Trusts and Succession (Scotland) Bill: Financial Memorandum

Overview

About the Bill

The Bill aims to change the law in relation to two areas:

• trusts: how they are administered and managed
• succession: who has the right to inherit and in what order

The Bill aims to modernise the law.

Trusts have been in use since at least the early 17th century in Scotland. The main existing legislation on trusts is the Trusts (Scotland) Act 1921. The 1921 Act has been significantly amended making it complicated and difficult to understand.

There was some doubt on how the existing law on succession and special destinations should be interpreted. The Bill aims to clarify the existing law.

The Bill also aims to modernise the order in which people inherit. This is to reflect changes to how society understands families and the different relationships within them.

Current status of the Bill 

This Bill was introduced in the Scottish Parliament by the Cabinet Secretary for Justice and Veterans on 22 November 2022.

Read and find out more about the Trusts and Succession (Scotland) Bill..

Stage 1

The Delegated Powers and Law Reform Committee has been designated as the lead Committee for the Bill. A separate call for views on the Bill’s policy provisions has been issued by the lead Committee and published on this consultation platform.

Financial Memorandum

As with all Bills, the Finance and Public Administration Committee invites written evidence on the estimated financial implications of the Bill as set out in its accompanying Financial Memorandum (FM).

Read the FM published alongside this Bill.

Questions

1. Did you take part in any consultation exercise preceding the Bill and, if so, did you comment on the financial assumptions made? 
2. If applicable, do you believe your comments on the financial assumptions have been accurately reflected in the FM?
3. Did you have sufficient time to contribute to the consultation exercise?
4. If the Bill has any financial implications for you or your organisation, do you believe that they have been accurately reflected in the FM? If not, please provide details.
5. Do you consider that the estimated costs and savings set out in the FM are reasonable and accurate? 
6. If applicable, are you content that your organisation can meet any financial costs that it might incur as a result of the Bill? If not, how do you think these costs should be met? 
7. Does the FM accurately reflect the margins of uncertainty associated with the Bill’s estimated costs and with the timescales over which they would be expected to arise? 

How to submit your views

Please submit your views using the online submission form, linked to below.

We welcome written views in English, Gaelic, Scots or any other language. 

The call for views closes on Sunday 26 March 2023.