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Mar 21, 2023 · Trusts used for the payment of school fees would usually be discretionary in form. What this means is that trustees would be given the discretion to decide who, when and how a beneficiary benefits from a trust. The class of beneficiaries could include children and grandchildren.
Apr 24, 2018 · Money in a bare trust account is invested in line with the grandparents’ and parents’ attitude to investment risk, and clients can control the investment strategy and manage the payment of school fees accordingly. Key considerations.
Aug 16, 2023 · Providing the Trust is set up correctly, any income arising from the Trust can be used to meet the nursery, school, or university fees of the beneficiaries. Any money drawn from the Trust for their education will be taxed on them personally.
- What trusts are for
- What the settlor does
- What trustees do
- Beneficiaries
- If you need help
Trusts are set up for a number of reasons, including:
•to control and protect family assets
•when someone’s too young to handle their affairs
•when someone cannot handle their affairs because they’re incapacitated
•to pass on assets while you’re still alive
•to pass on assets when you die (a ‘will trust’)
The settlor decides how the assets in a trust should be used - this is usually set out in a document called the ‘trust deed’.
Sometimes the settlor can also benefit from the assets in a trust - this is called a ‘settlor-interested’ trust and has special tax rules. Find out more by reading the information on different types of trust.
The trustees are the legal owners of the assets held in a trust. Their role is to:
•deal with the assets according to the settlor’s wishes, as set out in the trust deed or their will
•manage the trust on a day-to-day basis and pay any tax due
•decide how to invest or use the trust’s assets
There might be more than one beneficiary, like a whole family or defined group of people. They may benefit from:
•the income of a trust only, for example from renting out a house held in a trust
•the capital only, for example getting shares held in a trust when they reach a certain age
•both the income and capital of the trust
Contact a legal adviser or tax adviser. They can also talk to HM Revenue and Customs (HMRC) on your behalf if you give them permission.
You can also get help from the Society of Trust and Estate Practitioners.
Aug 14, 2021 · Setting up a trust may be ideal for those parents or grandparents who may wish to save money over a period of time to fund school fees or if they wish to transfer a lump sum as part of their estate planning.
Nov 8, 2010 · Find out if Inheritance Tax is due on assets transferred in or out of a trust and on certain trusts at each 10 year anniversary.
People also ask
How are planning fees funded?
What are planning-related fees?
Should parents and grandparents set up a school fees and Education Trust?
Can a trustee pay school fees on a trust?
What are planning fees in England?
How is the Planning Service funded?
Oct 17, 2014 · Planning-related fees were introduced so that users of the planning system, rather than taxpayers in general, meet the costs incurred by local planning authorities in deciding planning...
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