How Does a Charitable Trust Work?
Classified in Philosophy and ethics
Written at on English with a size of 4.44 KB.
A charitable trust is a trust for a specific purpose, where there is no beneficiary.
The purpose of a charitable trust must be 'charitable' according to the Charities Act 2011 and must be for the public benefit.
Fiscal Advantages/Benefits
- Exempt from Inheritance Tax
- Exempt from tax on investments
- Exempt from income tax
- Gift Aid (reclaim the basic rate of tax on gifts)
Charitable Status - Poverty
Poverty is defined in the case of RE COULTHURST as the condition of having less than what is considered normal in terms of food and clothing.
In the case of RE SAUNDERS TRUST, a gift left for the working classes and their families was deemed invalid because being working class does not necessarily mean being poor. If it had followed the precedent set by RE YOUNG... Continue reading "How Does a Charitable Trust Work?" »