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HMRC internal manual

VAT Registration

HM Revenue & Customs
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Entity to be registered: trusts and pension funds: definition of a trust

A trust is an arrangement for the holding and administration of property under which property is vested by the owner (settlor) in persons (trustees) who are to hold the property for, and on behalf of, someone else (‘cestui que trust’ or ‘beneficiary’).

Trustees may themselves be beneficiaries.

There may be one trustee or several, and a trustee may be a natural person or a corporate body.