TSEM3435 | Trust income and gains: vulnerable beneficiaries: definition of qualifying trusts - relevant minor

Where property is held on trusts for the benefit of a relevant minor they will be qualifying trusts if they are one of the following:

• statutory trusts established under sections 46 and 47 of the Administration of Estates Act 1925 for the relevant minor, or

• trusts established under:

• the will of a deceased parent of the relevant minor or

• the Criminal Injuries Compensation Scheme, where the following conditions apply

• the relevant minor will, on reaching the age of 18, become absolutely entitled to the property, any income arising on it and any income that has been accumulated

• until that time, for as long as the relevant minor is alive, the property can be applied for the benefit of the relevant minor, and

• until that time, for as long as the relevant minor is alive, either the relevant minor is entitled to all the income arising from the property or, if the relevant minor is not entitled to all of it, none of the income can be applied for the benefit of anyone else.