Capital and income in trusts : classification and apportionment
著者
書誌事項
Capital and income in trusts : classification and apportionment
（Law Com., no. 315）（HC, 426）
Stationery Office, c2009
- : pbk
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注記
"Laid before Parliament by the Lord Chancellor and Secretary of State for Justice pursuant to section 3(2) of the Law Commisions Act 1965"
"Ordered by the House of Commons to be printed 6 May 2009"
Includes bibliographical references
内容説明・目次
内容説明
Trusts are important to the national economy and provide a range of benefits to individuals and charitable purposes. This project affects charitable and private trusts that are set up in a way which distinguishes capital and the income it produces. The project was referred to the Law Commission as a result of concerns about current trust law raised during the passage of the most recent piece of trust legislation - the Trustee Act 2000 - through Parliament. The Law Commission was asked to consider, in particular: the rules governing the classification of trust receipts as income and capital; the circumstances in which trustees must apportion receipts and outgoings between income and capital; and the rights and duties of charity trustees in relation to investment returns on a charity's permanent endowment. In this report, "Capital and Income in Trusts: Classification and Apportionment (HC 426)", the Commission recommends the abolition of the equitable and statutory rules of apportionment for all new trusts and the introduction of a new rule of classification for tax-exempt corporate demergers.
It also recommends a new statutory provision that will make total return investment more easily accessible to charitable trusts with a permanent endowment. These recommendations follow extensive consultation.
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