This guidance note details how and when a trustee can be changed either by retirement or removal and how they can be replaced. It should be read in conjunction with the Appointment of trustees 鈥� legal aspects guidance note, which considers the office and appointment of trustees generally and the Appointment of trustees 鈥� practical considerations guidance note.
Trustees should be appointed and retire by deed. Writing deeds is a reserved legal service under the Legal Services Act and should only be undertaken by someone suitably qualified, such as a lawyer. See the Reserved legal services guidance note for more information.
This guidance note deals with the position in England and Wales only. See Simon鈥檚 Taxes I5.8 for details of the provisions affecting Scotland and Northern Ireland.
When a trustee dies, the remaining trustees carry on unaffected. Death does not need to be recorded in a deed but it should be noted in any deed appointing a replacement trustee. A copy of the death certificate should be retained by the trustees
Carried-forward losses restrictionOverview of the carried-forward loss restrictionAn important restriction in the use of losses carried forward was introduced by Finance (No 2) Act 2017. Subject to a de minimis of 拢5m (known as the deductions allowance), most carried-forward losses are restricted to
Winding up a trust 鈥� legal, administrative and compliance issuesOverviewWhen winding up a trust, there are legal formalities and compliance issues that need to be dealt with, as well as IHT and CGT consequences that flow from the termination. This guidance note considers when and how a trust comes
Self assessment 鈥� amendments and correctionsOnce a self assessment tax return has been filed, both HMRC and the taxpayer (or the agent) has the right to make changes to the return. There are different time limits depending on whether it is a correction by HMRC or an amendment made by the