MANX LAW

The Isle of Man is a Common Law jurisdiction and its laws are similar to that of England. In situations in which no Manx authority on a trust matter exists, Isle of Man courts cite English case law. The principal Manx trust legislation is the Trustee Act 1961 and this governs, inter alia, the powers and duties of trustees, provides for the advancement of income and capital to beneficiaries, confers certain powers on Isle of Man courts and governs the retirement and appointment of trustees. Other pertinent Manx legislation includes: Variation of Trusts Act 1961 Perpetuities and Accumulations Act 1968 The Recognition of Trusts Act 1988 Trusts Act 1995 Purpose Trusts Act 1996 Trustee Act 2001 A trust established on or after 16 January 1996, that is subject to Manx Law, shall have all dispositions in relation to the creation of such a trust, determined only according to Manx Law, without reference to the laws of any other jurisdiction with which the trust or disposition may be connected. Thus, “forced heirship” provisions contained within civil jurisdictions will not apply to such a trust’s property. With effect from 1st January 2001, the maximum perpetuity period of a Manx trust is 150 years. Prior to this date, the maximum perpetuity period of a Manx trust was 80 years.

Crossman Trust Company Limited PO Box 1, Portland House, Station Road, Ballasalla, Isle of Man, IM99 6AB, British Islands. Telephone: +44 (0)1624 825805 or 822816, Fax: +44 (0)1624 824570, E-Mail: mail@crossmantrust.com