Overview

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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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 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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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...

See overview in Oxford Index