A Trust of Land is a type of lifetime trust that is established outside of a will. It is primarily used to mitigate Capital Gains Tax (CGT) on properties that are used as the main residence. It can be particularly helpful in cases where the residents of the property are not named on the title and cannot use Principle Private Residence Relief.

A Trust of Land is typically established before the next event that triggers CGT, such as the sale of the property or the death of the owner. The trust is not referenced in a will because it is established during the owner's lifetime.

The purpose of a Trust of Land is to transfer the ownership of the property to the trustees, who then hold the property on behalf of the beneficiaries of the trust. The trustees have the power to manage and control the property and its income, and they are responsible for paying any associated taxes and expenses.

One of the key benefits of a Trust of Land is that it can help reduce the amount of CGT that is payable when the property is sold. This is because the ownership of the property is transferred to the trustees, rather than being sold directly by the owner. The trustees can then distribute the proceeds of the sale to the beneficiaries of the trust.

Another advantage of a Trust of Land is that it can help protect the property from any claims that may be made against the owner. This can include claims from creditors, or in the event of the owner's bankruptcy.