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Accumulation And Maintenance Trust
Accumulation and maintenance ("A&M") trusts are a type of discretionary trust for the benefit of children and young people in England and Wales. Development and tax treatment The concept of an A&M trust emerged in England and Wales after the enactment of the Capital Taxes Act 1974 (CTA). The CTA discouraged the use of discretionary trusts by introducing new tax rules, but it made a specific exception for trusts designed to help young people under the age of 25. This particular type of trust grew in significance over the years and became known as an Accumulation & Maintenance Trust. They came to fall under the purview of s.71 Inheritance Tax Act 1984, which continued their special tax treatment. The Finance Act 2006 took A&M Trusts out of the purview of s.71. Today, A&M Trusts are governed by Pt. III, Ch. III IHTA, and therefore receive exactly the same tax treatment as other types of discretionary trust A discretionary trust, in the trust law of England, Australia, Canada an ...
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Discretionary Trust
A discretionary trust, in the trust law of England, Australia, Canada and other common law jurisdictions, is a trust where the beneficiaries and/or their entitlements to the trust fund are not fixed, but are determined by the criteria set out in the trust instrument by the settlor. It is sometimes referred to as a family trust in Australia or New Zealand. Where the discretionary trust is a testamentary trust, it is common for the settlor (or testator) to leave a letter of wishes for the trustees to guide them as to the settlor's wishes in the exercise of their discretion. Letters of wishes are not legally binding documents. Discretionary trusts can only arise as express trusts. It is not possible for a constructive trust or a resulting trust to arise as a discretionary trust. Forms Discretionary trusts can be discretionary in two respects. First, the trustees usually have the power to determine which beneficiaries (from within the class) will receive payments from the tru ...
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England
England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe by the North Sea to the east and the English Channel to the south. The country covers five-eighths of the island of Great Britain, which lies in the North Atlantic, and includes over 100 smaller islands, such as the Isles of Scilly and the Isle of Wight. The area now called England was first inhabited by modern humans during the Upper Paleolithic period, but takes its name from the Angles, a Germanic tribe deriving its name from the Anglia peninsula, who settled during the 5th and 6th centuries. England became a unified state in the 10th century and has had a significant cultural and legal impact on the wider world since the Age of Discovery, which began during the 15th century. The English language, the Anglican Church, and Eng ...
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Wales
Wales ( cy, Cymru ) is a Countries of the United Kingdom, country that is part of the United Kingdom. It is bordered by England to the Wales–England border, east, the Irish Sea to the north and west, the Celtic Sea to the south west and the Bristol Channel to the south. It had a population in 2021 of 3,107,500 and has a total area of . Wales has over of coastline and is largely mountainous with its higher peaks in the north and central areas, including Snowdon (), its highest summit. The country lies within the Temperateness, north temperate zone and has a changeable, maritime climate. The capital and largest city is Cardiff. Welsh national identity emerged among the Celtic Britons after the Roman withdrawal from Britain in the 5th century, and Wales was formed as a Kingdom of Wales, kingdom under Gruffydd ap Llywelyn in 1055. Wales is regarded as one of the Celtic nations. The Conquest of Wales by Edward I, conquest of Wales by Edward I of England was completed by 1283, th ...
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Inheritance Tax Act 1984
In the United Kingdom, Inheritance Tax is a transfer tax. It was introduced with effect from 18 March 1986, replacing Capital Transfer Tax. History Prior to the introduction of Estate Duty by the Finance Act 1894, there was a complex system of different taxes relating to the inheritance of property, that applied to either realty (land) or personalty (other personal property): # From 1694, Probate Duty, introduced as a stamp duty on wills entered in probate in 1694, applying to personalty. # From 1780, Legacy Duty, an inheritance duty paid by the receiver of personalty, graduated according to consanguinity # From 1853, Succession Duty, a duty introduced by the Succession Duty Act 1853 applying to realty settlements, taking effect on the death of the settlor # From 1881, Account Duty applied as an anti-avoidance duty on lifetime gifts made to avoid paying Legacy Duty # From 1885, Corporation Duty applied to the annual value of certain property vested in corporate and unincorpo ...
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Finance Act 2006
The Finance Act 2006 (c 25) is an Act of the Parliament of the United Kingdom prescribing changes to Excise Duties; Value Added Tax; Income Tax; Corporation Tax; and Capital Gains Tax#United Kingdom, Capital Gains Tax. It enacts the 2006 Budget speech made by Chancellor of the Exchequer Gordon Brown to the Parliament of the United Kingdom The Parliament of the United Kingdom is the Parliamentary sovereignty in the United Kingdom, supreme Legislature, legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It meets at the Palace of We .... In the UK, the Chancellor delivers an annual Budget speech outlining changes in spending, tax and duty. The respective year's Finance Act is the mechanism to enact the changes. The rules governing the various taxation methods are contained within the various taxation acts. (For instance Capital Gains Tax Legislation is contained within Taxation of Chargeable Gains Act 1992.) The Finance Act det ...
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Wills And Trusts
Wills may refer to: * Will (law), a legal document Places Australia * Wills, Queensland, a locality in the Shire of Boulia * Division of Wills, an Australian electoral division in Victoria United States * Wills Township, LaPorte County, Indiana * Wills Township, Guernsey County, Ohio * Wills, Wisconsin, an unincorporated community * Wills Creek (Ohio), a tributary of the Muskingum River * Wills Creek (North Branch Potomac River), in Pennsylvania and Maryland People * Wills (surname), a surname * William, Prince of Wales (born 1982), nicknamed "Wills" Other uses * Wills baronets, of Northmoor, a former title in the Peerage of the United Kingdom - see Baron Dulverton * Wills Hall Wills Hall is one of more than twenty halls of residence in the University of Bristol. It is located high on the Stoke Bishop site on the edge of the Bristol Downs, and houses c. 370 students in two quadrangles. Almost all of these student ..., a student residence of the University of Bristol * ...
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Inheritance Tax
An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died. International tax law distinguishes between an estate tax and an inheritance tax—an estate tax is assessed on the assets of the deceased, while an inheritance tax is assessed on the legacies received by the estate's beneficiaries. However, this distinction is not always observed; for example, the UK's "inheritance tax" is a tax on the assets of the deceased, and strictly speaking is therefore an estate tax. For historical reasons, the term death duty is still used colloquially (though not legally) in the UK and some Commonwealth countries. For political, statutory and other reasons, the term death tax is sometimes used to refer to estate tax in the United States. Varieties of inheritance and estate taxes * Belgium, droits de succession or erfbelasting (Inheritance tax). Collected at ...
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