Relevant trust 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 This Checklist should be read alongside Practice Notes: Trusts—disclosure of beneficial ownership information through the Trust Registration Service (TRS), and Practice Notes: record-keeping and Trust Registration Service (TRS). See also Practice Notes: Trust Registration Service (TRS)—table of registration requirements and deadlines, and Trust Registration Service (TRS)—trusts excluded from registration. These Practice Notes provide guidance on trustees’ obligations arising from implementing, in relation to trust registration, the EU’s Fourth Anti-Money Laundering Directive, Directive (EU) 2015/849 (4MLD), via the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, and the EU’s Fifth Anti-Money Laundering Directive, Directive (EU) 2018/843 (5MLD), via the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (MLR 2020), SI 2020/991. As part of this implementation, and for the purposes of this Checklist, references to MLR 2017, SI 2017/692 include the amendments incorporated when MLR 2020, SI 2020/991 took effect, unless stated otherwise. Beneficial owners of a trust include the settlor(s), trustee(s), beneficiaries, and any other...

This Checklist offers a series of prompts that may help in assessing the tax consequences of an asset sale. It should be read together with Practice Note: Key tax considerations in an asset sale. For further detail on pre-contract enquiries, see also Practice Notes: Capital allowances on property sales—pre-contract enquiries and Commercial Property Standard Enquiries—CPSE (the CPSEs, compiled by members of the London Property Support Lawyers Group and endorsed by the British Property Federation, set out standard questions relevant to a sale of commercial real estate)... Key tax considerations in an asset sale General questions What is the status of the parties: companies, individuals or other entities, for example a partnership, trust or charity? Are there multiple sellers? Are there multiple buyers? Does the seller hold both legal and beneficial ownership of the assets? On actual completion, will the buyer obtain legal and beneficial ownership of the assets? Are the parties connected with one another for tax purposes? If...

ARCHIVED: This flowchart has been archived and is not maintained. These flowcharts were produced to help identify whether an asset counts as excluded property for UK inheritance tax (IHT) on or after 6 April 2017. From 6 April 2025, a new framework came into force, replacing domicile as the primary test for an individual’s IHT exposure with the concept of long‑term residence. The reforms also adjusted the criteria for when trust property falls within the scope of excluded property... From 6 April 2025, assets held in trust qualify as excluded property only where: they are non‑UK situs assets, and the settlor is not a long‑term resident of the UK at the point a potential IHT charge arises For more information, see Practice Note: New IHT regime from 6 April 2025—FAQs. The flowcharts consider whether an asset is excluded property by reference to the location (situs) of the property and, where relevant, the domicile of the beneficial owner or settlor...

LLC Eurochem North-West-2 and another company v Societe Generale S.A. and other companies [2025] EWHC 1938 (Comm) This is a highly important decision for practitioners dealing with international sanctions, as the court delivers a detailed examination of how EU sanctions interface with domestic sanctions authorities in such circumstances. It also provides an in-depth consideration of the notions of ‘ownership’ and ‘control’ for the purpose of sanctions, including where trust arrangements feature, which is not unusual when there is a link to a designated individual. The ruling is likewise of real assistance to those working with performance bonds and related trade finance instruments in the sanctions context. The background facts The relevant parties The dispute stemmed from six on-demand bonds (Bonds) issued in 2021 and 2022 by Société Générale (SocGen) and ING Bank (ING) (the Banks) in favour of EuroChem North-West-2 (EuroChem NW2), a Russian entity. The Bonds were issued under contracts between EuroChem NW2 and Tecnimont S.P.A (Tecnimont), an Italian engineering company, and its Russian affiliate...

In this issue: Key developments and horizon scanning Transferring property Property insolvency Property taxes Easements, rights and covenants Property in Scotland Leasing property LexTalk®Property: a Lexis®Nexis community Additional property updates this week Daily and weekly news alerts Trackers New Q&As Key developments and horizon scanning Leasehold and Freehold Reform Act 2024 The Leasehold and Freehold Reform Act 2024 (LFRA 2024), which gained Royal Assent on 24 May 2024 and featured in last week’s highlights, has now been published. Sections 113 (controls on remedies for arrears of rent charges), 117 (recovery of legal costs etc through service charge), 118 (repeal of section 125 of the Building Safety Act 2022) and 119 (higher-risk and relevant buildings: insolvency notifications) take effect two months after Royal Assent (24 July 2024). The rest of LFRA 2024 will commence by regulations to be made by the new government after the election. See: LNB News 04/06/2024 14. ...

Refer to the Q&A: Which options are open to an individual who aims to pass their residuary estate, in a tax‑efficient manner, on trust for a spouse for life, followed by a flexible charitable benefit with the trustees choosing the charitable recipients? Would the estate qualify for the residence nil rate band? Charitable Will trusts Practice Note: Will drafting—gifts to charities, particularly the section entitled ‘Charitable Will trusts’, explores ways in which a person may place assets on trust for charity. Although charitable trusts are, in principle, treated as relevant property for IHT, legislation intervenes to exempt property held solely for charitable purposes, whether for a limited period or otherwise...

People with significant control (PSC) regime The architecture of the people with significant control (PSC) regime, which first commenced on 6 April 2016, is contained in Part 21A of the Companies Act 2006 (CA 2006). Its purpose is to tackle worries about the lack of transparency in corporate ownership, where historically the register captured only the legal holder of shares, not always the beneficial owner. By requiring a PSC register, more precise and up‑to‑date details are available about who ultimately owns and directs companies and other bodies, and this information is made public via the central register at Companies House and remains accessible to the public. It assists prospective investors in their decision‑making. It likewise aids law enforcement bodies with money laundering enquiries. LLPs formed under the Limited Liability Partnerships Act 2000 must keep a record of persons with significant control over the LLP under the Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016, SI 2016/340 (the LLP Regulations), as amended by the Information about People...

