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Revised Trusts (Scotland) Bill is published

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INSIGHTS

The Scottish Law Commission has published a revised version of the Trusts (Scotland) Bill.

The revised version further develops the draft Bill published in the Scottish Law Commission’s Report in 2014 and seeks to modernise trust law in Scotland. The current legalisation dates back to 1921 and is seen to be “archaic” and “difficult to work with”.

Accordingly Lord Pentland, Chairman of the Commission, said: “The recommendations in our Report and our revised Trusts (Scotland) Bill are designed to bring the Scots law of trusts into the modern era.”

The main revisal to the Bill provides for the consequences of repealing the Trusts (Scotland) Act 1921 and this largely completes the Commission’s review.

The proposed Bill will be brought before the Scottish Parliament for consideration although it may be some time before the Bill is considered due to the current busy Parliamentary timetable.

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