK personal tax regime.

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Need to know

UK tax rates, allowances and reliefs
  • Helpsheets and support
ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
HMRC contact information
  • Helpsheets and support
HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.
Tax Faculty
  • Promotional material
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Practical guidance

ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax.

TAXguide 03/21: Deemed domicile changes - trust protections and OIGs
  • Technical release
  • 01 Feb 2021
Guidance from ICAEW, STEP, and the CIOT to highlight a key issue with respect to the trust protections as introduced by Finance (No 2) Act 2017. This guide focuses on the situation where the settlor is deemed UK domiciled only under the 15-year rule and offshore income gains arise directly to the non-UK resident trust.
TAXguide 14/20 Trust Registration Service
  • Technical release
  • 17 Aug 2020
Guidance on registering trusts on the Trust Registration Service and updating that information.
TAXguide 03/19: Finance Act 2018 section 35 and schedule 10 – settlements anti-avoidance
  • Technical release
  • 21 Mar 2019
This TAXguide has been prepared by committee members of STEP, ICAEW, the CIOT and the Law Society to highlight practical issues and uncertainties raised by Finance Act 2018 Schedule 10 (Settlements: Anti-avoidance, etc.).
TAXguide 04/17: Offshore trust changes
  • Technical release
  • 07 Mar 2017
In TAXguide 04/17 - Offshore trust changes, Sue Moore, technical lead for private client tax matters in the Tax Faculty, provides information on the implications of changes to income tax legislation published on 26 January 2017. In particular the guide offers more details on transfer of assets and settlements legislation and has been created with input from HMRC.
TAXguide 12/15
  • Technical release
  • 06 Nov 2015
  • PDF (280kb)
Reforms to the Taxation of Non Domiciles - Meeting notes
TAXguide 10/15
  • Technical release
  • 27 Oct 2015
  • PDF (250kb)
Inheritance Tax and Trusts: Trust variations and settlements
TAXguide 09/15
  • Technical release
  • 26 Oct 2015
  • PDF (277kb)
Inheritance Tax and Trusts: Update on Finance Act 2006 - Agreed correspondence with HMRC (replaces TAXGUIDE 01/07)
TAXguide 08/15
  • Technical release
  • 16 Sep 2015
  • PDF (407kb)
Non-domiciliary announcements made at summer budget 2015
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Features and articles

ICAEW supports reform of the trust registration service
  • Article
  • 26 Jun 2024
Having a de minimis level for registration should benefit small trusts that do not fit any of the existing exemptions, but only if the proposed de minimis criteria are appropriate.
Tax news in brief 29 May 2024
  • Article
  • 29 May 2024
Highlights from the broader tax news for the week ending 29 May 2024, including: new advisory fuel rates; an issue affecting non-resident companies filing tax returns; and an update on refunds of voluntary Class 2 NIC.
New guidance on applying for help with paying IHT
  • Article
  • 02 Apr 2024
HMRC has published guidance on applying for a grant on credit and on recent updates to tax rules and processes relevant to trusts and estates.
Trust transparency measures ‘need more thought’
  • Article
  • 26 Feb 2024
ICAEW urges the government to rethink its approach on improving transparency for land-holding trusts.
Exclusive Changes to the rules for low-income trusts and estates
  • Article
  • 02 Feb 2024
Mei Lim Cooper looks at some of the useful changes made by Finance (No. 2) Act 2023 to simplify the rules for trusts and estates. Most of the measures take effect from 6 April 2024.
Trusts – their use in Personal Financial Planning
  • Article
  • 23 Jan 2024
An explanation of the role of trusts in personal financial planning.
Tax news in brief 19 April 2023
  • Article
  • 19 Apr 2023
Highlights from the broader tax news for the week ending 19 April 2023, including: closure of online VAT return; PAYE direct debits; TRS reporting requirements; interest rate increase for discounted gift trusts; NMW campaign; Finance Bill amendment for R&D; closure of the DAC6 reporting service; and Tax Administration and Maintenance Day.
Exclusive Most GP practices don't need to register with TRS - but some should do
  • Article
  • 31 Jan 2023
GP practices and those acting for them will have noticed emails warning about the need to register with the new Trusts Registration Service (TRS).

