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New UK Trust Law Brings Greater Flexibility,
by Amanda Banks, Tax-News.com, London
Wednesday, March 10, 2010
UK law firm, Boodle Hatfield, has observed that new trust legislation, due
to enter into force on April 6, will allow those looking to establish new trusts
greater flexibility.
The Perpetuities and Accumulation Act 2009, which is due to enter into force
on April 6, 2010, lifts the restriction on the accumulation of trust income,
which is currently restricted to just twenty-one years in most cases. From April
6, new trusts will be permitted to roll up trust income throughout the lifetime
of the trust, with no requirement for the trustees to distribute income to the
beneficiaries.
Emma Haley, a solicitor in the Private Client and Tax Department at Boodle
Hatfield, said: “This piece of legislation brings English trust law up-to-date
and more in line with trusts available in other jurisdictions. As well as allowing
trusts to accumulate income, the lifetime of a trust has been expanded from
80 to 125 years. This means that new trusts can be run on a more flexible basis
to benefit successive generations for longer.”
The new legislation does not however apply to existing trusts she warned,
effectively creating two different systems, which will undoubtedly cause some
confusion, according to the firm.
Concluding, Haley explained:
“It is quite common for people to leave property in trust in their will,
yet the new legislation will only apply to wills executed on or after the April
6 and not to wills already made, even if they come into effect after April 6
on the date of death.”
“[For this reason] people who have wills that contain a trust may wish
to consider making a new will that takes advantages of the unrestricted power
of accumulation and the longer perpetuity period."
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