The issue of sham is most likely to be raised by the settlor's creditors or former spouse if the settlor is involved in matrimonial proceedings, who...
A trust is formed either by lifetime gift or on death when a person (the settlor) transfers assets to another person or persons (the trustees) to hold...
When trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe application is the best...
Trust litigation has been classified as being of three types:•a dispute as to the trusts on which trustees hold the subject matter of the settlement•a...
Where a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married under that date but is required...
Duration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules against remoteness of vesting and against the...
This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...
This partial deed of revocation is made on [date] by [donor] of [address].1I granted a Lasting Power of Attorney for [Financial Decisions/Health and...
Liferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both, in the trust property...
Conversion into sterlingIt is a basic rule that, in order to calculate the UK tax, all income and gains must be expressed in sterling. Where income is...
Capital losses arising to trustees are calculated in the same way as they are for individuals (for further guidance on capital losses for individuals,...
The lifetime charge to inheritance tax (IHT) applies when a person makes a 'transfer of value' or 'disposition' as a result of which the value of his...
This Practice Note briefly summarises the main UK taxes which may apply to non-UK resident individuals, including income tax, capital gains tax (CGT),...
This Practice Note deals with the main principles of income tax that apply to the beneficiary of a discretionary trust.An individual will be charged...
Overview of the UK taxation treatment of furnished holiday lettings (FHLs) in the UK and the European Economic Area (EEA)This note covers the UK tax...
Coronavirus (COVID-19): Due to potential difficulties in having paperwork signed and posted during the coronavirus (COVID-19) pandemic, certain rules...
This Practice Note explains how trustees of bare trusts are treated for income tax and capital gains tax (CGT) purposes. Although a bare trust is, in...
This Practice Note sets out the general principles of income tax that apply to discretionary trusts, and any trusts where income may be accumulated....
This Practice Note was originally produced in partnership with Tolley.When an individual dies, their estate is liable to income tax on the income that...