Trusts

Absolute (bare)

Commentary – 3.1.1

Accrued income scheme

– see Accrued income scheme

Accumulation

– see Accumulation and discretionary settlements

Accumulation and maintenance

– see Accumulation and maintenance trusts

Accumulation and maintenance trusts

Commentary – Essential Tax Companion ¶62575

Administration expenses

Legislation/Regulatory – TCGA92 s. 64

Age 18 to 25 trusts

Commentary – Essential Tax Companion ¶62585

Age 18-to-25

– see Age 18-25 trusts

Age 18-to-25 trusts

Commentary – Tax Reporter ¶364-425

HMRC Guidance – IHTM42816

Age of majority

Commentary – Tax Reporter ¶350-250

Appointment of capital

Commentary – SDLT Reporter ¶120-215

Appointment of trustees

Commentary – SDLT Reporter ¶120-210

Asset protection

Commentary – 10.3¶20

Background (legal)

Commentary – Essential Tax Companion ¶62200

Bare

– see also Bare trusts

Generally

Commentary – Essential Tax Companion ¶62375

Bare trusts

Commentary – SDLT Reporter ¶120-005

Beneficial interests

Commentary – Essential Tax Companion ¶62203

Beneficial owners

Commentary – Tax Reporter ¶350-760

Beneficiaries

– see Beneficiaries

Bereaved minor

Commentary – 13.2.1

Bereaved minors

– see also Trusts for bereaved minors

Generally

Commentary – Tax Reporter ¶364-400 ; Tax Reporter ¶601-875 ; Essential Tax Companion ¶62580

HMRC Guidance – IHTM42815

Capital gains tax

Bare trustees

Commentary – Essential Tax Companion ¶62375

Disabled persons

Commentary – Essential Tax Companion ¶62415

Dual residence

Commentary – Essential Tax Companion ¶62240

Employee

Commentary – Essential Tax Companion ¶14600 ; Essential Tax Companion ¶15070

Generally

Commentary – Tax Reporter ¶350-775 ; Tax Reporter ¶350-825

Nominees

Commentary – Essential Tax Companion ¶62375

Non-resident

– see Non-resident trusts

Rates

Commentary – Essential Tax Companion ¶14055

Residence

Commentary – Essential Tax Companion ¶62210

Venture capital trusts

Commentary – Essential Tax Companion ¶15870

Vulnerable beneficiaries

Commentary – Essential Tax Companion ¶62415

Capital gains tax (overview)

Commentary – 2.2.2

Capital gains tax rate

Commentary – Hardman's Tax Rates and Tables ¶7-000

Capital payments

Commentary – Essential Tax Companion ¶62275

Certainty of intention/subject matter/objects

Commentary – Tax Reporter ¶350-050

Characteristics of

Commentary – Tax Reporter ¶350-000

Case Law – The Camille and Henry Dreyfus Foundation, Inc. v. Commissioners of Inland Revenue

Charitable

– see Charities; Charitable trusts

Charitable trust, defined

Commentary – SDLT Reporter ¶130-010

Charitable trusts

– see Charitable trusts

Charities relief

Commentary – SDLT Reporter ¶71-700

Chattels

Commentary – 15.6

Child trust funds

– see Child trust funds

Children

– see Settlements on children

Choice of

Commentary – 8.2 8.11

Common Reporting Standard

Commentary – 28.4.1

Constructive trust

Commentary – Tax Reporter ¶350-550

Creation

Commentary – SDLT Reporter ¶120-205 ; Tax Reporter ¶350-050 ; Essential Tax Companion ¶62202

Definition

Commentary – SDLT Reporter ¶120-010

Different types

Commentary – 3.1

Disabled persons

Capital gains tax

Commentary – Essential Tax Companion ¶62415

Inheritance tax

Commentary – Essential Tax Companion ¶62600

Discretionary

Generally

Commentary – 3.1.3

Discretionary settlements

Commentary – Tax Reporter ¶350-650

Documents

Commentary – Essential Tax Companion ¶62204

DOTAS

Commentary – 9.7

Dual residence

Commentary – Schwarz on Tax Treaties ¶14-200

Dual resident

– see Dual resident trusts

Employee share ownership trusts

– see Employee share trusts; Employee share ownership trusts (ESOTs)

