This sub-topic begins with an introduction to the tax treatment of all trusts but focusses on interests in possession. Firstly an interest in possession needs to be identified and then we can consider whether it is a qualifying or non-qualifying interest in possession. The IHT treatment of qualifying interests in possession is then considered in detail. The IHT treatment of interests in possession changed in March 2006 and their treatment before that date
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SEIS and EIS ― overviewThe seed enterprise investment scheme (SEIS) and enterprise investment scheme (EIS) are very similar schemes which offer substantial tax incentives to investors in companies which qualify. The tax incentives for SEIS and EIS investments are intended to encourage investment in
Married couple’s allowanceThe married couple’s allowance (MCA) is only available if one of the two spouses or civil partners was born before 6 April 1935. This means that one member of the couple must be at least 89 years old on 5 April 2024 to qualify for an allowance in the 2023/24 tax year.There
Terminal trading loss reliefTerminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period.