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What Are Trusts And Settlements?

 
Continuing our series of basic informative articles Adrian Shipwright and Rupert Baldry Pump Court Tax Chambers consider trusts and settlements
 
Trusts have been said to be 'the greatest and most distinctive achievement performed by Englishmen in the field of jurisprudence'.1 Regrettably our achievement in the law of taxation of trusts is of a lesser degree. Underlying the current structure there is a glaring absence of any coherent policy or classification of trusts settlements and trustees for UK tax purposes. Each taxing statute brings its own shade of meaning to the concepts of trust and settlement and each have given rise to different practical problems. The purpose of this article is to attempt to clarify some of these distinctions.
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