HMRC have published their latest newsletter on Inheritance tax and trusts. It contains the following items:
- Help for agents, including a new toolkit for the Trust & Estate return.
- Guidance for bare trustees and self assessment. This was included because 80% of returns for "bare trusts" have been found not to be for bare trusts. Furthermore, if they are bare trusts, there is no need for self-assessment; it is the beneficiary who is taxable on the trust income.
- It outlines the changes to the 2009-10 SA900 trust return and associated forms (SA904, SA950, SA901L, SA906, SA907 and SA923).
- A new version of the tax pool calculator has been released.
- There is new guidance on national heritage property.
- They have also amended the previously published Probate Guide.
The following disclaimer should, however, be noted:
The contents of this newsletter are not binding on HMRC and reflect news & views current at the time of writing.
Link: The newsletter can be found here.