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Provide a 10 pages analysis while answering the following question: Charitable Trusts as One of the Types of Equity. Prepare this assignment according to the guidelines found in the APA Style Guide. A
Provide a 10 pages analysis while answering the following question: Charitable Trusts as One of the Types of Equity. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. A purpose trust is found to be charitable if it is construed that the main aim of the trust was charitable. beneficial to the general public rather than being detrimental. it benefits the general public rather than focusing on collective private citizens. further it has to be proved that the purpose was solely charitable and neither political nor profit distributing.
Public purpose trusts have been immensely scrutinized by courts and statutes and the new charities act 2006 has greatly reformed the law. However, the old case law still remains to be of relevance, because of the fact that there has not been much judicial scrutiny after the new Act. The preamble to the Charities Uses Act 1601 provides a list of purposes which were said to be charitable. this has been reformed by the new act (Oakley & Parker, 2003).
The preamble was used as a guide by Lord Mcnaughten in Income Tax Special Purposes Comrs v Pemsel for producing his fourfold characterization of what is to be construed as charitable. The divisions were trusts for the relief of poverty. trusts for the advancement of religion. trusts for the advancement of education. and trusts for other purposes beneficial to the community (Hayton, David, Charles & Oshley, 2005).
The fourth head is by far the broadest and relevant to the facts of the question.
Lord Simmonds in A-G v National Provincial and Union Bank of England stated that a general public purpose benefitting the society will not suffice. it must be shown that the trust was charitable (Penner, 2006). In Williams Trustees v IRC, there was a gift on trust to establish and maintain an institute, to be known as the London Welsh Association, the purposes of which included maintaining an institute for the benefit of Welsh people in London and promoting their language culture. .
