Who holds the land and assets in a Trust school?
When a community school or foundation school without a foundation acquires a Trust, the schools assets and land will transfer to that Trust to be held on trust for the duration of its relationship with the school. The Trust does not have to pay for the land and assets. This means that Trust schools will be in the same situation as existing foundation schools with foundations whose foundations (or Trusts) already hold the land, and also similar to existing voluntary schools (though local authorities usually own the playing field land of these schools). We will ensure that publicly provided or funded assets are properly protected for this and future generations.
Related Questions
- I am a trustee of an existing trust that already holds Victorian land and I have acquired new land under that trust. What do I need to do for land tax purposes?
- I am the nominated beneficiary of a discretionary trust which holds both pre-2006 land and post 2006 land. How does this impact on my land tax liability?
- Who holds the land and buildings in a Trust school?