Webinars and recording

Trust Registration Service Update
  • Webinar
  • 23 Jun 2022
New rules require all UK express trusts and some non-UK trusts to register with HMRC. This includes non-taxable trusts unless the trust is specifically excluded.
Exclusive HMRC agent strategy and services
  • Webinar
  • 05 Mar 2020
Frank Haskew and Caroline Miskin discuss the latest developments on HMRC’s agent strategy and services.
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Bloomsbury Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising around 80 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Accounting and Tax Service.

Exclusive Trust tax returns
  • eBook chapter
  • 2024
  • Jacquelyn Kimber, Julie Bell
  • Tax Advisers Guide to Trusts
Chapter covering various aspects of trust tax returns and related matters. Addresses topics including valuations, claims and elections, overpayment relief, enquiries and discovery, liability and collection, penalties, and record-keeping.
Exclusive Charitable trusts
  • eBook chapter
  • 2024
  • Nigel Eastaway, Jacquelyn Kimber, Ian Richards
  • Tax Advisers Guide to Trusts
A chapter providing guidance for tax advisers on issues relevant to the taxation of charitable trusts. Covers taxation on setting up, charity tax relief, and charity structures.
Exclusive Tax advisers' guide to trusts (7th edition)
  • eBook
  • 2024
  • Jacquelyn Kimber, Julie Bell
  • Tax Advisers Guide to Trusts
Popular guide covering all aspects of the taxation of trusts, focusing on UK tax rules applicable to trusts.
Exclusive Trusts and estates
  • eBook chapter
  • 2024
  • The TACS Partnership
  • Bloomsbury Professional Tax Guide
Five chapters on trusts and estates, including coverage of income tax and trusts, capital gains tax and trusts, and inheritance tax and trusts.
Exclusive Planning and administration of offshore and onshore trusts
  • eBook
  • 2024
  • Edward Buckland, Joseph Field, Simon Jennings, Hannah Southon, Anthony Travers
  • Planning and Administration of Offshore and Onshore Trusts
Practical guide to setting up a trust, and managing and administering it once it has been established.
Exclusive Trusts and estates 2024/25
  • eBook
  • 2024
  • Chris Erwood, Iris Wünschmann-Lyall
Annual guide to the UK tax system related to trusts and deceased estates, providing worked examples and tax tables. This edition has been updated in line with recent legislation up to Finance (No 2) Act 2024, changes to HMRC guidance, and recent case decisions including Harrison v HMRC, 2023 UKUT 00038 TCC.
Exclusive Trusts: interest in possession
  • eBook chapter
  • 2024
  • Chris Erwood, Stephen Howe, Mark McLaughlin, Iris Wünschmann-Lyall
  • Inheritance Tax
Practical overview of the inheritance tax treatment of an interest in possession trust, written for tax practitioners.
Exclusive Trusts and settlements
  • eBook chapter
  • 2024
  • Kevin Winters, Laura Brown
  • Revenue Law - Principles and Practice
A chapter on trusts and settlements, within this textbook providing readers with an understanding of the law relating to all areas of UK taxation.
Terms of use

You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the Acceptable usage terms.

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eBooks

The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact library@icaew.com.

Exclusive Private client: wills, trusts and estate planning 2024
  • eBook
  • 2024
  • Lesley King
  • College of Law Publishing
Provides a comprehensive introduction to the legal and taxation implications arising from estate planning work for clients within the private client department of a solicitor's practice.
Terms of use

You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

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Articles and books in the ICAEW Library collection

