A & M trust
Overview page. Subjects: Financial Institutions and Services — Accounting.
Abbreviation for accumulation and maintenance trust. See discretionary trust; *18–25 trust.
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...
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...
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.
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...
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...
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...
trust
Overview page. Subjects: Law — Economics.
