Trustee Act 1925: Core legislation that defines trustee powers and duties, and sets out administrative provisions for trusts. Fundamental to trust management and administration.
Trustee Act 2000: Modern legislation updating trustee investment powers, establishing duty of care standards, and covering the delegation of trustee functions.
Law of Property Act 1925: Legislation dealing with legal estates and interests in land, particularly relevant if the bare trust includes real estate as trust property.
Land Registration Act 2002: Governs the registration of land ownership and interests, important when trust property includes registered land.
Income Tax Act 2007: Legislation governing the tax treatment of trust income and how it should be reported and assessed.
Taxation of Chargeable Gains Act 1992: Covers Capital Gains Tax implications for trusts, including disposal of trust assets and associated tax liabilities.
Inheritance Tax Act 1984: Details the inheritance tax treatment of trusts, including potential IHT implications of creating and maintaining the trust.
Money Laundering Regulations 2017: Sets out due diligence requirements and anti-money laundering obligations for trustees and trust creation.
Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020: Establishes requirements for trust registration with the Trust Registration Service and ongoing compliance obligations.
Perpetuities and Accumulations Act 2009: While less relevant for bare trusts, this act governs the maximum duration of trusts and accumulation of income rules.