The collection of the ICAEW Library & Information Service includes a range of articles, books and reports on trusts taxation. A selection of recent books covering this topic is set out below.
Tax advisers' guide to trusts, 7th ed.
  • Library book
  • 2024
  • J. Kimber, J. Bell
  • Bloomsbury Professional
A guide to the UK tax rules applicable to trusts, the resultant tax liabilities of trustees, settlors and beneficiaries, and the ways in which those liabilities may be reduced. Topics covered include the main types of private trusts and the rules that apply to them, residence and domicile and foreign trusts, charitable trusts, and purpose and heritage trusts.
Clarke's offshore tax planning 2024-25: trusts and companies
  • Library book
  • 2024
  • S. Woodward
  • LexisNexis
An annual reference work covering the role of overseas trusts and companies in private client tax planning. It explains planning techniques, the applicable legal framework, and relevant anti-avoidance legislation.
Financial planning with trusts, 2024-25
  • Library book
  • 2024
  • J. Woolley, M. Banner
  • Claritax Books
This book demonstrates the effective use of trusts to meet financial and tax planning objectives, elucidating the implications, advantages and potential disadvantages of using particular types of trusts. Aimed at both tax practitioners and financial advisers, it covers CGT, income tax and IHT planning, and examines the special trust arrangements used in the financial services sector.
Making gifts of assets: the legal considerations
  • Library book
  • 2024
  • M. Culver
  • Law Society
A guide to the key legal considerations that solicitors ought to take into account when advising clients on making gifts. Includes practical examples of tax and estate planning with gifts, as well as references to relevant recent case law.
Trust taxation and private client tax planning, 5th ed.
  • Library book
  • 2024
  • E. Chamberlain, M. Harrison, R. Wallington
  • Sweet & Maxwell
A guide to all areas of trust taxation and private client tax planning. Covers residence and domicile issues, Income Tax, Capital Gains Tax, Inheritance Tax, houses and chattels, business structures, investments, DOTAS, and compliance.
Tolley's UK taxation of trusts, 2023-24
  • Library book
  • 2023
  • I. Maston
  • LexisNexis
An annual book covering the taxation of both onshore and offshore trusts. Includes a consideration of income tax, capital gains tax, and inheritance tax as they respectively apply to trusts. Worked examples are included to clarify complex points.
Employee-ownership trusts
  • Library book
  • 2022
  • D.Pett
  • Claritax Books
Accountants need to understand the different aspects of establishing a suitable employee-ownership trust, including satisfying the tax requirements and putting in place suitable corporate governance arrangements. This new volume brings together the technical and practical aspects, offering a vital guide for professional advisers in this field.
Implied trusts and beneficial ownership in modern UK tax law
  • Library book
  • 2022
  • C. Thorpe
  • Spiramus
A brief guide to how equity and implied trusts fit within contemporary UK tax law. The author refers to relevant legislation, cases and HMRC guidance.

To find out how you can borrow books from the Library please see our guide to borrowing books.

You can obtain copies of articles or extracts of books and reports through our document supply service.

Representations

ICAEW REP 096/23 EOTs consultation
  • Representation
  • 28 Sep 2023
  • PDF (175kb)
A representation dated 27 September 2023 to a consultation published by HMRC on 18 July 2023.
ICAEW REP 04/20 Fifth Money Laundering Directive and Trust Registration Service
  • Representation
  • 21 Feb 2020
  • PDF (508kb)
A response dated 21 February 2020 to a consultation published by HMRC on 24 January 2020
ICAEW REP 27/19 - The taxation of trusts
  • Representation
  • 28 Feb 2019
  • PDF (382kb)
A response dated 28 February 2019 to a consultation published by HMRC on 7 November 2018.
ICAEW Rep 76/18
  • Representation
  • 11 Jul 2018
  • PDF (217kb)
Trust registration service penalties
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Useful links

Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.

Self Assessment: detailed information on GOV.UK
  • Website
  • GOV.UK
Information, guidance and forms relating to various aspects of the Self Assessment system.
HM Revenue and Customs: Trusts and Estates newsletters
  • Website
  • HMRC
Newsletters published by HMRC, usually biannually, giving updates and guidance on trusts taxation and inheritance tax issues.
Non-resident trusts
  • Website
  • HMRC
Guide explaining the basic rules for trustees, settlors and beneficiaries of non-resident trusts, and providing guidance on non-resident trust tax rules.
Trusts and taxes on GOV.UK
  • Website
  • GOV.UK
An overview giving information and guidance on types of trusts, how trusts are treated for income tax, CGT and inheritance tax purposes, tax for trust beneficiaries, and the tax reponsibilities of trustees.
Trusts, Settlements and Estates Manual
  • Website
  • HMRC
HMRC internal manual providing guidance on trust tax and gains, and how different types of trusts and estates are treated for tax purposes.
Charities: detailed guidance notes on how the tax system operates
  • Website
  • HMRC
HMRC guidance on the direct tax obligations of charities, VAT and reliefs or exemptions available. Sections cover Gift Aid, Payroll Giving, donating land, buildings, shares or securities, claims, and audits.
Charity Tax Group (CFG)
  • Website
  • Charity Tax Group
A non-profit membership organisation previously known as the Charities' Tax Reform Group, which makes representations to government on issues relating to the taxation of charities. The site includes updates and commentary on a wide range of tax issues relevant to charities.

ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.

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