Reviewed by Sam Hart TEP

This title by Chris Thorpe TEP contains a wealth of information relating to the background of implied trusts. The main thrust of the book is examining the concept of beneficial ownership as it is recognised and understood in the area of taxation.

The author clearly has significant knowledge in this area and his work will appeal to anyone interested in the history of express trusts and the less visible implied trusts. In discussing implied trusts, the book also covers constructive and resulting trusts and explores how these developed in the law of England and Wales, together with the resulting impact on tax law.

The book looks at how and to what extent beneficial ownership is taxed in the UK, while also acknowledging the essential disconnect between the bald lines of the legislation and the more nuanced understanding of His Majesty’s Revenue and Customs (HMRC). It also looks in greater depth at some specific areas of tax law and policy, including the settlements legislation and the transfer of assets abroad rules. The author also raises some interesting points in relation to private residence relief (PRR).