The concept of an A&M trust emerged in England and Wales after the enactment of the Capital Taxes Act 1974 (CTA). The CTA discouraged the use of discretionary trusts by introducing new tax rules, but it made a specific exception for trusts designed to help young people under the age of 25.
The concept of an A&M trust emerged in England and Wales as a result of the Capital Taxes Act 1974 (CTA), which introduced new tax rules that discouraged discretionary trusts. However, the CTA created an exception for trusts designed to support young people under the age of 25.