The following Private Client practice note produced in partnership with Erin Trimble-Cregeen and Melissa Wong of Appleby (Isle of Man) LLC provides comprehensive and up to date legal information covering:
For general information on the Isle of Man, see Practice Note: Private Client jurisdictional guide—Isle of Man.
Isle of Man trust law has its roots in English law. It is based on common law principles, supplemented and enhanced by legislation which, for the most part, mirrors its English equivalents.
The principal Manx trust statutes are:
Trustee Act 1961 (which is largely based on the Trustee Act 1925 of England and Wales)
Variation of Trusts Act 1961
Perpetuities and Accumulations Act 1968
Recognition of Trusts Act 1988 (which incorporates the terms of the Convention of 1 July 1985 on the Law Applicable to Trusts and on their Recognition (Hague Convention) into Manx law)
Trusts Act 1995
Purpose Trusts Act 1996, and
Trustee Act 2001 (which is largely based on the Trustee Act 2000 of England and Wales)
The decisions of the English courts are highly persuasive in the Manx courts and the Judicial Committee of the Privy Council is the highest court of appeal for the Isle of Man. The Privy Council’s decision in the Isle of Man case of Schmidt v Rosewood Trust Ltd is widely regarded as the leading international decision on the rights to information of beneficiaries of a discretionary trust.
Manx trusts are used to achieve many objectives, including:
family provision and wealth preservation
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