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A Trust should be administered in a way that is consistent with its terms and objectives and avoids unnecessary costs and complexity.

From 30 January 2021 new rules around the management and administration of trusts will come into effect. Historically many trusts were set up to hold assets such as the family home and have required minimal effort from the Trustees in their management. The new Act will require a much more active role from Trustees with regards to disclosure of information, holding of records and the introduction of Mandatory Duties. Trustees may therefore like to take this opportunity to review their Trust and whether it is still the most appropriate option.

As another measure to assist eligible small-to-medium businesses adversely affected by COVID-19, the Government has launched the Small Business Cashflow Loan Scheme (SBCS).