Commentary

I5.811 Settlements in Scottish law

IHT, trusts and estates

I5.811 Settlements in Scottish law

Scotland

I5.811 Settlements in Scottish law

Scottish law has its own system of trusts law. No general account can be offered here1, but the following points of difference from English law of IHT interest should be noted:

(1) Conceptual basis of trust law

Scottish trusts have trustees and beneficiaries, but the rights of the beneficiaries are not to equitable interests in the trust property, as is the case in English law, but to the proper administration of the trust. In the case of a liferenter this means, in effect, the right to each item of income as it arises subject to any limitation which may

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