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Administration of SME trusts paper

Publication date: 12 Mar 09

Source: NATIONAL DIVISION, THE TAX INSTITUTE

Abstract:

With an increasing number of cases on trust law matters now coming before the courts, it is more important than ever for tax practitioners to ensure that they can identify and understand the relevant issues.

This paper addresses some practical matters facing SME clients in administering the modern discretionary trust including:

• the trust income, taxable income and distributable income debate
• care required if relying on PS LA 2005/1 (GA)
• streaming income with different characteristics to different beneficiaries
• creating a present entitlement in light of recent case law
• distributions of income versus appointments of income.

Author profile:

 

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