Appointment of trustees ― practical considerations

Produced by a Tolley Trusts and Inheritance Tax expert

Trusts and Inheritance Tax

Guidance

This guidance note explains the practical considerations that should be taken into account when appointing trustees . It considers the skills and attributes that a trustee should have and outlines the onerous nature of trusteeship.

This guidance note deals with the position in England and Wales only. See Simon’s Taxes, Division I5.8 for details of the provisions affecting Scotland and Northern Ireland.

Overview

The Appointment of trustees ― legal aspects guidance note sets out in detail who can be a trustee and the Trustees' powers and duties guidance note sets out the powers and duties that trustees have. Once clients appreciate this legal background they must then choose who they wish to appoint as a trustee. Just because someone can be appointed as a trustee, does not mean that they should be. A trustees responsibilities can be heavy and onerous and it is not a position that should be accepted lightly.

A cautionary tale

The case of Brudenell-Bruce v Moore [2014] EWHC 3679 (Ch) is a cautionary tale for professional and

Continue reading

To read the full Guidance note, register for a free trial of Tolley+™

TAKE A FREE TRIAL

Popular Articles

Trusts and Inheritance Tax

Gifts out of surplus income

Gifts out of surplus incomeA valuable exemption from inheritance tax (IHT) applies to gifts out of surplus income. This exemption applies only to lifetime gifts and is therefore a key part of lifetime planning. The exemption applies to both outright gifts and gifts into trust. Gifts which meet the

14 Jul 2020 11:48 | Produced by Tolley in association with Emma Haley at Boodle Hatfield LLP Read more

Corporation Tax

Non-trading deficits on loan relationships

Non-trading deficits on loan relationshipsOverview of non-trading deficits (NTDs)When a company’s debits on its non-trading loan relationships and derivative contracts in an accounting period exceed the credits on its non-trading loan relationships and derivative contracts in the same period (the

14 Jul 2020 12:17 | Produced by Tolley Read more

Corporation Tax

Indexation allowance and rebasing

Indexation allowance and rebasingThis guidance note explains the general rules surrounding the availability of indexation allowance (which was frozen at December 2017) on the disposal of company assets and provides information on the rebasing rules for assets held on 31 March 1982. For an overview

14 Jul 2020 11:59 | Produced by Tolley in association with Jackie Barker of Wells Associates Read more

��Ƶ