Beneficiary meaning

This Procedural Guide explains how to pursue an application under section 14 of the Trusts of Land and Appointment of Trustees Act 1996 (TOLATA 1996) by a trustee of land, or by a beneficiary with an interest in property held on a trust of land. It provides direction on: the threshold for bringing an application and the pre-action protocol Part 36 offers under the Civil Procedure Rules 1998 (CPR), SI 1998/3132 evidential needs and the range of orders the court may make An application under TOLATA 1996, s 14 can be brought by a trustee of land or a beneficiary with an interest in property subject to a trust of land. In addition, any other person with an interest in that property, for example a mortgage company, has standing to commence a claim. The court enjoys a wide discretion to make directions about the exercise of trustees’ functions, or concerning the character and scope of beneficiaries’ interests, which may include ordering a...

This checklist sets out the requirements for the content of schemes’ annual reports and accounts under the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734. For fuller guidance on the duty on occupational pension schemes to produce annual reports and accounts, see Practice Note: Pension scheme annual reports and accounts. Requirement to prepare and disclose a pension scheme annual report Trustees of an occupational pension scheme meeting the conditions in the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734, Sch 1, Para 1 must produce an annual report no later than seven months following the close of each scheme year. For further details, see: Disclosure requirements for occupational and personal pension schemes—the 2013 disclosure regulations—Scope of the 2013 Disclosure Regulations. The annual report must be provided to any relevant person (that is, a member, prospective member, their spouse or civil partner, a beneficiary or a recognised trade union) who: requests the document within five years...

Trustees' responsibilities on the termination of a trust When a trust concludes, trustees are obliged to: confirm the trust has ended establish who is entitled to the trust property review any tax consequences ensure all liabilities are settled decide whether they need personal protection before releasing the trust assets A checklist can be a helpful aid. The termination of a trust diarise the termination event, eg beneficiary reaching 25 consider tax planning in advance of termination check the termination documents are valid confirm the termination date Accounts and liabilities identify and settle liabilities finalise tax liabilities prepare final accounts Distribution of assets identify beneficiaries identify assets calculate the amount due to each beneficiary obtain release/discharge/indemnity distribute assets/transfer title...

Original news Mr T (CAS-64304-R5R1)—14 April 2025 Summary The Pensions Ombudsman dismissed a complaint concerning the distribution of death benefits from a pension scheme. It concluded the scheme administrator’s decision was reasonable, neither irrational nor perverse. The complainant was not named in a supposed will—which was invalid as it lacked witnesses—and was the sole beneficiary of the late member’s estate. Before deciding, the administrator carried out extensive enquiries. This outcome serves as a reminder that trustees and administrators of pension schemes should undertake appropriate enquiries when determining death benefit payments. What were the facts? Mr S was a member of the AJ Bell You Invest Self invested Personal Pension Plan (the Scheme). Following his death, he was survived by, among others, Mr T. Mr T had entered into a civil partnership with Mr S...

See Q&A: If executors are administering an estate where a property is being gifted to a specific beneficiary, what are the duties of the executor regarding the safeguarding and maintenance of the property? Executors must protect and look after any property earmarked for a named beneficiary, preserving it and its condition, until legal title is passed over to them...

See Q&A: Can an executor make a deduction from a residuary beneficiary’s share in respect of loss that the residuary beneficiary has caused to the estate without an order of the court? Acting as an executor is a weighty responsibility and brings potential personal exposure and risk, alongside a considerable administrative burden, although this may at times be delegated to a solicitor appointed by the executor. Executors hold both common law and statutory powers and duties. The common law powers are fiduciary in character and therefore may only be exercised for the benefit of the estate as a whole and in good faith. Specific fiduciary responsibilities include the duties: ...

General principles The trustees are, for tax purposes, regarded collectively as a single person, distinct from the individuals who serve as trustees from time to time. An interest in possession (IIP) means a beneficiary has an immediate right to the trust income as it arises. That income belongs to the beneficiary, and the trustees lack authority to retain it, save to meet proper expenses. Where trust income does not fall within the definition of accumulated or discretionary income in section 480 of the Income Tax Act 2007 (ITA 2007), it is treated as the income of ‘other persons’ and taxed at the basic and dividend rates. Ultimately, the income is assessed on the beneficiary at their personal rates, irrespective of when, and even whether, it is actually paid to them. Nevertheless, the trustees are liable to income tax on income arising from trust property because they are the legal owners of that property and thus the persons who receive the income. The way IIP and discretionary trusts are differentiated...

