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Trustee Act 2000

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Trustee Act 2000 is up to date with all changes known to be in force on or before 13 November 2024. There are changes that may be brought into force at a future date. Help about Changes to Legislation

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  1. Introductory TextNext Match

  2. Part I The Duty of Care

    1. 1. The duty of care.

    2. 2. Application of duty of care.

  3. Part II Investment

    1. 3. General power of investment.

    2. 4. Standard investment criteria.

    3. 5. Advice.

    4. 6. Restriction or exclusion of this Part etc.

    5. 7. Existing trusts.

  4. Part III Acquisition of Land

    1. 8. Power to acquire freehold and leasehold land.

    2. 9. Restriction or exclusion of this Part etc.

    3. 10. Existing trusts.

  5. Part IV Agents, nominees and custodians

    1. Agents

      1. 11. Power to employ agents.

      2. 12. Persons who may act as agents.

      3. 13. Linked functions etc.

      4. 14. Terms of agency.

      5. 15. Asset management: special restrictions.

    2. Nominees and custodians

      1. 16. Power to appoint nominees.

      2. 17. Power to appoint custodians.

      3. 18. Investment in bearer securities.

      4. 19. Persons who may be appointed as nominees or custodians.

      5. 20. Terms of appointment of nominees and custodians.

    3. Review of and liability for agents, nominees and custodians etc.

      1. 21. Application of sections 22 and 23.

      2. 22. Review of agents, nominees and custodians etc.

      3. 23. Liability for agents, nominees and custodians etc.

    4. Supplementary

      1. 24. Effect of trustees exceeding their powers.

      2. 25. Sole trustees.

      3. 26. Restriction or exclusion of this Part etc.

      4. 27. Existing trusts.

  6. Part V Remuneration

    1. 28. Trustee’s entitlement to payment under trust instrument.

    2. 29. Remuneration of certain trustees.

    3. 30. Remuneration of trustees of charitable trusts.

    4. 31. Trustees’ expenses.

    5. 32. Remuneration and expenses of agents, nominees and custodians.

    6. 33. Application.

  7. Part VI Miscellaneous and Supplementary

    1. 34. Power to insure.

    2. 35. Personal representatives.

    3. 36. Pension schemes.

    4. 37. Authorised unit trusts.

    5. 38. Common investment schemes for charities etc.

    6. 39. Interpretation.

    7. 40. Minor and consequential amendments etc.

    8. 41. Power to amend other Acts.

    9. 42. Commencement and extent.

    10. 43. Short title.

  8. SCHEDULES

    1. SCHEDULE 1

      Application of duty of care

      1. Investment

        1. 1.The duty of care applies to a trustee—

      2. Acquisition of land

        1. 2.The duty of care applies to a trustee—

      3. Agents, nominees and custodians

        1. 3.(1) The duty of care applies to a trustee—

      4. Compounding of liabilities

        1. 4.The duty of care applies to a trustee—

      5. Insurance

        1. 5.The duty of care applies to a trustee—

      6. Reversionary interests, valuations and audit

        1. 6.The duty of care applies to a trustee—

      7. Exclusion of duty of care

        1. 7.The duty of care does not apply if or in...

    2. SCHEDULE 2Previous MatchNext Match

      Minor and consequential amendmentsPrevious MatchNext Match

      1. Part I The Trustee Investments Act 1961 and the Charities Act 1993

        1. The Trustee Investments Act 1961 (c.62)

          1. 1.(1) Sections 1, 2, 5, 6, 12, 13 and 15...

        2. The Charities Act 1993 (c.10)

          1. 2.(1) Omit sections 70 and 71. (2) In section 86(2)...

      2. Part II Other Public General ActsPrevious MatchNext Match

        1. The Places of Worship Sites Act 1873 (c.50)Previous MatchNext Match

          1. 3.In section 2 (payment of purchase money, etc.) for “shall...Previous MatchNext Match

        2. The Technical and Industrial Institutions Act 1892 (c.29)Previous MatchNext Match

          1. 4.In section 9 (investment powers relating to proceeds of sale...Previous MatchNext Match

        3. The Duchy of Cornwall Management Act 1893 (c.20)Previous MatchNext Match

          1. 5.The 1893 Act is hereby repealed. Previous MatchNext Match

        4. The Duchy of Lancaster Act 1920 (c.51)Previous MatchNext Match

          1. 6.In section 1 (extension of powers of investment of funds...Previous MatchNext Match

        5. The Settled Land Act 1925 (c.18)Previous MatchNext Match

          1. 7.In section 21 (absolute owners subject to certain interests to...Previous MatchNext Match

          2. 8.In section 39 (regulations respecting sales), in subsection (2), in...Previous MatchNext Match

          3. 9.In section 73 (modes of investment or application), in subsection...Previous MatchNext Match

          4. 10.(1) In section 75 (regulations respecting investment, devolution, and income...Previous MatchNext Match

          5. 11.After section 75 insert— Power to accept charge as security...Previous MatchNext Match

          6. 12.Omit section 96 (protection of each trustee individually). Previous MatchNext Match

          7. 13.In section 98 (protection of trustees in particular cases), omit...Previous MatchNext Match

          8. 14.Omit section 100 (trustees’ reimbursements). Previous MatchNext Match

          9. 15.In section 102 (management of land during minority or pending...Previous MatchNext Match

          10. 16.(1) In section 104 (powers of tenant for life not...Previous MatchNext Match

          11. 17.In section 107 (tenant for life deemed to be in...Previous MatchNext Match

        6. The Trustee Act 1925 (c.19)Previous MatchNext Match

          1. 18.Omit Part I (investments). Previous MatchNext Match

          2. 19.In section 14 (power of trustees to give receipts) in...Previous MatchNext Match

          3. 20.In section 15 (power to compound liabilities), for “in good...Previous MatchNext Match

          4. 21.Omit section 21 (deposit of documents for safe custody). Previous MatchNext Match

          5. 22.In section 22 (reversionary interests, valuations, and audit)— Previous MatchNext Match

          6. 23.Omit section 23 (power to employ agents). Previous MatchNext Match

          7. 24.Omit section 30 (implied indemnity of trustees). Previous MatchNext Match

          8. 25.In section 31(2) (power to invest income during minority) for...Previous MatchNext Match

        7. The Land Registration Act 1925 (c.21)Previous MatchNext Match

          1. 26.In section 94(1) (registered land subject to a trust to...Previous MatchNext Match

        8. The Administration of Estates Act 1925 (c.23)Previous MatchNext Match

          1. 27.In section 33, in subsection (3) (investment during minority of...Previous MatchNext Match

          2. 28.In section 39 (powers of management) after subsection (1) insert—...Previous MatchNext Match

        9. The Universities and College Estates Act 1925 (c.24)Previous MatchNext Match

          1. 29.In section 26 (modes of application of capital money) in...Previous MatchNext Match

        10. The Regimental Charitable Funds Act 1935 (c.11)Previous MatchNext Match

          1. 30.In section 2(1) (application of funds held on account of...Previous MatchNext Match

        11. The Agricultural Marketing Act 1958 (c.47)Previous MatchNext Match

          1. 31.(1) In section 16 (investment of surplus funds of boards)...Previous MatchNext Match

        12. The Horticulture Act 1960 (c.22)Previous MatchNext Match

          1. 32.In section 13 (miscellaneous financial powers of organisations promoting home-grown...Previous MatchNext Match

        13. The House of Commons Members’ Fund Act 1962 (c.53)Previous MatchNext Match

          1. 33.(1) In section 1 (powers of investment of trustees of...Previous MatchNext Match

        14. The Betting, Gaming and Lotteries Act 1963 (c.2)Previous MatchNext Match

          1. 34.In section 25(1) (general powers and duties of the Horserace...Previous MatchNext Match

        15. The Cereals Marketing Act 1965 (c.14)Previous MatchNext Match

          1. 35.(1) In section 18, in subsection (2) (Home-Grown Cereals Authority’s...Previous MatchNext Match

        16. The Agriculture Act 1967 (c.22)Previous MatchNext Match

          1. 36.(1) In section 18, in subsection (2) (Meat and Livestock...Previous MatchNext Match

        17. The Solicitors Act 1974 (c.47)Previous MatchNext Match

          1. 37.In Schedule 2, for paragraph 3 (power of Law Society...Previous MatchNext Match

        18. The Policyholders Protection Act 1975 (c.75)Previous MatchNext Match

          1. 38.In Schedule 1, in paragraph 7, for sub-paragraph (1) (power...Previous MatchNext Match

