Taxation of Trusts

Our taxation of trusts course trainer is a Chartered Accountant who qualified with PwC in 1988, spending his last 18 months within the Tax department. In 1989 he joined a leading financial training company as a tax tutor. Since 1992, he has been self-employed as a Professional Tutor and Training Consultant, specialising in tax update courses for accountants, lawyers and investment managers.

Our trainer has been teaching in the financial services industry since 1994. He writes regularly for Tax Insider and speaks at conferences of bodies such as the ICAEW and CIOT.

Part 1

Concluding Part 1 of the course, participants will have a good working knowledge of:

• The different types of trust and the reasons for creating them
• Technical terminology
• Powers and duties of trustees, including
  • Appointment of agents by trustees
  • Trustees’ investment powers
• The CGT position when assets enter or leave a trust
• The Inheritance Tax position when assets enter or leave a trust
• The Income Tax position of trustees
• The Income Tax position of beneficiaries receiving income

Part 2

Concluding Part 2, trust taxation course participants will understand how tax issues impact on asset-holding strategies involving UK trusts, including:

• How Will trusts holding assets can still be useful in the era of transferable nil rate band
• ‘Pilot trust’ structures and why they are now less effective
• Using trusts to mitigate CGT charges
• Income tax issues for trustee residential landlords
• ‘Tax pool’ problems where discretionary trustees wish to distribute dividend income to beneficiaries
• Use of revocable interest in possessions by discretionary trustees
• Availability of business asset disposal relief to trustees
• The tax advantages of ‘vulnerable beneficiary’ trusts
• The tax charges arising on settlor-interested trusts
• Trust strategies involving offshore bonds
  • Gift and loan trusts
  • Discounted gift trusts

• The trainer is a Chartered Accountant with over 35 years’ experience in Tax Training
• Unlike most tax trainers, he has wide-ranging experience in lecturing in the financial services industry, including for many regulatory examinations
• There are many numerical examples to aid understanding of potential tax exposure
• Basic tax traps and planning areas are highlighted throughout, along with relevant cases

Trust taxation courses at Redcliffe Training are delivered in two parts, interactively and via a live, virtual setting. Alternatively, training is offered in-house to you and your team, at your request.

Part 1 of this course introduces delegates to the main types of UK trust and their associated tax issues. No previous knowledge of trusts or UK tax is necessary. The course will be of use to those who have limited experience of trusts and those who need a refresher in this area. Differences between English and Scottish law will be covered where appropriate.

Part 2 of this course will build on delegates’ basic knowledge of UK tax and trusts by looking at more complex areas, including various scenarios where trusts can be used in tax planning. The course will contain some short case studies to demonstrate the practicalities involved as well as several numerical examples.

Those without a good working knowledge of both trusts and UK tax should attend Part I of the course before attending Part 2.