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Charitable trusts are public trusts that confer a benefit to the community.
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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Charitable trusts are public trusts that confer a benefit to the community. They are designed for particular purposes and as such have no human beneficiaries. Charitable trusts are accorded a number of concessions over other trusts in terms of perpetuity, certainty, and taxation. In order to earn these concessions, especially in relation to the relief from taxation, a trust must be of a public nature. Whether a trust qualifies as a charity entitled to tax concessions depends on whether it meets the essential requirements of a charitable trust. Although there is no statutory definition of charity, in order for a gift to be charitable it must be for a purpose which falls 'within the spirit and intendment' of the Statute of Elizabeth, also known as the Charitable Uses Act 1601; promote a public benefit; and lastly be for a purpose that is wholly and exclusively charitable. In looking at the...
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