Taxation regime What factors determine tax liability in your jurisdiction (eg domicile, residence or citizenship)? Türkiye’s tax landscape is intricate, operating through numerous laws, regulations, communiqués and subsequent amendments. The key legislative instruments include: Tax Procedure Law No. 213 (10 January 1961) Corporate Tax Law No. 5520 (21 June 2006) Value Added Tax Law No. 3065 (2 November 1984) Stamp Tax Law No. 488 (11 July 1964) Income Tax Law No. 193 (6 January 1961) Broadly, the Turkish Tax System is considered under three headings: (i) income taxes, such as individual income tax and corporate income tax; (ii) taxes on expenditure, including Value Added Tax (VAT), the Banking and Insurance Transactions Tax and Stamp Tax; and (iii) taxes on wealth, for example Property Tax and Inheritance and Gift Tax. For natural persons, residency, ownership of property and citizenship are key in determining which taxes apply in Türkiye. An individual’s tax burden is mainly linked to their earnings,...

Although the trusteeship is, in theory, held for life, a trustee can step down in several ways: by relying on a clause in the trust instrument if a successor can be found, retirement may proceed under section 36 of the Trustee Act 1925 (TA 1925) by using the statutory authority in TA 1925, s 39 through the beneficiaries’ written direction under section 19 of the Trusts of Land and Appointment of Trustees Act 1996 (TOLATA 1996) with the beneficiaries’ agreement under the rule in Saunders v Vautier by an order of the court under TA 1925, s 41 Express provision in the trust instrument that a trustee may unilaterally retire A trust instrument may confer on a trustee an express, unilateral power to retire. That said, some view such a term as encouraging a less diligent trustee to choose ‘the easy way out’. The instrument might also provide for automatic retirement once a stated age is reached. ...

This Deed is executed on [ date ] Parties 1 [ insert name ] of [ insert address ] together with [ insert name ] of [ insert address ] (the Trustees ) and 2 [ insert name ] of [ insert address ] (the Appointor ) Background (A) This Deed supplements: (i) a trust (the Trust ) dated [ insert date ] and constituted by [ insert name ] and [ insert name ] and [ insert name ] (the Trust Deed ) and (ii) those deeds and events set out in [ the ] the Schedule. (B) The Trustees are currently the trustees of the Trust. (C) The Appointor is the present Appointor of the Trust...

This TRUST is dated [ date ] Parties [ name ] of [ address ], represented by [ name ] of [ address ] (the Litigation Friend) [ name ] of [ address ] and [ name ] of [ address ] (the Original Trustees) Background The Trust is named [ insert name ] (the Trust). The Trust is created to accept the compensation payable for a personal injury to [ insert name ] (the Beneficiary), who lacks capacity to manage their property and financial affairs under the Mental Capacity Act 2005. Following the personal injury, legal proceedings [ under Claim Number [ insert number ] ] were commenced and an order for payment of compensation was made on [ date to be completed once order is made ]...

This Deed is entered into on the [ insert date ] day of [ insert month ] 20[ insert year ] Parties [ insert name ] (Company Number [ insert number ]) whose registered office is at [ insert address ] (the ‘Contractor’); [ and ] [ insert name ] (Company Number [ insert number ]) whose registered office is at [ insert address ] (the ‘Beneficiary’, which expression shall include successors in title and any permitted assignee) [ ; and OR . ] [ [ insert name ] (Company Number [ insert number ]) whose registered office is at [ insert address ] (the ‘Employer’). ] WHEREAS (A) [ [ insert name ] (Company Number [ insert number ]) whose registered office is at [ insert address ] (the ‘Employer’) OR The Employer ] has entered into a building contract dated [ insert date ] with the Contractor (the ‘Building Contract’) for the [ design and ] construction of...

For the purposes of this Q&A, it is assumed that: the leasehold property forms part of the unadministered Estate the Estate bears the primary responsibility to pay the service charge the beneficiaries in occupation have a right to occupy the leasehold property Whilst the Estate is being administered, legal ownership of the deceased’s unadministered assets is vested in the personal representatives (PRs) for the purposes of administration and to carry out that administration. In the meantime, no beneficiary, whether taking under the deceased’s Will or by intestacy, has any proprietary interest in any particular or identifiable asset comprised within the unadministered Estate, nor any enforceable claim to such an item. See Practice Note: Beneficiaries’ rights and remedies. The PRs hold extensive powers to administer and manage the deceased’s Estate...

Sale by PRs or appropriation to beneficiaries We understand you are asking when it is better for the personal representatives (PRs) to dispose of an estate property, or instead to appropriate it to the beneficiaries so that they handle the sale themselves. This choice typically arises where: the beneficiary(ies) has/have part or all of their capital gains tax (CGT) annual exemption available the beneficiary(ies) will pay CGT at 18% on any part of a gain the beneficiary(ies) has/have losses available to offset against any gain the sale will make a loss and the PRs will not be making any further disposals that may produce gains to utilise the loss A death is not usually a chargeable occasion for CGT. For these purposes the PRs are treated as acquiring the assets at market value on the date of death; effectively, all prior accrued gains are eliminated and the PRs start again with a clean slate...

Under general principles of trust law, a beneficiary’s or settlor’s spouse may serve as a trustee of a settlement without any prohibition. More broadly, there are few limits on eligibility for appointment as trustee; any person with capacity in law to hold the legal title to the trust property can be lawfully appointed as a trustee of that property...