Private Client Law Update and Refresher Course – Trusts
This virtual classroom was delivered on 30 November 2021.
After this session you will be aware of the recent changes affecting trusts and be able to:
- advise on the appropriate choice of trust
- draft trusts to include appropriate provisions
- advise trustees on appropriate use of powers.
What this will cover
THE TAXATION OF TRUSTS
- Qualifying interest in possession or relevant property trust?
- Overview of how each is taxed
CHANGES TO PILOT TRUSTS
- What are they and when were/are they useful?
- The changes introduced by Finance (No.2) Act 2015
USING FLEXIBLE LIFE INTEREST TRUSTS
- When are they useful?
- Provisions to include when drafting
- Points to check when using
- Early termination
USING NIL RATE BAND DISCRETIONARY TRUSTS
- Are they useful?
- Options on first death
- Simplifying income tax implications
USING TRUSTS FOR DISABLED BENEFICIARIES
- Discretionary trust or s89 trust
- Drafting and using s89 trusts
EXERCISING TRUSTEE POWERS CORRECTLY
- Dispositive powers: appointment, advancement and appropriation
- Which is appropriate?
- Appointment and retirement of trustees
- Self-dealing issues