Podcast Location:
Download it here [file size: 26.8 MB]
Categories:
Tax & Planning
CPD Points:
Up to 1 point. details »

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Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Cost:
  • FREE
Length:
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Contributor(s):
Course Aims:

This podcast aims to set out the numerous trust and tax considerations that must be weighed in the balance when seeking to establish a trust for a child. Following the changes to the taxation of trusts in 2006 there are now a number of practical and fiscal considerations that need to be resolved to find the optimal structure to protect the property and meet the wishes of the settler. The podcast will also summarise the special tax regimes applying to minors and young people following the abolition of tax efficient A&M trusts.

Outcomes:
After completing the course you will:
  • Understand the importance of sections 31 and 32 when dealing with trusts for minors;
  • Understand when dispositive powers should be exercised and the relevant considerations trustees should have;
  • Be aware of the important IHT changes that occurred in 2006 affecting trusts and the key differences between relevant property trusts and qualifying interests in possession;
  • Understand the tension between the importance of tax planning and meeting the client’s objectives when setting up a trust for children;
  • Understand the specialist tax status given to particular trust structures of which minors may take advantage;
  • Understand the benefits of the much overlooked bare trusts;
  • Know about the fate of A&M trusts and what has replaced them following 2006;
  • Know the conditions necessary for a trust to qualify as a trust for a bereaved minor;
  • Know the conditions necessary for a trust to qualify as an 18-25 trust and how it is different from other trusts discussed in the podcast.
Level:
Complex Difficulty: 4 of 5
Classification:
Legal Principles
Practical Guide
Sources and References:
  • Inheritance Tax Act 1984 ss 71, 71A-C, 71D;
  • Inheritance Tax Act 1984 Ch. III, Part III;
  • Trustee Act 1925 ss 31, 32, 69.
Tags:

In this podcast Leigh Sagar, a Chancery barrister from New Square Chambers, discusses the various factors and structures practitioners should consider when a client is seeking to establish a trust for a child or minor beneficiary.

Podcast added: 04/07/11

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