QUESTION ONE: Who can be included as a beneficiary under the terms of a trust?
B) Any living person
C) Anyone who is 18 or over and of sound mind
D) Anyone who is 18 or over
QUESTION TWO: Who can be the settlor?
Anyone who is 18 or over
Anyone who is 18 or over and of sound mind
Anyone who is 21 or over and of sound mind
QUESTION THREE: Brenda creates a bare trust for her granddaughter, Emilie. Who will be taxable on any income and gains arising?
A) Brenda as the settlor
B) The trustees
C) Brenda and the trustees
QUESTION FOUR: At what rate are trustees of a discretionary trust taxed on trust income?
QUESTION FIVE: Clive decides to set up a discretionary trust. He has made no other lifetime gifts. How much can he settle without any liability to inheritance tax?
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