UUÂãÁÄÖ±²¥

Trustees’ powers and duties


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance

Trustees’ powers and duties


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
imgtext

This guidance note provides an outline of the main trustee powers and duties. Some of these are set down in statute as well as having evolved through case law, others will be provided for in the deed. The purpose of this note is to give tax advisers an outline of these powers and duties so that they are able to guide their clients who are trustees. If there is any doubt as to whether a trustee has the power to perform an action or is unclear as to their duties then the trustee should take legal advice. The cost of getting it wrong and acting outside of their powers or not performing a legal duty is personal liability for any loss. This can be significant.

Trustee powers are the discretionary or optional actions which the trustees may take for the purpose of maintaining the trust and its assets and supporting beneficiaries. Duties refers to the obligations placed upon trustees which they must observe in carrying out their role.

This guidance note deals

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

TAKE A FREE TRIAL
Powered by
  • 05 Dec 2023 11:10

Home/ Tolley Tax Guidance/ Trusts and Inheritance Tax / Creating and managing your client's trust

Popular Articles

Owner-Managed Businesses

Wholly and exclusively

Wholly and exclusivelyFor both income tax and corporation tax purposes, one of the fundamental conditions that must be satisfied for an item of expenditure to be deductible, is that it must incurred ‘wholly and exclusively’ for the purposes of the trade, profession or vocation. References to CTA

14 Jul 2020 14:00 | Produced by Tolley Read more Read more
Corporation Tax

Research and development expenditure credit (RDEC)

Research and development expenditure credit (RDEC)This guidance note provides information on how research and development expenditure credits (RDEC) are calculated and utilised. The Qualifying expenditure for R&D tax relief guidance note provides information on what expenditure qualifies for

14 Jul 2020 13:24 | Produced by Tolley in association with Will Sweeney Read more Read more
Corporation Tax

Qualifying charitable donations

Qualifying charitable donationsCompanies can obtain corporation tax relief for qualifying payments or certain transfers of assets to charity under the qualifying charitable donations regime. Definition of qualifying charitable donationThe definition of ‘qualifying charitable donations’

14 Jul 2020 13:03 | Produced by Tolley Read more Read more