I have a question regarding an Accumulation & Maintenance trust created in 1999.
- “the two present grandchildren of the Settlor being A & B”
- All further grandchildren of the Settlor born in the future other than any born after the first to occur of the following:
a. The date on which A attains 18 years of age; or
b. Expiry of the Accumulation period
This class is now closed as A turned 18 on 11th May 2016. Accumulation period ends on 2nd November 2020.
S31 and s32 apply with the usual modifications. Income payable to the beneficiaries upon the earlier of them attaining 25 or end of the Perpetuity period (79 years from date of trust).
The only change to trust appears to be a change of trustees in 2014. There does not seem to be any attempt to amend the trust following the changes in 2006/2008!
There is also a distinct lack of HMRC correspondence…
Does anyone know whether the changes to A&M trusts in 2006/2008 required the trustees to do anything and if so, can this be done retrospectively?
Also by default would the trust have converted to being a discretionary trust or bare trust?