The Purpose Trust Act 1996 has now been enacted onto the statutue book in the Isle of Man. The Act enables a person to form a Cut in the Isle of Man for a period not exceeding 80 years providing the purpose of the trust is:
- certain, responsible and possible;
- not unlawful, contrary to public policy or immoral;
- the trust must be created by deed or will and have at least two trustees and provide for the appointment of a person independent of the trustees to enforce the trust.
The enforcer will have an absolute right to access any information or document which relates to the trust, its assets or administration. The trust is designed for more general use than the usual form of trust in that it will not be for the benefit of particular identified individuals or for charitable purposes.