        19. The National Heritage Act 1980 (c.17)Previous MatchNext Match

          1. 39.In section 6 for subsection (3) (powers of investment of...Previous MatchNext Match

        20. The Licensing (Alcohol Education and Research) Act 1981 (c.28)Previous MatchNext Match

          1. 40.In section 7 (powers of investment of Alcohol Education and...Previous MatchNext Match

        21. The Fisheries Act 1981 (c.29)Previous MatchNext Match

          1. 41.For section 10 (powers of investment of Sea Fish Industry...Previous MatchNext Match

        22. The Duchy of Cornwall Management Act 1982 (c.47)Previous MatchNext Match

          1. 42.For section 1 (powers of investment of Duchy property) substitute—...Previous MatchNext Match

          2. 43.In— (a) section 6(3) (Duchy of Cornwall Management Acts extended...Previous MatchNext Match

        23. The Administration of Justice Act 1982 (c.53)Previous MatchNext Match

          1. 44.In section 42 (common investment schemes) in subsection (6) for...Previous MatchNext Match

        24. The Trusts of Land and Appointment of Trustees Act 1996 (c.47)Previous MatchNext Match

          1. 45.(1) In section 6 (general powers of trustees), in subsection...Previous MatchNext Match

          2. 46.In section 9 (delegation by trustees) omit subsection (8). Previous MatchNext Match

          3. 47.After section 9 insert— Duties of trustees in connection with...Previous MatchNext Match

          4. 48.Omit section 17(1) (application of section 6(3) in relation to...Previous MatchNext Match

          5. 49.In Schedule 3 (consequential amendments) omit paragraph 3(4) (amendment of...Previous MatchNext Match

      3. Part III MeasuresPrevious MatchNext Match

        1. The Ecclesiastical Dilapidations Measure 1923 (No.3)Previous MatchNext Match

          1. 50.In section 52, in subsection (5) (investment of sums held...Previous MatchNext Match

        2. The Diocesan Stipends Funds Measure 1953 (No.2)Previous MatchNext Match

          1. 51.In section 4 (application of moneys credited to capital accounts)...Previous MatchNext Match

        3. The Church Funds Investment Measure 1958 (No.1)Previous MatchNext Match

          1. 52.In the Schedule, in paragraph 21 (range of investments of...Previous MatchNext Match

        4. The Clergy Pensions Measure 1961 (No.3)Previous MatchNext Match

          1. 53.(1) In section 32 (investment powers of Board), in subsection...Previous MatchNext Match

        5. The Repair of Benefice Buildings Measure 1972 (No.2)Previous MatchNext Match

          1. 54.In section 17, in subsection (2) (diocesan parsonages fund’s power...Previous MatchNext Match

        6. The Pastoral Measure 1983 (No.1)Previous MatchNext Match

          1. 55.In section 44, for subsection (6) (Redundant Churches Fund’s power...Previous MatchNext Match

        7. The Church of England (Pensions) Measure 1988 (No.4)Previous MatchNext Match

          1. 56.Omit section 14(b) (amendment of section 32(3) of the Clergy...Previous MatchNext Match

        8. The Cathedrals Measure 1999 (No.1)Previous MatchNext Match

          1. 57.In section 16 (cathedral moneys: investment powers, etc. ), in...Previous MatchNext Match

    3. SCHEDULE 3

      Transitional provisions and savings

      1. The Trustee Act 1925 (c.19)

        1. 1.(1) Sub-paragraph (2) applies if, immediately before the day on...

        2. 2.The repeal of section 8 of the 1925 Act (loans...

        3. 3.The repeal of section 9 of the 1925 Act (liability...

        4. 4.(1) Sub-paragraph (2) applies if, immediately before the day on...

        5. 5.(1) Sub-paragraph (2) applies if, immediately before the day on...

        6. 6.The repeal of section 23(2) of the 1925 Act (power...

      2. The Trustee Investments Act 1961 (c.62)

        1. 7.(1) A trustee shall not be liable for breach of...

      3. The Cathedrals Measure 1963 (No.2)

        1. 8.While section 21 of the Cathedrals Measure 1963 (investment powers,...

    4. SCHEDULE 4Previous MatchNext Match

      RepealsPrevious MatchNext Match

      1. Part I The Trustee Investments Act 1961 and the Charities Act 1993

        1. Note: the repeals in this Part of this Schedule have...

      2. Part II Other repealsPrevious MatchNext Match

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