Trusts in commercial settings

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Practice notes
Trustees—dutiesNature of dutiesThe difference between a duty and a power is:•the performance of a duty is obligatory•powers are to a greater or lesser...
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19th May
Practice notes
Creation of trusts—express trustsConstituents of a trustWhen drafting, keep in mind that the essentials of creating a validly constituted trust...
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19th May
Practice notes
IHT—quick succession reliefQuick succession relief (QSR), which is not to be confused with taper relief, applies to a transfer of value which attracts...
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Produced in partnership with Katya Vagner of PwC 19th May
Practice notes
Liferent trusts—ScotlandLiferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both,...
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Produced in partnership with Peter Murrin of Turcan Connell 19th May
Practice notes
Capital gains tax issues on deathSTOP PRESS: The Office of Tax Simplification published its first report on the review of capital gains tax (CGT) on...
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19th May
Practice notes
Beddoe applicationsWhen trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe...
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Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 19th May
Q&As
When can a mistake in an executed deed be rectified by a manuscript amendment rather than by a deed of rectification?This Q&A explains when it is...
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Produced in partnership with Emma Holland of Stewarts Law 19th May
Practice notes
Trustees—statutory powers of trusteesSource and availabilitySourcesTrustees have certain powers conferred on them by statute, in particular by the...
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19th May
Practice notes
Trustees—removal of trusteesA trustee may be removed against their will in any of the following ways:•under an express power in the trust...
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19th May
Practice notes
The Cy-près doctrineFORTHCOMING CHANGE: On 22 March 2021, the government published its response  to the Law Commission’s report of 14 September 2017,...
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19th May
Practice notes
Relief for income tax lossesReliefs entitle taxpayers to reduce the amount of income tax payable. When calculating liability to income tax, a taxpayer...
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19th May
Practice notes
Assessment for residential accommodationCoronavirus (COVID-19): The content of this Practice Note is temporarily affected by the coronavirus...
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19th May
Practice notes
Trustees—self-dealing, unauthorised profits and conflicts of interestThe self-dealing ruleThe self-dealing rule is connected to, but distinct from,...
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19th May
Precedents
This Deed is made on [date]Parties1[insert name] of [insert address] and [insert name] of [insert address] (the Retiring Trustees) and2[insert name]...
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19th May
Practice notes
Trustees—power of advancementWhere a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married...
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19th May
Practice notes
Discretionary trusts—ScotlandWhat is a discretionary trust?A discretionary trust or discretionary settlement is an arrangement created when an...
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Produced in partnership with Peter Murrin of Turcan Connell 19th May

Most recent Trusts in commercial settings content

Q&As
What information do you have concerning the execution of guarantees by trustees?For the purposes of this Q&A it is assumed that:•the trust in question...
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1st Aug
Q&As
Can a company which is wholly owned by a trust be appointed as a trustee of that trust?This Q&A assumes that:•the company is incorporated under...
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1st Aug
Practice notes
Employee benefit trusts and inheritance tax considerationsOverview of potential IHT chargesIt is important when establishing or operating an employee...
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1st Aug
Q&As
What issues (tax and non-tax) need to be considered if a majority shareholder wishes to leave their shareholding on a qualifying interest in...
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1st Aug
Q&As
If a trust’s sole asset is shares in a private company, how can expenses of the trust be paid without the trustees receiving a dividend, or borrowing...
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1st Aug
Practice notes
Employee benefit trusts—on-shore and offshore trusts and tax implicationsTrustees are generally treated as UK resident if all the trustees are...
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Produced in partnership with Jeremy Glover (Share Schemes) 31st Jul
Practice notes
What is an employee benefit trust?The EBT as a trustAn employee benefit trust (EBT) is a form of trust. A trust refers to the legal relationship...
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Produced in partnership with Jeremy Glover (Share Schemes) 31st Jul
Q&As
Does an employee benefit trust have to be registered with HMRC’s online Trust Registration Service?By virtue of the Money Laundering, Terrorist...
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31st Jul
Q&As
Does a professional trustee, for example, a pension trustee, have to register at Companies House, a charge granted by it over property which it holds...
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31st Jul
Q&As
How can a third party enforce rights under a deed to which it is not a party?Privity of contract'Privity of contract' is a common law doctrine, which...
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31st Jul
Practice notes
Types of pension trusteesTHIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMESIndividual trustees v corporate trusteeThe most common...
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31st Jul
Q&As
How should the people with significant control (PSC) conditions be applied in the context of an individual holding shares on trust for a minor?The...
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31st Jul
Practice notes
Jersey trustsFor general information on Jersey, see Practice Note: Private Client jurisdictional guide—Jersey [Archived].Legal frameworkThe legal...
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Produced in partnership with Mr David Dorgan 31st Jul
Practice notes
Tax position of non-resident trustsThis Practice Note was originally drafted by Owen Clutton of Macfarlanes LLP but is now maintained by Lexis®PSL...
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31st Jul
Practice notes
Isle of Man trustsFor general information on the Isle of Man, see Practice Note: Private Client jurisdictional guide—Isle of Man.Legal frameworkIsle...
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Produced in partnership with Erin Trimble-Cregeen and Melissa Wong of Appleby (Isle of Man) LLC 31st Jul
Practice notes
Bermuda trustsThis Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda's regime for...
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Produced in partnership with Vanessa Lovell Schrum and Caljonah Smith of Appleby, Bermuda 31st Jul
Practice notes
Commercial uses of trustsThe common law trust has long been a feature in many kinds of commercial arrangements. It has certain unique characteristics...
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31st Jul
Practice notes
Quistclose trustsWhat is a Quistclose trust?A Quistclose trust is an example of an ‘automatic’ resulting trust, ie a trust which arises where property...
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31st Jul
Practice notes
BVI VISTA trusts—common usesBritish Virgin Islands (BVI) trusts law is contained in the Trustee Ordinance, Cap 303 (as amended) as revised from time...
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Produced in partnership with Mourant Ozannes 31st Jul

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