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HMRC are piloting a change in the way that they monitor of excepted estates. ...
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Following upon a previous meeting in 2007, another meeting of TACT representatives and IRCT was held on 11 February 2010 at which issues raised by members of TACT PTC were raised along with issues remaining unresolved from the 2007 meeting. ...
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Six free toolkits to help agents avoid common errors when filing clients' returns were published on 17 May 2010 by HM Revenue & Customs ...
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TACT have written to HMRC regarding the proposals concerning tax reclaims in Settlor Assessable Trusts ...
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Introduction
TACT (The Association of Corporate Trustees) Code of Practice - Adopted in Full 11 July 2013
The Association of Corporate Trustees is the representative body for professional corporate trustees.
Our members operate in diverse areas of trusteeship and allied operations.
It is recognised that members are subject to regulation, oversight and control by a number of bodies and no code of practice adopted by TACT can or should replace these.
This Code relates to all members and all business.
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Arrangements for the Dinner are now being finalized. It will again be held at The Merchant Taylors’ Hall, 30 Threadneedle Street, London EC2R 8JB
The principal speaker will be ALAN WRIGHT.
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The Association of Corporate Trustees (TACT) is the membership organisation of the UK corporate trustee sector. Its members include trust companies owned by banks and major financial institutions as well as those set up by firms of accountants, lawyers and pension advisors. Those trust companies are responsible for the management of over £1 trillion worth of assets, including sovereign and other debt of over £900 million and occupational pension funds with in excess of 1.25 million members, representing over 10% of that sector
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The Association of Corporate Trustees (TACT) is the membership organisation of the UK corporate trustee sector. Its members include trust companies owned by banks and major financial institutions as well as those set up by firms of accountants, lawyers and pension advisors. Those trust companies are responsible for the management of over £1 trillion worth of assets, including sovereign and other debt of over £900 million and occupational pension funds with in excess of 1.25 million members, representing over 10% of that sector
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Present
HMRC Ton y Key, Ian Hempstead
TACT Mik e Coulshed, Paul Saunders
1. Compe nsation payments
1. Compe nsation payments
Question
There are significant issues around the taxation of the various different redress payments being made at the present time, such as in relation to the PPI mis-selling.
We understand the correct position is that there is no value attributable for IHT purposes on death if the right to compensation had not been established before the date of death. Conversely, if as at the date of death an offer of settlement had been made, the value then on offer would seem to be the appropriate value for IHT purposes.
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Trust Companies, Benefit and Operation Checklist Members and potential members are referred to this useful checklist kindly prepared for TACT by Keith Wallace of Reed Smith LLP ...
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TACT
W J Stephenson,
3 Brackerne Close,
Cooden,
Bexhill on Sea,
East Sussex
TN39 3BT
Phone/Fax: 01424 844144
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E-mail: tact@cooden.fsbusiness.co.uk
tact@cooden.fsbusiness.co.uk |
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HMRC toolkits
HMRC toolkits
Six free toolkits to help agents avoid common errors when filing clients’ returns were published on 17th May 2010 by HM Revenue & Customs (HMRC).
The toolkits, which concern 2009-10 returns, are downloadable from http://www.hmrc.gov.uk/agents/prereturn-support-agents.htm, and cover:
• Capital Gains Tax for land and buildings
• Marginal Small Companies’ relief
• Private and Personal expenditure
• Trust and Estates
• Capital Gains Tax for Trusts and Estates (supplement)
• Capital Allowances for plant and machinery
HMRC intend to publish a series of these toolkits to cover the areas of tax which they consider, based on their compliance activities, represent high risk of error for agents.
HMRC have worked closely with agents in practice and the accountancy and tax professional bodies in developing these toolkits, which were pilot tested by around 600 accountancy firms, tax practitioners and solicitors during the course of the last year. The toolkits attracted positive feedback from the firms involved, particularly in finding the toolkits useful for helping to identify potential errors and risk areas and for use as a training tool.
That is not to say that every agent involved in the pilot test saw benefits, some were concerned that they may raise costs. But those that used the toolkits found that in practice this was generally not the case.
The toolkits are entirely voluntary and do not have to be used. It is also worth noting that they represent HMRC’s views – the views of tax professionals may differ. But they do provide a very useful insight into the errors that HMRC commonly see and can only help as a tool for firms in ensuring that their processes are as robust as they can be. Their use can also provide evidence of reasonable care, although firms should note that they do not have to be used to demonstrate this and many firms will already have existing processes in this regard.
More toolkits
HM Revenue and Customs (HMRC) have published 3 further toolkits to help agents avoid common errors when completing clients’ returns.
The toolkits are downloadable from http://www.hmrc.gov.uk/agents/prereturn-support-agents.htm, and cover:
• VAT Input Tax
• Inheritance Tax
• Expenses and benefits from employment
The toolkits issued earlier this year cover:
• Capital Gains Tax for land and building
• Marginal Small Companies relief
• Private and Personal expenditure
• Capital Allowances for plant and machinery
• Capital Gains Tax for Trust and Estates (supplement)
• Trust and Estates
Interest in these initial toolkits has been high with over 21,000 downloads of these toolkits from the HMRC website in the first 3 months.
HMRC intend to publish a series of these toolkits to cover the areas of tax which they consider, based on their compliance activities, represent high risk of error for agents.
The toolkits are entirely voluntary.
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