Employee trusts

– see Employee trusts

Employees benefit

– see Employee benefit trusts

Employees, for

– see Employee trusts

Employment income provided through

– see Disguised remuneration

Ending

Commentary – Tax Reporter ¶350-325

Estates in administration

– see Estates in administration

Excepted settlements, delivery of accounts

Legislation/Regulatory – SI 2008/606

Exercise of discretion

Commentary – SDLT Reporter ¶120-235

Expenses

Commentary – Tax Reporter ¶652-050

Express trust

Commentary – Tax Reporter ¶350-500

Flat management companies, service charge funds and sinking funds

Legislation/Regulatory – IRInt. 210

Flexible

Commentary – 3.1.2

For minors

Commentary – 13.2

Fundamentals of

Commentary – 2.2.3

Generally

Commentary – SDLT Reporter ¶11-405 ; SDLT Reporter ¶120-000 ; Essential Tax Companion ¶62200

Implied trust

Commentary – Tax Reporter ¶350-525

Income

– see Trust income

Income from

– see Trust income

Income from discretionary trusts

Commentary – Schwarz on Tax Treaties ¶21-050

Income tax

Commentary – Tax Reporter ¶350-800

Income tax (overview)

Commentary – 2.2.1

Income tax rate

Commentary – Hardman's Tax Rates and Tables ¶3-010

Income, benefit to settlor

– see Settlors

Inheritance tax

Accumulation and maintenance trusts

Commentary – Essential Tax Companion ¶62575

Age 18 to 25 trusts

Commentary – Essential Tax Companion ¶62585

Bereaved minors

Commentary – Essential Tax Companion ¶62580

Charitable trusts

Commentary – Essential Tax Companion ¶62570 ; Essential Tax Companion ¶62605

Close company dispositions

Commentary – Tax Reporter ¶362-125

HMRC Guidance – IHTM16241

Creation of settlement

Commentary – Tax Reporter ¶362-025

Declaration of

Commentary – Tax Reporter ¶616-250

Disabled persons

Commentary – Essential Tax Companion ¶62600

Distributions

Commentary – Tax Reporter ¶362-075

Employee trusts

Commentary – Essential Tax Companion ¶62590 ; Essential Tax Companion ¶62595

Failure of settlement purposes

Commentary – Tax Reporter ¶362-150

Generally

Commentary – Tax Reporter ¶350-775 ; Tax Reporter ¶350-850 ; Tax Reporter ¶362-000

HMRC Guidance – IHTM16060

Newspaper trusts

Commentary – Essential Tax Companion ¶62595

Occasions of charge

Commentary – Tax Reporter ¶362-025–Tax Reporter ¶362-175

HMRC Guidance – IHTM42081

Protective trusts

Commentary – Essential Tax Companion ¶62600

Reversionary interests

Commentary – Tax Reporter ¶362-200–Tax Reporter ¶362-325

Scotland, gifts constituting

Commentary – Tax Reporter ¶616-300

Settled property

– see Settled property

Ten-year charge on relevant property

Commentary – Tax Reporter ¶362-175

HMRC Guidance – IHTM42081

Two-year discretionary trust

Commentary – Essential Tax Companion ¶62620

Variation of existing settlement

Commentary – Tax Reporter ¶362-050

Works of art

– see Works of art

Inheritance tax (overview)

Commentary – 2.2.3 5.3.4

Insurance policies

Commentary – SDLT Reporter ¶120-245

Inter vivos

Commentary – 3.2

Interest in possession

– see also Interest in possession

Generally

Commentary – 3.1.2

Land

Commentary – Tax Reporter ¶350-750

Maintenance funds for historic buildings

– see Maintenance funds for heritage assets

Maintenance funds, historic buildings, works of art etc.

