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.

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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.