Practical Tax in the Administration of Estates and Trusts

Fallon & Stephenson

Practical Tax in the Administration of Estates and Trusts

DATE: 17th Oct 2003

VENUE: Westbury Hotel, Grafton Street, Dublin 2

TIME: 9.00 to 5.30

FEE: €375.00 including Lunch

This seminar will cover the key area of taxation in the administration of estates and trusts enabling you to:

· Understand the application of territoriality rules for CAT purposes, exemptions and reliefs under the new Capital Acquisition Consolidation Act 2003, tax free thresholds, and the impact of domicile and residence on liability.

· Complete the new IT38 (including Agricultural and Business Relief sections).

· Correctly complete the numerous taxation questions on the new Inland Revenue Affidavit.

· Fully understand the application of liabilities/consideration, the difference between absolute and limited interests, be able to calculate tax on ongoing benefits and to understand the slice principal.

· Understand the importance of final CAT clearance certificates including CA11 and CA 44 (which to use?).

· Correctly apply valuation dates; which one to pick!

· Be aware of the effect of double taxation treaties on CAT.

· Consider VAT consequences on a death.

· Understand and apply CAT, CGT, and Stamp Duty in relation to Deeds of Family Arrangement.

· Deal with Income Tax: pre and post death.

· Remember Probate Tax can still apply!

· Understand the application of CGT in an administration, pre and post death including; set off against CAT, the treatment of any CGT liabilities of the deceased, loss relief for CGT on death, the effect of corrective affidavits on CGT, and sales of property during the administration of the estate on behalf of a non resident.

· Identify the interaction of taxes in estates and trusts including Settled Land Act Trusts, Fixed Trusts and Discretionary Trusts.

· Identify when CAT and CGT can arise on basic trusts.

· Understand basic discretionary trust tax principals and to complete IT4, IT32 and DT1 forms, including applications for refunds.

· Wind up/ break up trusts and understand the tax implications of same.

Paula Fallon and Anne Stephenson: Founding Partners of Fallon & Stephenson Solicitors, a specialist advisory service for solicitors and financial institutions in the area of Wills, Trusts, Administrations and Tax Planning. Paula is a member of the Law Society’s Probate and Taxation Committee. Anne is the co author of the Law Society’s book on Wills Trusts and Estate Tax Planning. Both speakers have lectured on this subject including on Continuing Legal Education Courses.

Brian A Bohan: Principal of Brian A Bohan Solicitors Dublin.

Please detach and return this section to Fallon & Stephenson Solicitors of 55 Carysfort Avenue Blackrock, Co Dublin. Telephone: 01 2756759 Fax: 01 2109845, email All cheques should be made payable to Fallon & Stephenson Solicitors.

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