Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Investments definition

What does Investments mean? In practice, investments are financial products or rights acquired with the expectation of income or capital growth, such as shares, bonds, fund units and derivatives. In UK financial services law, however, the regulated concept is “specified investments” under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). This defined list includes, among others, shares, debentures and loan stock, government and public securities, warrants, units in a collective investment scheme, options and futures, contracts for differences, and rights under a contract of insurance. Whether a firm must be authorised, may communicate financial promotions, or owes particular...

Scotland: Trustee powers (including investment), duties, decision-making, court powers, advances, remuneration and liability; current law and reforms under the Trusts and Succession (Scotland) Act 2024

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Practice notes

FORTHCOMING CHANGE :

On 30 January 2024, the Trusts and Succession (Scotland) Act 2024 obtained Royal Assent, representing the first significant review of trusts law in Scotland in more than a century since the principal Trusts (Scotland) Act 1921. Provisions concerning trusts will commence only when Scottish Ministers introduce the necessary secondary legislation, whereas certain succession provisions came into force on 30 April 2024. The main reforms aimed at modernising the law are outlined in News Analysis: Trusts and Succession (Scotland) Bill passed. Practice Notes covering aspects of Scottish trusts and succession law will be further updated to align with this new legislation. At the outset, note that powers authorise trustees to act and advance the trust purposes, while duties oblige trustees to discharge an obligation.

Source of trustees’ powers

Trustees derive their authority from both the prevailing law and the relevant deed of trust. Their powers arise from a body of statutory measures, including:

Trusts (Scotland) Act 1921 (T(S)A 1921)
Trusts (Scotland) Act 1961 (T(S)A 1961)
Trustee Investments Act 1961
Charities and Trustee Investment (Scotland) Act 2005 (CTI(S)A 2005)

These sources collectively underpin the scope of trustees’ powers in practice...

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Pete Murrin

Turcan Connell

Pete advises clients on estate and succession planning, the formation and administration of trusts, taxation of trusts and estates, personal and commercial succession of family businesses, the preparation of Wills, adults with incapacity, and international inheritance and succession matters for high-net-worth clients. He has particular expertise in dealing with contentious trust, estate (testate and intestate) and pension death benefits matters for individual and business clients. Pete also has considerable experience in the field of Trust formation and administration generally and Personal Injury Trusts specifically.He is a member of the Society of Trust and the Estate Practitioners and accredited by the Law Society of Scotland as a specialist in Trusts Law and Private Client Tax, and by the Society of Trust and Estate Practitioners as a TEP. ...

Web page updated on 22/05/2026

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