This book deals for the first time in an Irish context with both the law and the taxation of trusts. The section on taxation (chapters 22-31) has been written by a specialist in the area, Aileen Keogan. The other chapters (1-21) which cover trust law were written by Professors JCW Wylie and John Mee. As a result of increasing wealth, accountancy practitioners have to deal more frequently with clients who wish to protect and pass on this wealth via the use of trusts. This is quite a complex area and this text will be an invaluable reference tool for this purpose dealing as it does with areas such as: Private Trusts, Discretionary Trusts, Charitable and Non-Charitable Purpose Trusts, Void and Voidable Trusts and the appointment, duties and powers of Trustees. In the chapters on the taxation of Trusts each type of trust is dealt with in the context of capital gains and acquisitions taxes, income tax and stamp duty. All the reliefs and exemptions for the various taxes are covered and practical examples are included. There are also useful chapters dealing with Foreign Trusts and anti-avoidance and a most useful final chapter 'Tax Tips and Pitfalls'.
Accountancy Ireland, February 2008
The Law and Taxation of Trusts has lived on my desk for the past six months, which I think, says more about it than any review could. It deals, in the Irish context, with the law of trusts and with the taxation of trusts - it is a welcome development to have the two areas dealt with in one text.
This area of law is becoming a common feature of any general solicitor's practice, as the increase in client wealth is demanding a service for the passing on and protection of that wealth. Solicitors are, by demand, being forced to become proficient in this area of law, but it is a complex and diverse area to grapple with. For that reason, this text is an invaluable reference book for those who are familiar, and indeed unfamiliar, with the working of trusts and the complex taxation provisions that follow.
For the practitioner, there is a very well set-out series of chapters on the nature and definition of trusts and the powers and duties of trustees. I was also delighted to see a section on the appointment, retirement and removal of trustees, which is an area that tends to be glossed over in other texts, but which can cause real headaches for practitioners.
The section of this book that I have used very frequently is the section on the taxation of trusts, and my version is already well thumbed and marked. It includes the background to the taxation of trusts, territoriality, and issues of administration and accountability Each type of trust is considered in the context of capital acquisitions tax, capital gains tax, income tax and stamp duty. This is very helpful as, previously in the consideration of any trust issue, it was usual to have a stack of books on the desk for each tax. It gives welcome and practical examples of thew orking of the different types of taxes and, in many cases, has provided not just the theory for me, but the answer to the particular question being researched. It sets out all of the reliefs and exemptions for the four taxes and, most importantly, brings the mind of the practitioner to bear on the interaction of the various taxes. There is also a chapter on 'tax tips and pitfalls', which I have found very useful.
I am delighted to have this clearly-expressed and practical book as a permanent fixture on the crowded desk - it deserves its place.
Paula Fallon is principal of Paula Fallon and Associates
Law Society Gazette, October 2007