Transcription of CHAPTER 6 EXIT CHARGES ON DISCRETIONARY TRUSTS
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CHAPTER 6 EXIT CHARGES ON DISCRETIONARY TRUSTS
Tolley Tax Training CHAPTER 6 Reed Elsevier UK Ltd 2010 FA 2010 CHAPTER 6 exit CHARGES ON DISCRETIONARY TRUSTS General principles In a DISCRETIONARY trust arrangement, trustees have absolute discretion as to how to distribute the income and capital of the trust , and may have a power to accumulate income within the trust . If trustees have a power to accumulate income, no individual beneficiary has an entitlement to income so no interest in possession exists. In certain circumstances if a beneficiary has an interest in possession in a trust , the trust assets will be treated as part of the beneficiary s estate. This will not be the case if an individual is a beneficiary of a DISCRETIONARY trust .
EXIT CHARGES ON DISCRETIONARY TRUSTS 6.1 General principles In a discretionary trust arrangement, trustees have absolute discretion as to how to distribute the income and capital of the trust, and may have a power to ... trust, the trust is also treated as not UK domiciled ie, the domicile status of – ...
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