Published on 30 May 2006
| Took place at Hawthorn Receptions
The new land tax surcharge provisions which took effect on 1 January 2006 have created compliance obligations and issues. In addition to trusts having to notify land holdings to the SRO on or before 31 March 2006, many trusts will have to consider making beneficiary nominations by 30 June 2006 so that the surcharge does not apply. The new provisions can raise complex problems and in some instances fresh problems are likely to arise as a result of notifications and beneficiary nominations which are made.
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Author(s): Michael TAYLOR-SANDS This paper reviews and gives examples of common land trust nomination problems emphasising how deceptively simple the legislation is and indetifying the hidden traps for the unwary, including:
Review of the land trust beneficiary nomination rules for 30 June 2006;
Adverse tax consequences for beneficiaries who are nominated and the trustee's obligation to consider those consequences and to consult with a nominated beneficiary;
Examples of nominations for chains of trusts;
Rules for changing beneficiary nominations;
Inclusion of beneficiary land tax in the CGT cost base for land