Charity trustees

Produced by

Trusts and Inheritance Tax

Guidance

Payment of trustees

Most trustees are unpaid and must not benefit in any way from their charity trusteeship. However, they are entitled to receive payment of reasonable and necessary expenses from the charity’s funds, for example travel and other costs of attending meetings.

A charity trustee may only be paid for serving as a trustee where the payment is in the interests of the charity. There is no general power in law for this type of payment. A charity would need a specific authority in the governing document or authority would need to be given by the Charity Commission or the courts.

See the Trustee expenses and payments guidance published by the Charity Commission.

Avoiding conflicts of interest

Charity trustees have a duty to identify and manage conflicts of interest. A conflict of interest is any situation in which a trustee’s personal interests, or interests that they owe to another body, may influence or affect their decision making.

Trustees must not receive any benefit from their charity in return for any goods or services

Continue reading

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

TAKE A FREE TRIAL

Popular Articles

Personal Tax

Taxation of dividend income

Taxation of dividend incomeIntroductionA dividend is a distribution of profit by a company to its shareholders.A dividend is not only a payment in cash. It can be the issue of new shares in exchange for forfeiting the right to a cash payment (a stock dividend). For more detail, see the Cash

14 Jul 2020 13:48 | Produced by Tolley Read more

Tax Returns

Class 1 v Class 1A

Class 1 v Class 1AClass 1 and Class 1AClass 1 and Class 1A are the categories of NIC that can be charged on expenses reimbursed and benefits provided to employees. These classes are mutually exclusive. A benefit cannot be subject to both Class 1 and Class 1A NIC. Three requirements must be met

Corporation Tax

Terminal trading loss relief

Terminal trading loss reliefTerminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period.

14 Jul 2020 13:49 | Produced by Tolley Read more

��Ƶ