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Where Taxpayers and Advisers Meet
Further settlements guidance available
27/11/2007, by Sarah Laing, Tax News - Income Tax
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As promised, HMRC have published revised guidance following the decision in the Arctic Systems case.

When the decision was given in the House of Lords in the case of Jones v Garnett (the “Arctic Systems” case) HMRC published interim guidance about the application of the settlements legislation to cases similar to Arctic Systems.

When the interim guidance was issued HMRC promised to issue further, more detailed, guidance in the autumn. This guidance is now available in the Trusts Settlements and Estates Manual at paragraph TSEM 4000 onwards. The online version will be available shortly but, in advance of that, HMRC are making it available as a pdf.

Helpsheet 270 which accompanies the Trusts etc. pages of the Individual self-assessment return has also been revised. The new version will be available with the 2007-08 Return but, in advance of that, HMRC have also made it available as pdf.

Link

Trusts, Settlements and Estates Manual updates

Helpsheet 270 Trusts and Settlements – Income treated as the settlor’s

About The Author

Sarah Laing
Editor, TaxationWeb News

Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences).

Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession.

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