Appointment of trustees ― legal aspects

Produced by a Tolley Trusts and Inheritance Tax expert

Trusts and Inheritance Tax

Guidance

This guidance note explains the legal requirements for who can act as trustee, the number of trustees that can be appointed and how trustees are appointed. Trustees should be appointed by deed and writing deeds is a reserved legal service under the Legal Services Act 2007. See the Reserved legal services guidance note. Therefore, a lawyer will need to be instructed to appoint a trustee.

This note deals with appointment of trustees only. The removal and retirement of trustees is covered in the Changing trustees guidance note. For practical advice on choosing a trustee, see the Appointment of trustees ― practical considerations guidance note.

This guidance note deals with the position in England and Wales only. See Simon’s Taxes I5.8 for details of the provisions affecting Scotland and Northern Ireland.

Who can act as trustee?

Acting as a trustee is a serious undertaking which imposes significant fiduciary duties on the person accepting the role and should not be accepted lightly. The Trustees’ powers and duties guidance note sets out the duties

Continue reading

To read the full Guidance note, register for a free trial of Tolley+™

TAKE A FREE TRIAL

Popular Articles

Owner-Managed Businesses

Relief for employee share schemes

Relief for employee share schemesRemuneration expenses are generally deductible for corporation tax purposes as they are considered to be incurred wholly and exclusively for the purposes of the trade. However, expenses relating to shares are usually classed as capital and are therefore not

14 Jul 2020 13:21 | Produced by Tolley Read more

Personal Tax

Losses on shares set against income

Losses on shares set against incomeUsually, allowable capital losses can only be set against chargeable gains. If the losses are not fully utilised against gains in the year in which they arise, the excess is carried forward to use against future gains. See the Use of capital losses guidance note

14 Jul 2020 12:12 | Produced by Tolley Read more

Corporation Tax

Research and development (R&D) relief ― overview

Research and development (R&D) relief ― overviewThis guidance note provides an overview of the research and development (R&D) tax reliefs for companies.See the Research and development tax relief summary diagram which summarises the R&D tax relief.See also Simon’s Taxes D1.401.For a factsheet which

14 Jul 2020 12:22 | Produced by Tolley in association with Will Sweeney Read more

��Ӱ��