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No trust in HMRC’s knowledge

I was somewhat surprised to learn in last week’s Money Marketing that HM Revenue & Customs is looking to tax gifts to an absolute trust for minors as a chargeable lifetime transfer. This appears to misunderstand what an absolute or bare trust is all about.

Trusts are used to create different interests in the same property. A bare or absolute trust exists where there is only one interest and often occur at the end of a prior interest before the trustees can settle tax liabilities, for example, and transfer the assets to the appropriate beneficiaries.

In the case of absolute gifts to minors, trustees are appointed only because there is no legal capacity for the beneficiary to give a receipt for the monies or to otherwise deal with them. If HMRC understands this, on what grounds can they seek to impose a lifetime charge to IHT?

Chris Gladman
Greyfriars Asset Management,


Whittaker appointed manager of New Star’s equity income unit trust

Stephen Whittaker has been appointed to manage New Star’s equity income unit trust.Whittaker, who is New Star’s joint chief investment officer, already manages the firm’s UK growth fund.He takes over from Tim Bray who will focus on the management of New Star’s institutional business.New Star managing director of UK retail sales and marketing Phil Wagstaff […]

Halifax pledges not to do a Paymentshield

Halifax General Insurance has pledged to continue the payment of trail commissions on its home insurance or accident, sickness and unemployment insurance policies.It follows the decision of HBOS’ former subsidiary Paymentshield, which was sold to Towergate at the end of last year, to stop paying trail commissions to brokers that are no longer regulated to […]

Neptune stars

The fast-growing Neptune Investment has, I believe, a higher percentage of four-star and five-star Standard & Poor’s ratings on its eligible funds than any other group. I have chosen as my top fund for 2007 its Russia and Greater Russia fund.

Resolution roadshows

Resolution Asset Management is running a series of roadshows in February featuring talks from a range of its property, equity and bond fund managers. Starting on February14 in London, it visits Birmingham, Bristol, Glasgow and Manchester, ending in Leeds on February 22.


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