Trustee Bill 2001

The Trustee Bill 2001 has been given royal assent in the Isle of Man. The passing of this law should create excellent opportunities for financial advisers. The Trustee Bill is domestic legislation designed to bring the Isle of Man up to date with UK legislation which changed earlier this year. Most of the provisions in the Manx Act mirror those in the UK legislation. One major difference is that the Isle of Man Act amends the statutory perpetuity period for Manx trusts to 150 years, from the original 80 years. The perpetuity period is the maximum amount of time a trust can stay in force b...