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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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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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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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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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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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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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