Autumn Tax and Trust Update Including the BOMAD Tax Issues

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This talk will provide an update on any significant developments in private client taxation, reflecting any changes in summer/autumn 2023, but will include:

• Tax Planning for individuals, estates and trusts:

Latest ideas on helping clients avoid increased tax liabilities through the stealth tax changes by Chancellor Hunt. With IHT the classic “stealth tax”, where the IHT “tax take” is increasing by a third over 5 years, there are opportunities for reviewing estate planning, for individuals and couples, which can help mitigate the effects of this squeeze.

• Bank of Mum and Dad (BOMAD) – tax issues in helping young adults get started on the tax ladder:

With more clients needing advice on such arrangements,  this talk will explore the potential tax traps to avoid and areas on which you might advise clients:

• • Inheritance Tax (IHT) and Asset protection: how to save IHT but also protect family assets
  • Capital Gains Tax (CGT) Main residence (PPR) relief what are the issues?
  • Other issues to watch, including SDLT, to avoid unnecessary problems arising

• TRS Updates, especially on discrepancy reporting?

This talk will identify any developments of significance on the Trust Register, focussing on the discrepancy reporting obligations extended in April 2023.

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer