Page 7 - Taxation P6 - Lecture day 2 Notes - Trust
P. 7
Types of a trust
• Second classification= rights of beneficiaries
• Discretionary trust (Trust capital and income
vests in trustees who have the discretion to
distribute it to beneficiaries)
• Vested trust (Ownership of trust assets vests in
beneficiaries, with the trustees having only
power of administration)
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