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Prior to 6 April 2008, a trust was a qualifying accumulation and maintenance (A&M) trust if one or more persons will become beneficially entitled to the settled property (or to an interest in possession in it) on or before attaining a specified age not exceeding 25¹.

As these trusts will have become an absolute interest or a qualifying interests in possession (QIIP — Division I5.2) since 6 April 2008 they are not discussed further.

After 5 April 2008, a trust is a qualifying A&M trust if:

1. Ìý

   (a)ÌýÌýÌýÌý one or more persons will become beneficially entitled to the settled property on or before attaining a specified age not exceeding 18², and

2. Ìý

   (b)ÌýÌýÌýÌý the trust was created before 22 March 2006 and condition (a) applied to the settled property immediately before 22 March 2006, and at all subsequent times³

This capital condition (referred to as the substituted condition) thus differs from the original one (ie the one that applied before 6 April 2008) in that the maximum