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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 covers the following topics during this course:

• 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.