Capital Acquisitions Tax Consolidation Act 2003 Section 19

Interpretation (Chapter 3 - annual discretionary trust tax)

Section 19 defines key terms used in relation to discretionary trusts for the purposes of the discretionary trust tax provisions.

• The "objects" of a discretionary trust are any persons for whose benefit the trust's income or capital is, or may be, applied.
• The "principal objects" are the disponer's spouse or civil partner, the disponer's children (and civil partner's children), and the children of any child of the disponer or civil partner who predeceased the disponer.
• A "chargeable discretionary trust" is one where the disponer has died and none of the principal objects (if any) are under the age of 21.
• The "chargeable date" is 5 April and 31 December in 2006, and 31 December in each subsequent year from 2007 onwards.