The following Property guidance note Produced in partnership with Stuart Borrie and Paul Beausang of K&L Gates LLP provides comprehensive and up to date legal information covering:
Many significant and valuable UK buildings are held in Jersey Property Unit Trusts (JPUTs), sometimes referred to as Jersey Unit Trusts. This practice note describes the key features of JPUTs and how they are used to hold UK real estate. It does not constitute legal advice on any particular situation.
Key features of JPUTs include:
they are constituted by trust instruments-Jersey law does not recognise deeds, but a trust instrument is very similar to an English law deed
the legal person or persons are the trustees ie the persons who will enter into documents as the property owner
the trust fund comprises the capital assets eg the property, but does not include the income earned for the property—see below
the entitlement of the beneficiaries of the trust is unitised, meaning that investors own securities (units) which are transferrable and which represent an entitlement in the trust fund
the entitlement that each unitholder has in the trust fund is quantified having regard to the total number of units in issue eg if an investor holds 10 units out of 100 issued units, it will be entitled to 10% of the trust fund
there can be different classes of units eg where there is a carried interest unit, which gives a different entitlement to a particular class of
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