The concept of a trust is a matter of general law. It is an obligation imposed on trustees to hold and deal with property transferred to them for the benefit of the beneficiaries or for charitable purposes. The trustees are then treated as separate person for the purposes of tax legislation (see ¶62200).

Trusts that are resident in the UK (see ¶62210) are chargeable to income tax in accordance with the rules applicable to the particular source of income (see ¶62205).

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