TRUST under HM Revenue § Customs (11 août 2011)

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English trusts law

 

Inheritance Tax: Glossary of Terms

 

 

Trusts: the basics

 

A trust is a legal arrangement where one or more 'trustees' are made legally responsible for assets. The assets - such as land, money, buildings, shares or even antiques - are placed in trust for the benefit of one or more 'beneficiaries'

The trustees are responsible for managing the trust and carrying out the wishes of the person who has put the assets into trust (the 'settlor').

 

 

The settlor's wishes for the trust are usually written in their will or given in a legal document called 'the trust deed'

 

Trustee tax obligations

 

Types of trust and tax implications

 

Trusts may be set up for a number of reasons, for example:

·       to control and protect family assets

·       when someone is too young to handle their affairs

·       when someone can't handle their affairs because they are incapacitated

·       to pass on money or property while you are still alive

·       to pass on money or assets when you die under the terms of your will - known as a 'will trust'

·       under the rules of inheritance that apply when someone dies without leaving a valid will (England and Wales only)

There are several types of UK family trusts and each type of trust may be taxed differently.

 

There are other types of 'non-family' trusts.

These are set up for many reasons - for example to operate as a charity, or to provide a means for employers to create a pension scheme for their staff.

 

 heritage, charitable or business-related trusts.

 

 

 

Trusts & Estates

 

 

 

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