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Trust Practitioner's Handbook

4th Edition
Gill Steel
Availability: Published

Trusts can provide clients with solutions to a wide variety of objectives, from protecting assets to minimising exposure to tax. This book gives you comprehensive guidance to enable you to:

  • consider each client’s objectives
  • identify the applicable tax treatment
  • select the most appropriate trust
  • create and administer an effective trust.

This practical and accessible how-to guide is supplemented by a set of tools and features including practice points, examples, tables, checklists, forms and figures that help you to understand the administrative techniques for the main types of trust and to avoid potential negligence claims and tax penalties.

The author also presents a clear account of the taxation of trusts, which unravels the complex provisions relating to IHT, CGT and income tax, to give you a sound understanding of the application of tax to the administration of trusts and the confidence to explain its effects on the settlor, the trustees and the beneficiaries.

This edition includes chapters on the reporting requirements of FATCA and CRS and the Trusts Register, the removal of trustees including where trustees lack capacity, the increasing application of SDLT and ATED and the residential nil-rate band.


Contents

  1. Part 1 - Setting up a trust:
  2. 1. Why have a trust
  3. 2. Creating a trust
  4. 3. Trustees
  5. 4. Removal of trustees
  6.  
  7. Part 2 - Administering the trust:
  8. 5. Getting started
  9. 6. Reporting
  10. 7. Administration implications of the Trustee Act 2000
  11. 8. Trustees’ decision making
  12. 9. Financial services
  13.  
  14. Part 3 - Taxation of trusts:
  15. 10. Introduction to taxation of trusts and their compliance
  16. 11. Inheritance tax basics
  17. 12. Development of IHT treatment of trusts
  18. 13. Interest in possession trusts
  19. 14. Discretionary trusts and other trusts subject to the relevant property regime
  20. 15. Disclosure of tax avoidance schemes (DOTAS) – re IHT
  21. 16. Capital gains tax
  22. 17. Stamp duty land tax and annual tax on enveloped dwellings
  23. 18. Income tax
  24. 19. Trusts with a disabled and/or vulnerable beneficiary
  25.  
  26. Part 4 - Practical trusts:
  27. 20. Dealing with various events
  28. 21. Nil-rate band discretionary trust debt and charge schemes and the transferable nil-rate band
  29. 22. Using pilot trusts
  30. 23. Settlor-interested trusts.

About the Author

Gill Steel is the owner and director of LawSkills Ltd, a company providing learning and development and consultancy for private client practitioners. She is a member of the Association of Tax Technicians and STEP and has an MBA in Legal Practice from Nottingham Law.

£79.95

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Category

Private client

Published

January 2018

Publisher

Law Society

ISBN

9781784460839

Format

Paperback
480 Pages