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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The Government welcomes the release of the Board of Taxation's report Review of the Tax Treatment of Bare Trusts and Similar Arrangements, which follows the completion of a self-initiated review.
There are alternatives to bare trusts if you want to maintain more control over your money, there are more complex flexible trusts, in which you can change the way the money is apportioned later.
The change to the rate of Capital Gains tax will however affect all trusts, other than bare trusts.
Bare trusts often used by grandparents are not caught as the child is automatically entitled to the benefits at age 18.
All future and existing bare trusts ( a simple type of trust often used for an insurance policy to pay off a mortgage ( will not be affected.