The Chancellor has announced significant changes to Agricultural Property Relief which will have seismic effects throughout the agrarian economy and may affect Britain’s food security. In this article, Nicholas Thompson, a Trainee Solicitor in our...
One of the most common type of trust. They are established by a "settlor" who agrees to transfer assets into the ownership of the trust. The management of these assets is carried out by trustees who may or may not include the settlor.
A religious charitable trust is established to advance a faith or undertake activities to advance the manifestations of faith like helping the poor and needy. The trust will specify what are the objects of the trust and who will benefit. Sometimes it may advance a cause which will benefit humanity a large and sometimes a section of society.
A charitable trust is legally constituted as a charity. It is set up by preparing a trust deed which sets out the objects of the trust, who will be the trustees and how they are appointed among other things.
A charitable trust must comply with the requirements of charity law and is registered with the Charity Commission, which is the regulator for charities in England and Wales.
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Charitable trusts are treated favorably for tax purposes. All assets transferred into charitable trusts are generally tax exempt. However, charitable trusts must operate exclusively for charitable purposes and operate for the public benefit. They must also comply with all regulatory obligations which includes submitting an annual report and accounts.
Contact us to establish an appropriate legal structure for a religious trust, such as an unincorporated trust, charitable company or charitable incorporated organization.
