Reminder of trusts
In this 2-minute reminder, you'll refresh your understanding of trusts and how they're taxed. We'll cover what a trust is, who the key players are (settlor, trustees, and beneficiaries), and the two main types: interest in possession trusts and discretionary trusts.
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In this lesson
- 0:00 Capital taxes for trusts overview
- 0:18 What is a trust and how it works
- 0:54 Two types of trust explained
- 1:27 Interest in possession trusts
- 2:23 Discretionary trusts
About this lesson
You'll see why trusts matter for both Inheritance Tax and Capital Gains Tax purposes, and when each type is used in practice. This is essential groundwork for Lesson 31 on capital taxes for trusts, helping you grasp the structure before diving into the detailed tax implications.
Duration: 3m
Transcript
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