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For those working with trusts, often the residence of the trust gets little more than a fleeting glance before digging into the complex tax analysis. However, the residence of the trust is what dictates much of the tax treatment and the analysis is often more complicated than originally thought. Understanding the nuances of trust residence will allow you to:

• better ensure that the tax treatment is correct;
• help avoid accidental importation or exportation of trusts;
• more effectively plan for an importation/exportation of a trust; and
• enable you to better advise your client and their families.

With the proposed changes from both the Conservatives and Labour, a monumental shift in the taxation of trusts is on the horizon. Understanding the proposed changes and analysing the potential impact they could have on the residence of trusts and general trust planning will put you in a strong position to fully digest the new legislation when it arrives and to help your clients be in the best position possible ahead of 5 April 2025.

Victoria Baguley-Wood will cover the following topics during this session:

• How to ascertain the residence of a trust, what needs to be done to import or export the residence of a trust;
• the tax treatment on importing a trust and the UK tax treatment going forward;
• the tax treatment on exporting a trust and the UK tax treatment going forward;
• accidental importation and exportation of trusts;
• the proposed changes: a brief overview of the relevant changes and a discussion when this could entail for trust planning moving forward.

By attending this session you will be able to better advise clients and trustees of the tax treatment of their trusts, help identify accidental importing/exporting of a trust before it happens, advice on the tax treatment of a trust when it moves offshore/comes onshore and put you in a better position to prepare your clients for the trust changes on the horizon.

This session will be of particular interest to private client accountants and tax advisers, private wealth advisers and trustees.

Course Level: Intermediate / Advanced