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Trust Practitioner's Handbook 4th ed


ISBN13: 9781784460839
Previous Edition ISBN: 9781907698071
Published: January 2018
Publisher: Law Society Publishing
Country of Publication: UK
Format: Paperback
Price: Out of print



Trusts can provide clients with ways to achieve 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 inheritance tax, capital gains tax and income tax, to give practitioners an 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 new edition has been substantially updated and expanded to include new 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.

Subjects:
Equity and Trusts
Contents:
Part 1: Setting up a trust:
1. Why have a trust
2. Creating a trust
3. Trustees
4. Removal of trustees

Part 2: Administering the trust: 5. Getting started
6. Reporting
7. Administration implications of the Trustee Act 2000
8. Trustees’ decision making
9. Financial services

Part 3: Taxation of trusts
10. Introduction to taxation of trusts and their compliance
11. Inheritance tax basics
12. Development of IHT treatment of trusts
13. Interest in possession trusts
14. Discretionary trusts and other trusts subject to the relevant property regime
15. Disclosure of tax avoidance schemes (DOTAS) – re IHT
16. Capital gains tax
17. Stamp duty land tax and annual tax on enveloped dwellings
18. Income tax
19. Trusts with a disabled and/ or vulnerable beneficiary

Part 4: Practical trusts: 20. Dealing with various events
21. Nil-rate band discretionary trust debt and charge schemes and the transferable nil-rate band
22. Using pilot trusts
23. Settlor-interested trusts.