Money Laundering Regulations 2017 and Money Laundering Regulations 2020 The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, sit within the UK’s anti-money laundering and counter-terrorist financing framework. They took effect on 26 June 2017 to implement the EU’s Fourth Anti-Money Laundering Directive, Directive (EU) 2015/849 (4MLD), and have subsequently been broadened significantly by the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (MLR 2020), SI 2020/991. Those 2020 amendments give effect to aspects of the EU’s Fifth Anti-Money Laundering Directive, Directive (EU) 2018/843 (5MLD), concerning the registration of trusts. The Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511, also transposed elements of 5MLD into UK law; however, they addressed areas other than trust registration and therefore fall outside the ambit of this Practice Note. Unless indicated otherwise, references in this Practice Note to MLR 2017, SI 2017/692, should be read as including the changes introduced by MLR 2020, SI 2020/991. The chief focus of...

Follow the link below to download the presentation. Contents Updates to APR/BPR Transfer between spouses Reasons asset targeting falls short APR/BPR trust clause Funding the trust Case study Case study solution Anti‑fragmentation Administration checklist Client communications Pitfalls and risks Summary These PowerPoint slides are designed as a foundation for a training session on Agricultural and Business Property Relief for the relevant fee earners. The presenter can tailor them—by trimming or expanding the points—to match the audience. How to use these slides Allow around two minutes per slide, and use the case study for a 20‑minute breakout. If more depth is required, the content can be delivered over two or three separate training sessions. Further reading Autumn Budget 2024—Private Client analysis Hot topic—the reform of business property relief and agricultural property relief Change in the approach to IHT planning for farmers Tax—Finance Act 2026...

I give my freehold house and land at [ insert full address of house and land ] [ and called [ insert house and land name(s) if relevant ] ] to my trustees, on trust that, if my [ spouse OR civil partner [ insert full name of spouse or civil partner ] ] wishes, they shall let on a yearly tenancy at £[ insert amount of rent ] per annum, without right to assign, sublet, or part with possession [ save furnished lettings up to [ insert period in months ] months yearly ], provided my [ spouse OR civil partner ] keeps the premises in good tenantable repair and insured against fire. While my [ spouse shall not marry or form a civil partnership OR civil partner shall not form another civil partnership or marry ] and complies, any notice to end the tenancy is ineffective unless signed by all trustees; but after the [ remarriage or forming of a civil partnership by my spouse OR forming of...

This memorandum, dated [ insert date ], records the appointment of [ a ] new trustee [ s ] to [ insert exact name of charity ], registered charity number [ insert number ] (‘the Charity’), constituted [ in a declaration of trust OR [ if not by declaration insert details of formation ] ] dated [ insert relevant date ]. A resolution passed at a properly constituted trustees’ meeting on [ insert date of meeting ] at [ insert address of meeting place ] authorised this decision. It is declared that those in Column 1 were discharged as trustee [ s ], those in Column 2 were appointed as [ a ] new trustee [ s ], and those in Column 3 remain as trustee [ s ] of the Charity. Column 1: Person[s] discharged as trustee[s] Column 2: Person[s] appointed as new trustee[s] Column 3: Person[s] continuing as trustee[s] For each entry: Name; Address; [ Reason for discharge ];...

BUILDING A SUCCESSFUL TEAM Sets direction — clarifies why the team exists and why it matters (eg a clear charter or mission); steers the creation of precise, measurable targets. Shapes structure — defines member roles and duties; ensures the right steering, review and support mechanisms operate. Enables delivery — suggests effective procedures and workflows to hit team goals; secures resources and clears barriers to progress. Brings others in — listens carefully and actively involves colleagues in choices and actions; appreciates diverse strengths; sustains strong connections with remote and hybrid team-mates. Keeps the team informed — passes on timely, relevant updates to everyone. Demonstrates commitment — follows team norms and standards; meets obligations; shows personal dedication to collective success. BUILDING TRUST Acts with integrity — is honest; keeps promises; behaves consistently. Shares own stance — communicates thoughts, feelings and reasoning appropriately so others grasp where they stand. Stays receptive — hears people out; weighs alternative...

We proceed on the basis that the default legacy will take the form of a discretionary trust in favour of the testator’s grandchildren and does not create an immediate post-death interest (IPDI) trust under section 49A of the Inheritance Tax Act 1984 (IHTA 1984). We further assume that it is not a disabled trust within IHTA 1984, s 89...

On dissolution of a company When a company is dissolved, all freehold and leasehold assets, together with rights belonging to, or held on trust for, the company immediately beforehand, are regarded as bona vacantia and pass to the Crown (or to the relevant Duchy). This captures leasehold interests, but excludes property the company holds on trust for someone else. See Practice Note: Bona vacantia and company property. The Crown has no duty to manage, dispose of, or deal with assets that vest in it as bona vacantia in any particular manner...

Practice Note: Relevant property trusts—the principal (ten-year) charge within the Trusts—inheritance tax subtopic For details on the inheritance tax (IHT) rules applicable to discretionary trusts under the relevant property regime, see Practice Note: Relevant property trusts—the principal (ten-year) charge within the Trusts—inheritance tax subtopic...