Commentary – Essential Tax Companion ¶62625

Meaning

Commentary – Essential Tax Companion ¶62200

Minor beneficiaries

Commentary – Tax Reporter ¶350-225

National debt, reduction of

Legislation/Regulatory – ITTOIA2005 s. 775

Newspaper trusts

Commentary – Tax Reporter ¶364-800

Newspapers

– see Newspaper trusts

Nil-rate band discretionary trusts

Commentary – SDLT Reporter ¶40-725

Non-discretionary

Commentary – Essential Tax Companion ¶62280

Non-resident

– see also Non-resident trusts; Settlements

Chargeable gains

Commentary – Schwarz on Tax Treaties ¶20-150

Exit charge

Commentary – Schwarz on Tax Treaties ¶20-400

Offshore funds

– see Offshore funds

Offshore trusts

Commentary – SDLT Reporter ¶120-230

Parties

Commentary – 4.1

Partitions

Commentary – SDLT Reporter ¶120-220

Payment of tax by beneficiary

Commentary – SDLT Reporter ¶120-240

Power of appointment

Commentary – SDLT Reporter ¶120-235

Powers

Commentary – Essential Tax Companion ¶62204

Practical issues

Life cycle

Commentary – SDLT Reporter ¶120-200–SDLT Reporter ¶120-245

Wills and deceased estates

Commentary – SDLT Reporter ¶120-300–SDLT Reporter ¶120-320

Profit sharing schemes

– see Profit sharing schemes

Profits accruing under

Legislation/Regulatory – CTA2009 s. 7

Protective

Commentary – Tax Reporter ¶350-600 ; Tax Reporter ¶364-525–Tax Reporter ¶364-575

Protective trusts

– see Protective trusts

Protectors

Commentary – 3.1.3

Provisions

Commentary – Essential Tax Companion ¶62202

Reasons for creating

Commentary – Essential Tax Companion ¶62201

Reasons for establishing

Commentary – Tax Reporter ¶350-025

Registration

Commentary – VAT Reporter ¶43-885

Registration forms CIS304

Commentary – 2.1.2

Reorganisations

Commentary – SDLT Reporter ¶120-225

Repayment supplement

Legislation/Regulatory – ICTA88 s. 824(9)

Resulting

Commentary – Tax Reporter ¶350-625

Case Law – Haworth v. Commissioners of Inland Revenue ; Vandervell v. Commissioners of Inland Revenue

Retirement schemes

– see Retirement annuities

Revert to settlor

Commentary – 10.3

Scots law

Commentary – Tax Reporter ¶350-000

Case Law – The Camille and Henry Dreyfus Foundation, Inc. v. Commissioners of Inland Revenue

Scottish trusts

Commentary – SDLT Reporter ¶120-230

Service charges held on

Commentary – Tax Reporter ¶355-600

Settled property

– see Settled property

Settlement, definition

Commentary – SDLT Reporter ¶120-010

Settlements

– see Settlements

Settlors

– see Settlors

Significant influence and control

Commentary – 28.2.2

Stamp duty land tax

Charitable trusts

Legislation/Regulatory – FA2003 Sch. 8, para. 4

Generally

Legislation/Regulatory – FA2003 Sch. 16

Nil-rate band discretionary trusts

Legislation/Regulatory – PR 12/11/04-2

Statutory

Commentary – 2.2

Table of common liabilities

Commentary – SDLT Reporter ¶120-400

Taxation of (overview)

Commentary – 2.2 5.3.1

Termination of

Commentary – 4.3.2

Transfers of value linked with trustee borrowing

– see Transfers of value

Transparency of ownership

Commentary – 28.2.3

Trustee obligations

Commentary – SDLT Reporter ¶120-100–SDLT Reporter ¶120-130

Trustees

– see Trustees

Trustees' annuities

Legislation/Regulatory – IHTA84 s. 90

Types

Accumulation and maintenance settlements

Commentary – Tax Reporter ¶350-675

Bare trust

Commentary – Tax Reporter ¶350-575

Charitable trusts

Commentary – Tax Reporter ¶350-725 ; Tax Reporter ¶355-870

Case Law – The Camille and Henry Dreyfus Foundation, Inc. v. Commissioners of Inland Revenue

Constructive trust

Commentary – Tax Reporter ¶350-550

Discretionary settlements

Commentary – Tax Reporter ¶350-650

Estates in administration

Commentary – Tax Reporter ¶350-700

Express trust

Commentary – Tax Reporter ¶350-500

Implied trust

Commentary – Tax Reporter ¶350-525

Land in trust

Commentary – Tax Reporter ¶350-750

Protective

Commentary – Tax Reporter ¶350-600

Resulting trust

Commentary – Tax Reporter ¶350-625

Case Law – Haworth v. Commissioners of Inland Revenue ; Vandervell v. Commissioners of Inland Revenue

Unit

– see Unit trust schemes

Unit trusts

– see Unit trusts

Uses of

Commentary – 2.1

Varying

Commentary – Tax Reporter ¶350-325

Venture capital trusts

– see Venture capital trusts (VCTs)

Vulnerable beneficiaries

Generally

Commentary – Essential Tax Companion ¶62209 ; Essential Tax Companion ¶62295 ; Essential Tax Companion ¶62415

Will

Commentary – 3.2

Will trusts

– see Wills

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