Commentary

I5.512 A&M trusts—required interest in income

IHT, trusts and estates

I5.512 A&M trusts—required interest in income

I5.512 A&M trusts—required interest in income

In addition to the capital condition (I5.511) for a trust to be a qualifying accumulation and maintenance (A&M) trust, no interest in possession must subsist in the settled property, and the income from it must be accumulated so far as it is not applied for the maintenance, education or benefit of a beneficiary1.

This closely reflects the Trustee Act 1925, s 31. When s 31 applies to the income of property held on trust for a minor the trustees have a power to apply the income for his maintenance, education or benefit and hold upon

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