Accumulation and Maintenance trust

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The Law of Wills, Trusts and Inheritance
Part of the common law series
Wills
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The Law of Trusts
Generic Terms:
Express trust  · Constructive trust
Resulting trust
Common Types of Trust:
Bare trust · Discretionary trust
Accumulation and Maintenance trust
Interest in Possession trust
Charitable trust
Purpose trust
Other Specific Types of Trust:
Protective trust  · Spendthrift trust
Life insurance trust  · Remainder trust
Life interest trust  · Reversionary interest trust
Honorary trust  · Asset-protection trust
Special needs trust: (general)/(U.S.)
Doctrines governing trusts
Pour-over will  · Cy pres doctrine
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Living Wills (advance directives)
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Other areas of the Common Law
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Accumulation & Maintenance ("A&M") trusts are a type of discretionary trust for the benefit of children and young people.

  • The concept of an A&M trust emerged in England and Wales after the enactment of the Capital Taxes Act 1974 (CTA). The CTA discouraged the use of discretionary trusts by introducing new tax rules, but it made a specific exception for trusts designed to help young people (under the age of 25).
  • This particular type of trust grew in signifance over the years and became known as an Accumulation & Maintenance Trust. They came to fall under the purview of s.71 Inheritance Tax Act 1984 (IHTA), which continued their special tax treatment
  • The Finance Act 2006 took A&M Trusts out of the purview of s.71. Today, A&M Trusts are governed by Pt. III, Ch. III IHTA, and therefore receive exactly the same tax treatment as other types of discretionary trusts.
  • As a result, the use of A&M trusts is declining rapidly.
  • The new breed of "18-25" trusts are taking their place.
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