Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

General Principles definition

What does General Principles mean? In takeover practice, General Principles are the high‑level standards that guide how the Takeover Code (UK) and the Irish Takeover Rules are interpreted and applied in real transactions. They set expectations of commercial behaviour by bidders, target boards and advisers. There are six General Principles, mirroring the general principles in Article 3 of the EU Takeover Directive. In the UK they are contained in the Code notwithstanding Brexit; in Ireland they derive from the Directive and are embedded in the Rules. They are expressed in broad terms and neither the Code nor the Rules defines the precise limits of their...

Discretionary and accumulating trusts: UK income tax treatment, rates, TMEs, small-income de minimis (from 2024–25) and tax pool rules

Published by a LexisNexis Private Client expert

Practice notes

Practice Note

This Practice Note outlines the core income tax rules relevant to discretionary trusts and to any trusts that may retain income. Until the trustees choose to distribute funds to a Beneficiary, that income is not the property of any individual. Accordingly, while the income is held by the trustees, it is charged at the Special trust rates. If, and when, amounts are passed to beneficiaries, there are provisions that recalibrate the tax borne so it aligns with the beneficiary’s proper rate. See Practice Notes: Taxation of discretionary and accumulating trusts—the tax pool and Discretionary trust beneficiaries—income tax. For tax purposes, the trustees are collectively treated as a single person, separate from the natural persons who serve as trustees from time to time. Where more than one trustee is appointed, one—commonly called the ‘principal acting trustee’—typically corresponds with HMRC. Any step taken by the principal acting trustee is deemed to be taken by all the trustees. Every trustee of a trust bears joint responsibility for the total tax due, rather than merely a proportion of it...

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Paul Davies

Clarke Willmott

Paul Davies is a partner in the private client team of Clarke Willmott. He is a solicitor, a chartered tax advisor, and a member of the Society of Trust and Estate Practitioners, as well as being a chartered accountant (albeit no longer practising as such). He specialises in providing advice across the range of different tax and legal issues that face high net worth individuals, executors, and trustees.Paul's work spans all areas of private client work, including wills, trusts of all kind, inheritance tax, succession planning, probate and estate administration, and lasting powers of attorney. Paul acts as a professional trustee for a number of family trusts, and is also regularly called on to act as a professional executor....

Web page updated on 21/05/2026

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