Subjects:

Equity and Trusts

Contents:

Part 1: Setting up a trust:

1. Why have a trust?

2. Creating a trust

3. Trustees

Part 2: Administering the trust:

4. Getting started

5. Administration implications of the Trustee Act 2000

6. Financial services

Part 3: Taxation of trusts:

8. Introduction to taxation of trusts

9. Inheritance tax

10. Capital gains tax

11. Income tax

12. Trusts with a vulnerable beneficiary

Part 4: Practical trusts:

13. Dealing with various events

14. Nil rate band discretionary trust debt scheme

15. Managing an efficient and profitable practice

16. IT and technology

Appendices:

1. Case study: the Marion Fairweather 1995 settlement

2. Forms and checklists

3. Legislation.

This invaluable guide to the creation, administration and taxation of trusts has been comprehensively revised and updated to take account of the wide-ranging impact of the Finance Act 2006 on the Inheritance Tax treatment of trusts.

The book offers practitioners useful guidance on how to:-

• create and use good systems to avoid potential negligence claims for failing to invest correctly
• avoid penalties for missing tax deadlines or for incorrectly assessing tax bills
• delegate trust management functions and comply with the regulatory regime for practitioners
• run an efficient trust department and improve profitability.

It is a good practice guide for all those involved in the administration of trusts. The author's experience training practitioners ensures that the law of trusts and the relevant tax regimes are explained in an easily accessible way, and that readers will benefit from the numerous forms and checklists which will assist with the creation and administration of trusts.

The appendix contains a detailed case study to illustrate the guidance given in the text and demonstrate how the forms are completed and the calculations are made. Also, an accompanying CD-ROM contains a range of useful forms and checklists from the book that may be customised.