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Variations


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance

Variations


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
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Overview

It is possible for the trustees and / or beneficiaries to vary a trust. This could be because the trust is no longer needed, to reduce administration costs, to extend the life of the trust, or for tax reasons. Variations can also be effected by the court.

While the term โ€˜variationโ€™ refers to any change in the trusts under which property is held, it usually applies more specifically to variation with the assistance of the court. A variation by the court would be made on behalf of and for the benefit of a minor or vulnerable beneficiary.

Variations share similar features with resettlements and partitions. See the Resettlements and sub-funds and Partitioning trust funds guidance notes for further details.

Any variation that necessitates a deed should be drafted by a lawyer or other person authorised to do so under the Legal Services Act 2007. See the Reserved legal services guidance note for further details.

This guidance note is for accountants and tax advisers and provides an outline of the issues that they will need to

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  • 11 Dec 2023 12:51

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