Lawyers and accountants have been reviewing their clients’ trust structures in the light of the Trusts Act 2019, the new domestic trust reporting rules, and recent case law developments to ensure they are still “fit for purpose”. This review often results in trusts being varied or resettled.
This webinar examines the income tax and GST implications arising from trust resettlements. Income tax issues include knowing when a “taxable event” arises for income tax purposes and identifying the income tax implications arising from the transfer of different types of assets. Inland Revenue has indicated that rollover relief from the bright-line test will be extended to trust resettlements. GST issues include determining when a resettlement can be zero-rated for GST purposes and whether is it possible to claim a second-hand goods credit.
This highly practical webinar includes a case study to illustrate the practical application of these and other tax issues, and also helpful tips on how to structure resettlements to maximise tax effectiveness and avoid tax pitfalls.
8 September 2022
Accountants of all levels, tax lawyers, trust lawyers and others who act as trustee of clients’ trusts.
Stephen Tomlinson, Principal, Tomlinson Law.
Katherine Ewer, Principal, Katherine Ewer - Tax and Trust Consultant.
1.25 CPD Hours