Jargon Buster

Accumulation and maintenance trust These trusts are often used to benefit younger beneficiaries - for instance to pay for the education and maintenance of a settlor's grandchildren. Beneficiaries need not be named individually and so can include those yet to be born. However, there must be at least one living beneficiary of that class when the trust is set up. The payment age for income is set at the outset. A-Day Took place on 6 April 2006 and is otherwise know as pension simplification. Replaced the existing eight tax regimes with a single regime. The A-Day rules were designed to m...