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Displaying 753 contributions
Delegated Powers and Law Reform Committee
Meeting date: 9 May 2023
Bill Kidd
The Law Society, Yvonne Evans and Turcan Connell have all commented on chapter 5 of part 1 of the bill, which relates to the duration of a trust. Professor Paisley, in your joint response with Dr Alisdair MacPherson to the committee’s consultation, you, too, have commented on this provision, under which a person will be able to create a trust of any duration that they liked, and have said:
“We wonder whether sufficient consideration has been given to the consequences ... This change could have significant economic impact as certain trusts accumulate assets over a sustained period of time and accordingly obtain sizeable economic power.”
Will you explain a wee bit more your policy concerns in that respect?
Delegated Powers and Law Reform Committee
Meeting date: 9 May 2023
Bill Kidd
I am looking at section 10 of the bill—there is a lot of crossover—on the discharge of trustees and discharge being separate from the resignation or removal of a trustee. In paragraphs 93 and 94 of the policy memorandum, the Scottish Government highlighted a potential policy issue in relation to section 10 of the bill and the circumstance of a guardian consenting to discharge of a trustee on behalf of someone who is under 16, in a small family trust. Do you have any concerns that a potential conflict of interests might be involved? Is that a valid policy concern, and if so, do you have any insight as to how it could be resolved?
Delegated Powers and Law Reform Committee
Meeting date: 9 May 2023
Bill Kidd
Professor Paisley, are you fine? Okay. What you said was useful.
I thank all three of you. That was very helpful.
Delegated Powers and Law Reform Committee
Meeting date: 9 May 2023
Bill Kidd
That is interesting. Thank you.
Does anyone else have anything to say?
Delegated Powers and Law Reform Committee
Meeting date: 9 May 2023
Bill Kidd
That is very helpful. Thank you.
Professor Gretton, would you like to say anything in rounding off?
Delegated Powers and Law Reform Committee
Meeting date: 9 May 2023
Bill Kidd
Okay. Obviously, as you say, the situation is not unknown, but is reasonably common. However, because it is so common, is there potential for an occasional breach of trust, if I might put it that way? There is some concern about that. Who might represent the person who was under 16 in such a situation?
Delegated Powers and Law Reform Committee
Meeting date: 9 May 2023
Bill Kidd
It is always nice to have minor disagreement among witnesses.
Delegated Powers and Law Reform Committee
Meeting date: 9 May 2023
Bill Kidd
How would a challenge to that being presented in a vexatious manner be taken up?
Delegated Powers and Law Reform Committee
Meeting date: 9 May 2023
Bill Kidd
That is excellent. Thank you all for your responses.
Delegated Powers and Law Reform Committee
Meeting date: 9 May 2023
Bill Kidd
Are you suggesting that a charitable trust, for instance, could be hijacked into becoming a private business while still using the frontage of that trust?