Managing your client’s trust ― overview

Produced by a Tolley Trusts and Inheritance Tax expert

Trusts and Inheritance Tax

Guidance

This guidance note gives an overview of the ‘Managing your client’s trust’ sub-topic. Why should trust accounts be kept and in what format? How do you prepare the accounts? It also considers payments of income and capital to beneficiaries in cash or in specie and the considerations to be made by trustees when making such a distribution. The support for beneficiaries in receipt of state benefits and the rules in respect of accumulating income are considered.

Payments to trust beneficiaries

The Payments to trust beneficiaries guidance note considers the trustees’ powers to make payments and whether the payment made is income or capital. It is designed to give outline and background for accountants and tax advisers who deal with clients establishing trusts. It is not targeted at lawyers. It considers the issues that trustees should take into account before making a payment in respect of their powers and in respect of the different types of trust. It also considers whether the payment is of capital or income and the effect of the

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Popular Articles

Personal Tax

Payment of the remittance basis charge

Payment of the remittance basis chargeRemittance basis chargeThe remittance basis charge is an annual charge payable by ‘long-term’ UK residents for the privilege of claiming the remittance basis.Taxpayers who wish to utilise the remittance basis (but do not qualify for it automatically) must pay

14 Jul 2020 12:52 | Produced by Tolley Read more

Employment Tax

Fuel-related payments / mileage payments

Fuel-related payments / mileage paymentsIntroductionMost employers will make payments to employees in relation to business travel. Among the most common payments in relation to business travel are fuel and mileage payments. If an employer does not reimburse these amounts, then the employee will be

14 Jul 2020 11:46 | Produced by Tolley in association with Philip Rutherford Read more

Trusts and Inheritance Tax

Corrections and amendments to the IHT account

Corrections and amendments to the IHT accountThis guidance note explains how to deal with changes to the taxable values in the original inheritance tax account.Why do amendments arise?When the IHT account is first submitted to HMRC, it is based on information available at an early stage of the

14 Jul 2020 11:20 | Produced by Tolley Read more

UU��ֱ��