Overview of trusts
You'll learn what a trust is, who's involved, and why they're used for asset protection and tax planning. This lesson covers the key players—settlors, trustees, and beneficiaries—and explains the two main types of trusts you need to know for tax purposes: interest in possession trusts (where someone receives income
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In this lesson
- 0:00 Introduction to Trust Income
- 1:18 Understanding Trust Structure and Parties
- 2:26 Two Types of Trusts Explained
- 4:26 Interest in Possession vs Discretionary Trusts
About this lesson
for life) and discretionary trusts (where trustees decide when to distribute income and capital). Understanding trusts is essential for tax compliance and appears across ACCA taxation papers, particularly when dealing with trust income and distributions. You'll see how trusts work in practice and why they matter for your qualification.
Duration: 6m
Transcript
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