Schedule 3A, paragraph 23A

A trust which— does not hold any interest in land in the United Kingdom; does not hold assets of appreciable worth with a value exceeding £2,000 in total; has not held property with a cumulative total value exceeding £10,000 since the date on which it was created; and does not have an income exceeding £5,000 per annum. This paragraph does not apply to a trust which is a UK trust which is an express trust where— the settlor has, during his or her lifetime, created one or more other UK trusts which are express trusts, and one of the trusts mentioned in paragraph (a) is or was an excluded trust under this paragraph. In this paragraph, “assets of appreciable worth” includes works of art, antiques, collectibles, jewellery and other non-financial assets capable of increasing in value over time.

← 23 · All articles · 1 →

Source: legislation.gov.uk · retrieved 2026-09-04