Podcast
Questions and Answers
Which Act has been used by the courts to assist in the creation of tax avoidance schemes?
Which Act has been used by the courts to assist in the creation of tax avoidance schemes?
- Value Added Tax Act 1994
- Corporation Tax Act 1970
- Income Tax Act 1967
- Variation of Trusts Act 1958 (correct)
What did Lord Denning MR say about the avoidance of tax?
What did Lord Denning MR say about the avoidance of tax?
- It is lawful but not a virtue (correct)
- It is unlawful but a virtue
- It is unlawful and not a virtue
- It is lawful and a virtue
What is the relationship between equity and trusts and tax law?
What is the relationship between equity and trusts and tax law?
- They are unrelated and do not require a knowledge of tax law (correct)
- They are somewhat related but do not require a knowledge of tax law
- They are closely related and require a knowledge of tax law
- They are somewhat related and require a knowledge of tax law
Which of the following is a reason why someone might create a trust or settlement?
Which of the following is a reason why someone might create a trust or settlement?
What is the difference between tax evasion and tax avoidance?
What is the difference between tax evasion and tax avoidance?
What can a settlor do to reduce the incidence of tax?
What can a settlor do to reduce the incidence of tax?
Flashcards
Variation of Trusts Act 1958
Variation of Trusts Act 1958
The Variation of Trusts Act 1958 has been used by the courts to create tax avoidance schemes.
Tax avoidance: Legal but not a virtue
Tax avoidance: Legal but not a virtue
Lord Denning MR stated that avoiding taxes is legal but not morally commendable.
Equity, Trusts, and Tax Law
Equity, Trusts, and Tax Law
Equity and trusts are separate legal areas and do not require knowledge of tax law. However, they can be used to achieve tax-efficient outcomes.
Tax Reduction through Trusts
Tax Reduction through Trusts
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Tax Evasion vs. Avoidance
Tax Evasion vs. Avoidance
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How can a settlor reduce the incidence of tax?
How can a settlor reduce the incidence of tax?
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Study Notes
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Description
Test your knowledge on trusts and taxation with this quiz. Explore the limits of tax reduction in settlements and understand the concept of "having your cake and eating it too."
