Liferent meaning

A glossary of frequently used terms and phrases in Scottish Private Client law, with the closest England and Wales equivalents (where applicable) and links to helpful websites Ab intestato Meaning From someone who dies without a will; describes property taken under the laws of intestate succession. Nearest English equivalent None Action of specific implement Meaning A court action seeking an order compelling a party to carry out a particular act. In Scotland there is no division between equitable and legal remedies, unlike England and Wales. Nearest English equivalent Specific performance (an equitable remedy for breach of contract that can be ordered alongside, or in place of, damages) Advance notice Meaning An entry in the relevant property register that protects the grantee of a deed intended for registration in the Land Register of Scotland. The protected period of 35 days begins on the day after registration....

FORTHCOMING CHANGE : The Trusts and Succession (Scotland) Act 2024 obtained Royal Assent on 30 January 2024, representing the first comprehensive re-examination of Scottish trust law in more than a century, since the cornerstone Trusts (Scotland) Act 1921 was enacted. As regards trusts, a substantial proportion of its provisions will only operate once Scottish Ministers make further secondary legislation to commence them. By contrast, most succession provisions took effect on 30 April 2024, with a handful of minor trust-related points commencing on 26 June 2024. See News Analysis: Trusts and Succession (Scotland) Bill passed. Practice Notes dealing with Scottish trusts and succession will be updated further to reflect, and align with, this new legislation. At common law, once a trust has taken effect, the scope to vary its terms or purposes is very narrowly confined. Where an inter vivos trust is revocable, the truster may adjust its terms at any time, provided they are sui juris. However, the majority of inter vivos trusts are irrevocable once the trust has...

FORTHCOMING CHANGE : The Trusts and Succession (Scotland) Act 2024 obtained Royal Assent on 30 January 2024, signalling the first significant reassessment of Scottish trusts law in more than a century since the foundational Trusts (Scotland) Act 1921. The trusts provisions will only commence once Scottish Ministers introduce the requisite secondary legislation, whereas certain succession provisions took effect on 30 April 2024. The key updates designed to modernise the regime are outlined in News Analysis: Trusts and Succession (Scotland) Bill passed. Practice Notes covering aspects of Scottish trusts and succession law will be further revised to reflect this new legislation... Liferent trusts A liferent trust is a vehicle that, once established, grants a beneficiary or beneficiaries the right to use the trust property and to receive its income. The individual benefiting from the use or fruits of the trust property is termed the liferenter. Liferent trusts are also sometimes known as interest in possession (IIP) trusts or life interest trusts (the preferred English terminology)—see Practice Note: Creation...

STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime Following Royal Assent on 20 March 2025, Finance Act 2025 (FA 2025) introduces legislation to scrap the remittance basis of taxation and install a residence-based system, taking legal effect from 6 April 2025. Under FA 2025, domicile ceases to be the primary determinant of inheritance tax liability. Additional measures cover revisions to the rules for excluded property status, the removal of protected settlements status for offshore trusts, and amendments to the operation of overseas workday relief provisions. For further detail on these reforms, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. For timelines, see Finance Bill Tracking Service: Key dates (Finance Bill 2025). See also Finance Act 2025. I, [ insert full name ], of [ insert full address ], in order to settle the devolution of my estate upon my death, hereby formally state as follows: ...

STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime The Finance Act 2025 (FA 2025), which secured Royal Assent on 20 March 2025, removes the remittance basis of taxation and introduces a residence-based regime from 6 April 2025. FA 2025 also replaces domicile as the principal criterion for liability to inheritance tax. Additional measures include revisions to the rules that determine excluded property status, the abolition of protected settlements status for offshore trusts, and updates to overseas workday relief. For further detail, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. I, [ insert full name ], of [ insert full address ], to determine the devolution of my estate upon my death, declare as follows: Revocation I cancel all earlier testamentary writings and direct that they be destroyed. ...