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Legal Terms -charitable trust
a trust with legal recognition for its charitable goals. Among the various benefits that charitable trusts enjoy are exemptions.
from various types of taxes, the possibility to claim tax paid by its donors through *gift assistance, the exemption from the *rule against perpetual trusts, and the absence of a requirement for there to be human beneficiaries.
The Charities Act of 2011, Part 1, now governs charitable trust law and defines what constitutes a "charity": A philanthropic purpose (section 2) must to be for the public good (section 5) and be inside the list of purposes in section 3. Section 3 lists the following 13 headings under which charitable purposes are "described": human rights; environmental protection; relief from poverty for people who are young, old, or disabled; advancement of animal welfare; promotion of the services; and prevention of poverty, health, education, and religion; citizenship and community; arts and culture; amateur sport. The fourth description, "any other purposes," covers any purpose that was philanthropic prior to the Act and is broad enough to allow for definitional expansion. Additionally, there must be no chance of monies being utilized for non-charitable reasons and the philanthropic objective must be "wholly and exclusively charitable."
a trust with legal recognition for its charitable goals. Among the various benefits that charitable trusts enjoy are exemptions.
from various types of taxes, the possibility to claim tax paid by its donors through *gift assistance, the exemption from the *rule against perpetual trusts, and the absence of a requirement for there to be human beneficiaries.
The Charities Act of 2011, Part 1, now governs charitable trust law and defines what constitutes a "charity": A philanthropic purpose (section 2) must to be for the public good (section 5) and be inside the list of purposes in section 3. Section 3 lists the following 13 headings under which charitable purposes are "described": human rights; environmental protection; relief from poverty for people who are young, old, or disabled; advancement of animal welfare; promotion of the services; and prevention of poverty, health, education, and religion; citizenship and community; arts and culture; amateur sport. The fourth description, "any other purposes," covers any purpose that was philanthropic prior to the Act and is broad enough to allow for definitional expansion. Additionally, there must be no chance of monies being utilized for non-charitable reasons and the philanthropic objective must be "wholly and exclusively charitable."
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