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15:48 Mar 19, 2021 |
English to Spanish translations [PRO] Law/Patents - Law: Contract(s) / Trust | |||||||
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| Selected response from: María Nuñez Laluz Uruguay Local time: 11:43 | ||||||
Grading comment
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Summary of answers provided | ||||
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3 +1 | Fideicomisos de Rentas en espera de nombramiento |
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3 | Trust de ingresos asignados por defecto |
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Discussion entries: 1 | |
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Trust de ingresos asignados por defecto Explanation: El término Trust en español latino se usa escrito de esa forma, también se lo ve con el nombre de Fideicomiso. Es un contrato por el cual se transfiere la propiedad de ciertos bienes a otra persona para que éste los administre de acuerdo a las cláusulas mencionadas en dicho contrato |
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income trusts in default of appointment Fideicomisos de Rentas en espera de nombramiento Explanation: • The status of the trust, discretionary or interest in possession (IIP), is determined by the trusts that apply until the power of appointment is exercised (trusts in default of appointment). Many years might pass before any appointment is made. • In this case, after the income powers, the next clause might say, ‘Subject to and in default of appointment to William Jones for life.’ That is an IIP. • Or it could say, ‘Subject to and in default of appointment my trustees shall pay the income as it arises to such members of the discretionary class (defined at clause…) as my trustees in their absolute discretion think fit.’ That is not an IIP. The power of appointment hangs over any existing vested IIPs but has effect only when exercised. In deciding whether a trust is IIP or discretionary, the trust in default of appointment prevails. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-man... -------------------------------------------------- Note added at 1 hr (2021-03-19 17:14:17 GMT) -------------------------------------------------- or "en ausencia de nombramiento" https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm42223 |
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