Trusts Flashcard

Front

A settlor of a trust can also be...

Back

Both a beneficiary and a trustee

Front

Which answer best describes an interest in possession trust? Options: The beneficiary has an immediate entitlement to income. The beneficiary is absolutely entitled to the income and capital. A trust to hold assets for the employees of a company. Beneficiaries have no automatic right to receive income or capital.

Back

The beneficiary has an immediate entitlement to income.

Front

Is the following trust UK resident?

Back

No.

Front

Which statement is false? Gift holdover relief is not available on gifts to bare trusts. Both IIP and discretionary trusts can claim BADR. PRR is not available when s.260 relief was claimed on the house. Income from non-UK trusts doesn't automatically attract tax credits.

Back

Both IIP and discretionary trusts can claim BADR.

Front

How much is Sam taxed on? Options: Nothing, £25,000, £50,000, £100,000

Back

£100,000