Trusts Flashcard
Flashcard
•
Life Skills
•
Professional Development
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
Student preview
5 questions
Show all answers
1.
FLASHCARD QUESTION
Front
A settlor of a trust can also be...
Back
Both a beneficiary and a trustee
2.
FLASHCARD QUESTION
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.
3.
FLASHCARD QUESTION
Front
Is the following trust UK resident?
Back
No.
4.
FLASHCARD QUESTION
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.
5.
FLASHCARD QUESTION
Front
How much is Sam taxed on? Options: Nothing, £25,000, £50,000, £100,000
Back
£100,000
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