Most domestic trusts that are required to file income tax returns are required to comply with new financial reporting and disclosure rules from the 2021/22 income year.
These new rules were introduced at the same time as the increase in the top marginal tax rate to 39%, and are intended to provide Inland Revenue with information to determine whether the 39% tax rate is working effectively, and to assist Inland Revenue to understand and monitor how trusts are operating.
This webinar considers the application of the new financial reporting and disclosure rules, including which trusts these new rules apply to (including the application of the new rules to estates), what information is required to be provided, and how that information is required to be provided. Common transactions which give rise to settlements and distributions will be examined, including in the context of family homes which are held by trusts.
All accountants that prepare financial statements and file income tax returns for trusts, lawyers who advise on trust law matters, and professionals who act as or advise independent trustees.
Stephen Tomlinson, Principal, Tomlinson Law.
1.5 CPD Hours