Trust deeds seeking protection on or after 1 July 2024 (even if granted before that date) will be required to meet more eligibility criteria. This is to ensure that only those with a connection to Scotland can access the PTD regime, with the aim of restricting debt relief tourism.
Where a trust deed is to be granted by a living individual, that person must have been habitually resident, or had an established place of business, in Scotland at any time in the year preceding the granting of the trust deed.
Where the trust deed is granted by a partnership, a limited partnership (within the meaning of the Limited Partnerships Act 1907), a trust, a corporate body or an unincorporated body, it must have had an established place of business in Scotland at any time in the year preceding the granting of the trust deed. Alternatively, it must meet a two-fold test of having been formed or constituted under Scots law and have carried on business within Scotland at any time.
