SolvedTSEM1850 | Introduction to trusts: supplementary deeds: deed of surrender or release
From HM Revenue & Customs · Trusts, Settlements and Estates Manual
A person may accept entitlement under a trust then give it up. This enables a subsequent trust to take effect. If that person seeks to impose new trusts, the deed is not a surrender or release. It is an assignment (TSEM1845).
A deed of surrender or release cannot apply retrospectively. It is effective only from the date the deed is executed.
The person surrendering or releasing is a ‘settlor’ within Section 620(1) ITTOIA (TSEM4120).
The following provisions may also apply