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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.
The Trustee Act 2000 (c. 29) is an act of the Parliament of the United Kingdom that regulates the duties of trustees in English trust law.
Overview. A trust is a way of managing assets (money, investments, land or buildings) for people. There are different types of trusts and they are taxed differently. Trusts involve: the...
- A trust is a way of managing assets (money, investments, land or buildings) for people. There are different types of trusts and they are taxed diff...
- The main types of trust are: bare trusts interest in possession trusts discretionary trusts accumulation trusts mixed trusts settlor-interested tru...
- These are trusts set up by parents for children under 18 who have never been married or in a civil partnership. They’re not a type of trust in thei...
- Some trusts for disabled people or children get special tax treatment. These are called ‘trusts for vulnerable beneficiaries’. Who qualifies as a v...
- Different types of trust income have different rates of Income Tax. Each type of trust is taxed differently. Trusts involve a ‘trustee’, ‘settlor’...
- Capital Gains Tax is a tax on the profit (‘gain’) when something (an ‘asset’) that’s increased in value is taken out of or put into a trust. When C...
- Inheritance Tax may have to be paid on a person’s estate (their money and possessions) when they die. Inheritance Tax is due at 40% on anything abo...
- If you’re a trust beneficiary there are different rules depending on the type of trust. You might have to pay tax through Self Assessment or you mi...
- As the trustee, you’re responsible for reporting and paying tax on behalf of the trust. If there are 2 or more trustees, nominate one as the ‘princ...
- Most trusts need to be registered. There are some cases where you do not need to register. You never need to register a trust that was imposed by a...
- The Duty of Care 1. The duty of care. 2. Application of duty of care.
- Investment 3. General power of investment. 4. Standard investment criteria. 5. Advice. 6. Restriction or exclusion of this Part etc.
- Acquisition of Land 8. Power to acquire freehold and leasehold land. 9. Restriction or exclusion of this Part etc. 10. Existing trusts.
- Agents, nominees and custodians. Agents. 11. Power to employ agents. 12. Persons who may act as agents. 13. Linked functions etc. 14.
A trust is a way of managing assets (money, investments, land or buildings) for people - types of trust, how they are taxed, where to get help.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not...
Trust: An arrangement for the holding and administration of property which imposes obligations on a trustee to deal with property for the benefit of another. In the case of...
