Following changes to the inheritance tax treatment of trusts in Finance Act 2006, new trusts created on or after 22 March 2006 cannot qualify as accumulation and maintenance trusts and hence cannot qualify as a PET; they have to be relevant property trusts. New concepts of ‘a trust for a bereaved minor’ (see ¶62580) and ‘an age 18-to-25 trust’ (see ¶62585) were introduced but these are defined differently from the old accumulation and maintenance trust.

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