Trust developments in 2023

Aim

To remind trust practitioners of developments in the trust sector during 2023.

Outcome

Participants will be able to update their knowledge and apply it to their work.

Agenda

• HM Treasury review of AML – as it affects scope and exclusions under TRS
• Changes to TRS manual and difficult areas
• IHT100 review
• STEP resources
  • New guidance on trusts of land notification and protection of trusts
  • Trust Resource Centre launched
  • STEP Standard Provisions 3^rd edition released
• Recent cases:
  • Tax relief on distribution of income – Murphy & Linnett v HMRC [2023] EWCA 497
  • Double trust scheme fails to avoid IHT – Exors Leslie Vivienne Elborne v HMRC [2023] UKFTT 626