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discretionary trust

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A & M trust

Overview page. Subjects: Financial Institutions and Services — Accounting.

Abbreviation for accumulation and maintenance trust. See discretionary trust; *18–25 trust.

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accumulation and maintenance settlement

Overview page. Subjects: Law.

A discretionary trust that fulfils three conditions: (1) the terms of the settlement require that beneficiaries obtain an interest in possession at a specified age, not exceeding 25; (2)...

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beneficiary

Overview page. Subjects: Law — Social Sciences.

N.

1 A person entitled to benefit from a trust. The beneficiary holds a beneficial interest in the property of which a trustee holds the legal interest. A beneficiary...

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chargeable transfer

Overview page. Subjects: Financial Institutions and Services — Accounting.

A lifetime gift that is not covered by any of the exemptions and is therefore liable to inheritance tax. A potentially exempt transfer becomes a chargeable transfer where the death of the...

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executory trust

Overview page. Subjects: Law.

A trust in which the general intention of the settlor has been declared but the specific terms and limitations are not completely set out. Such trusts often arise in family settlements...

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exit charge

Overview page. Subjects: Financial Institutions and Services.

The charge to inheritance tax made when an asset is taken out of a discretionary trust. The inheritance tax liability is calculated by taking the rate of inheritance tax charged at the most...

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express trust

Overview page. Subjects: Law.

A trust created expressly by the settlor, i.e. by stating directly his intention to create a trust. There is no need for formal words provided that the intention to create a trust is clear...

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fixed trust

Overview page. Subjects: Economics — Law.

A form of express trust in which the beneficiaries have completely defined and predetermined interests. Compare discretionary trust.

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gifts inter vivos

Overview page. Subjects: Accounting.

Gifts made during an individual’s lifetime. The treatment of such gifts, for inheritance tax purposes, depends on the amount of the gift, the occasion of the gift, and the recipient of the...

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interest in possession

Overview page. Subjects: Law.

Despite its crucial importance for inheritance tax, statute does not define an interest in possession. Viscount Dilhorne described it as “A present right of present enjoyment” (Pearson v...

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interest-in-possession trust

Overview page. Subjects: Financial Institutions and Services — Accounting.

A type of fixed-interest trust in which there is an entitlement to the income generated by the trust assets. The beneficiaries of an interest-in-possession trust, the life tenants, are...

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relevant property trust

Overview page. Subjects: Accounting — Financial Institutions and Services.

From March 2006, any trust that is not an interest-in-possession trust, an age 18–25 trust, or a trust established for a bereaved minor is a relevant property trust for inheritance tax...

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ten-year charge

Overview page. Subjects: Accounting.

An inheritance tax charge made every ten years on most forms of discretionary trust (now defined as relevant property trusts). As a discretionary trust does not attach to the life of an...

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trading trusts

Overview page. Subjects: Law.

A trust operating a business. For Australian Taxation Office (ATO) purposes, trading trusts are categorised as fixed or non-fixed. Non-fixed trusts include discretionary trusts. Fixed trust...

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18–25 trust

Overview page. Subjects: Financial Institutions and Services — Accounting.

A trust established for the benefit of a young person, who becomes absolutely entitled to the trust property on or before his or her 25th birthday. An 18-25 trust can now only be created by...

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trust

Overview page. Subjects: Law — Economics.

1 An arrangement through which one set of people, the trustees, are the legal owners of property which is administered in the interests of another set, the beneficiaries....

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