TSEM1850 - An introduction to trusts: deed of surrender or release
A person may accept entitlement under a trust then give it up.
This enables a subsequent trust to take effect. If that person
seeks to impose new trusts, the deed is not a surrender or release.
It is an assignment (TSEM1845).
A deed of surrender or release cannot apply retrospectively.
It is effective only from the date the deed is executed.
The person surrendering or releasing is a
‘settlor’ within Section 620(1) ITTOIA (TSEM4120).
The following provisions may also apply
- Section 624 ITTOIA (TSEM4200)
- Section 629 ITTOIA (TSEM4300).
