There will always be three parties involved in a trust arrangement, the settlor, the trustee(s) and the beneficiaries.

4.1.1 The settlor

This is the person who creates the trust. The settlor can be more than one person. For example, in cases where jointly owned property is transferred, the settlors will be the joint owners of that property. Sometimes the trust only names one person as settlor yet the property is owned in joint names. Here HMRC could argue that the reality of the position is that both joint owners are settlors even if the trust deed only names one.

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