Simple trust

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simple trust

n. a trust which requires that all income be distributed each year and not accumulated. (See: trust)

SIMPLE TRUST. A simple trust corresponds with the ancient use, and is where property is simply vested in one person for the use of another, and the nature of the trust, not being qualified by the settler, is left to the construction of law. It differs from a special trust. (q.v.) 2 Bouv. Inst. n. 1896.

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Treasury will undertake further consultation on the scope of potential changes, for example, in defining the core characteristics of a bare trust for taxation purposes.
It further identifies a bare trust a "which has a single beneficiary" a as one in which "the beneficiary has an identifiable, equitable interest in some property.
It further identifies a bare trust which has a single beneficiary as one in which the beneficiary has an identifiable, equitable interest in some property.
It further identifies a bare trust 'which has a single beneficiary' as one in which 'the beneficiary has an identifiable, equitable interest in some property.
Unlike a bare trust which has a single beneficiary, there can also be a 'fixed trust' for more than one beneficiary.
A bare trust is a simple form where the beneficiary is absolutely entitled to the trust property provided they are 18 or over and mentally capable.
These shares in Fastnet Hydrocarbons have been transferred into a bare trust established for the benefit of shareholders on the register of the company as at the close of business on 16 December 2015, pro rata to their shareholdings in Fastnet at that date.
If it is a bare trust or an absolute trust, then the tax will be levied upon the beneficiaries.
However, if you open a bare trust in the UK, there will be no tax to pay on interest from savings unless the child has income of more than the personal allowance.
The named beneficiaries of an absolute bare trust cannot be changed and are entitled to the trust fund when they reach the 18.
The relationship between the MMOs and their subscribers shall be based on Bare Trust Arrangement.