I5.811 Settlements in Scottish law
Scottish law has its own system of trusts law. No general account can be offered here1, but the following points of difference from English law of IHT interest should be noted:
(1) Conceptual basis of trust law
Scottish trusts have trustees and beneficiaries, but the rights of the beneficiaries are not to equitable interests in the trust property, as is the case in English law. Scots law does not recognise the concept of equitable interests in property.
In Scottish trusts, trustees are the owners of the trust property. The rights and liabilities associated with that trust property are held in a separate patrimony from the trustee's own personal patrimony.
Beneficiaries do not have a right of ownership in the trust property. They have a personal right against the trustees to enforce the administration of the trust property in accordance with the purposes of the trust.
(2) Proper liferents
Scots law recognises two forms of liferent interest.
In an improper or trust liferent, ownership of the property
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 15:53