The Liver Building

Tax & Trust Update with John Bunker


Speaker: John Bunker

Date: Tuesday 20th April, 2021

Time: 10:00 - 13:00

Areas of Law: Company & Commercial; Wills, Trust, Tax & Probate


Course Code: S4572


The big Budget tax news was about freezing allowances etc. – an acknowledged form of “stealth tax”! The IHT Nil Rate Band was frozen for a further 5 years, which will make it 17 frozen years by 2026! The RNRB remains @ £175K for 5 more years. A 30% increase in revenue from IHT is projected in the figures, over a 6 year period from 19/20, with a 50% increase in revenue from CGT; i.e. more of our clients will pay more IHT & CGT – so the need for planning to mitigate liabilities is all the greater!

The CGT Annual Exempt Amount was frozen but there was no commitment to freezing CGT rates. So we need to be aware of the changes that might come within the next year, as we move out of Lockdown and the economy can take tax increases to help pay for emergency measures

  • Tax and Trust Update: 2021 is a big year for tax planning, with big tax changes likely in the Autumn or Spring 2022 Budgets. Changes in CGT are much anticipated, including ones that might have a big impact on private client practice. It is also time for a major change to Trusts, with the new Trust Register (TRS) provisions requiring a whole new range of trusts to register by Summer 2022. We will explore:-
    • Advice we can offer clients on mitigating IHT and CGT, ahead of other anticipated tax changes we might expect within the next year; and opportunities worth taking up while still possible.
    • Focussing on will drafting, variations of estates and trusts and lifetime giving. What still works to save tax and meet client concerns?
    • TRS and the new rules for registerable express trusts under 5 MLD: what they mean for estates, life policies, pensions and conveyancing – joint ownership and trusts of land; with the new guidance and online system due to operate now from Summer 2021 (following a delay in the IT system), so we need to be clear about the new obligations which are already running.
    • TRS for 4 MLD: updating existing trusts and the new annual declaration. The additions to the existing trusts which are not postponed!

Can’t make the date/time or need to revisit the training? No problem, booking onto this event means you will receive a link to access a recording of the event at your leisure!

The link will be sent within approx 72hrs of live broadcast & be available for approx. 3 months, to view as many times as you wish.

Speaker Biographies

John D. Bunker is Co-Editor of new Law Society IHT Planning Handbook, published in December 2020, 1/3 of which John has written. He is a Consultant Solicitor & Chartered Tax Adviser in Tax Trusts & Estates, Irwin Mitchell. John has over 30 years’ experience as a solicitor, 25 as a CTA, specialising in wills, trusts, estate and tax planning. He chairs CIOT’s Private Client (UK) Taxes Committee, serves on HMRC’s Capital Taxes Liaison Group & the new TRS Sub-group for 5 MLD & represents STEP on HMCTS Probate Users Forum – since April 2020. After 23 years as a partner, he moved in 2012 to a technical & training role for Thomas Eggar, now developed within Irwin Mitchell’s national team.


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