Property within an accumulation and maintenance (A&M) trust is not relevant property and as such there are no periodic charges (I5.304)1 or exit charges (I5.305, I5.307)2 on the property.
Instead when property leaves an A&M trust there is a charge to tax3 which is calculated on the same basis as those described in I5.643, I5.6444 (the exit charge on property leaving favoured trusts), except that the relevant period (I5.644) in relation to which the tax rate is calculated is the period beginning with the later of:
- Ìý
•ÌýÌýÌýÌý the day on which the settled property in respect of which tax is chargeable became (or last became) property to which the A&M trust regime applies, and
- Ìý
•ÌýÌýÌýÌý 13 March 1975
and ending with the day before the event giving rise to the charge5.
Exceptions from the charge
The most common exception is where, on 6 April 2008, settled property which has been subject to the A&M regime since before 22 March 2006, will cease
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 15:25