Inheritance Tax & Trusts Newsletter
HMRC have published the June issue of their inheritance tax and trusts newsletter. The main topics covered are as follows:
- The launch of a new agent dedicated line specifically for trust related queries.
- A reminder that there is a new toolkit for Trust and Estate returns aimed at helping accountants and tax agents reduce the possibility of common errors in clients’ returns. The use of this toolkit by agents is optional.
- New guidance for trustees in relation to bare trusts and self assessment.
- Guidance on the new legislation relating to employee benefit trusts which came into force on 1 April 2010 and replaced ESC A68 .
- Details of the changes to the 2009-10 Trust & Estate SA Return & supporting guidance notes.
- Details of the new version of HMRC’s tax pool calculator designed to automatically calculate a discretionary trust’s taxpool figure. The new version now includes both the 2009-2010 and 2010-2011 tax pool calculators.
- The guidance on National Heritage property is being updated, a new version of the Capital Taxation and the National Heritage (also known as IR67) document dating back to 1986 is expected to be published shortly.