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HMRC internal manual

Trusts, Settlements and Estates Manual

Legal background to trusts and estates: estate includes unauthorised investments

Trustee Act 2000

Executors may discover investments that the law regards as unsuitable for trust funds. They must dispose of the assets as quickly as possible. They have to re-invest the proceeds in suitable investments. This is not necessary if the will specifically allows them to hold the unauthorised investments.

This Act supersedes the Trustee Investment Act 1961.

The Trustee Act 2000 does not apply to Scotland, where trustees’ powers of investment are subject to the Trustee Investments Act 1961 as amended by the Charities and Trustee Investment (Scotland) Act 2005.