The enactment of the Trusts Act 2019 and the new trust disclosure rules in the Tax Administration Act 1994 have resulted in advisers reviewing their clients’ trust structures to ensure they are still “fit for purpose”. This review has often result in distributions being made, debts being forgiven, trust property being transferred to other structures, and trusts being varied, resettled or wound up. These changes will often give rise to tax consequences. It is critical that advisers ensure that their clients are aware of these tax implications and take steps to mitigate them.
Accountants of all levels, tax lawyers, trust lawyers and others who act as trustee of clients’ trusts.
Stephen Tomlinson, Principal, Tomlinson Law
1.5 CPD Hours