Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Trust definition

What does Trust mean? A trust is a legal arrangement in which one or more trustees hold and manage property (the trust property) for the benefit of beneficiaries. It is primarily defined by case law rather than a single statute, though key rules appear in legislation (for example, writing requirements and trustee powers). Trusts arise by express declaration (usually by a settlor), by operation of law (resulting or constructive trusts), or under statute, and are used in private client, commercial, pension and charitable contexts. Core features include: the trustee’s fiduciary duties to act loyally, prudently and in accordance with the trust terms; control...

UK income tax and CGT on offshore trusts (pre-6 April 2025) [Archived]: protected settlements, tainting, and settlor, trustee and beneficiary charges

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Practice notes

STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime

Finance Act 2025 (FA 2025), which received Royal Assent on 20 March 2025, legislates to remove the remittance basis of taxation and to introduce a residence-based system from 6 April 2025. FA 2025 also moves away from domicile as the primary determinant of inheritance tax liability. Other updates include revisions to the rules for establishing excluded property status, the ending of protected settlements status for offshore Trusts, and alterations to overseas workday relief. 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. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. ARCHIVED: This archived Practice Note records the law as it stood up to 6 April 2025, and many of the provisions described below will from that date no longer apply, or will operate differently. An offshore trust is any non-UK resident trust. The trustees of offshore trusts have limited exposure to UK taxes and, if they are resident in a no or low tax Jurisdiction...

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Web page updated on 22/05/2026

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