Trust Taxation - An Introduction

Objectives

This webinar will explain the basic inheritance tax (IHT), capital gains tax (CGT) and income tax rules affecting trusts and their beneficiaries. It will enable participants to have more informed conversations with clients and other professionals on this topic.

Key Topics

• The main types of trust and their uses
• Trust terminology
• The different IHT regimes for ‘qualifying’ interest in possession trusts and other ‘relevant property’ trust
• Assets entering trust by lifetime gift or on death
• Appointments out of trust by trustees (including a brief overview of 10-year and exit charges)
• The CGT rules for assets entering trust and for disposals by trustees
• Income tax – interest in possession trusts
• Taxation of trustees on trust income
• Tax liability of life tenants receiving income
• Income tax – discretionary trusts
• Taxation of trustees on income received by the trust
• Taxation of beneficiaries receiving income
• ‘Tax pool’ issues for trustees
• R185 forms

Where appropriate, Scottish trust terminology will be covered.

Who Should Attend

This webinar will be of use to anyone who might come across trusts in practice and is inexperienced in dealing with them from a tax perspective.

No previous knowledge of trusts will be needed or assumed.