The Taxes Acts do not define ‘trust’ – and, indeed, the term appears never to have been exhaustively defined elsewhere. A useful description is, however, given in the Hague Convention on the Law Applicable to Trusts and on their Recognition 1986, art. 2, which states that:

‘For the purposes of this Convention, the term ‘trust’ refers to the legal relationships created – inter vivos or on death – by a person, the settlor, when assets have been placed under the control of a trustee for the benefit of a beneficiary or for a specified purpose.’

A trust has the following characteristics:

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