Example sentences of "sets [adv prt] [art] trust " in BNC.
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| 1 | First , where the settlor is insolvent but sets up a trust over some or all of his property . |
| 2 | In a profit sharing scheme ( s 186 , ICTA 1988 ) , the company sets up a trust to buy shares on behalf of employees . |
| 3 | Under an employee share ownership plan or ESOP ( ss 67 to 74 , Finance Act 1989 ) , the company sets up a trust to buy shares for distribution to employees . |
| 4 | if a UK person , ie someone resident or ordinarily resident and domiciled in the United Kingdom , sets up a trust which is administered abroad with two non-resident trustees and one resident trustee TCGA 1992 , s87 would not apply because that requires that the trustees are at no time resident or ordinarily resident in the United Kingdom and one of the trustees is so resident ; 2 . |
| 5 | If a UK person , ie someone resident or ordinarily resident and domiciled in the United Kingdom sets up a trust which it administered abroad with two non-resident trustees and one resident trustee TCGA 1992 , s87 would not apply because that requires that the trustees are at no time resident or ordinarily resident in the United Kingdom and one of the trustees is so resident ( see also TA 1988 , s220(2) ) . |
| 6 | In general terms this means that if one sets up a trust to accumulate income , and the settlor has not completely divested himself of the trust property , he will be chargeable to income tax on the trust income . |
| 7 | Mr X sets up a trust in Jersey . |