Trusts and Succession (Scotland) Bill: business and regulatory impact assessment

Main Scottish Policy Objectives

The Bill clearly meets various Scottish policy objectives: to support business, keeping Scots law fit for modern purposes, and clarity and accessibility of the law. The Bill is in line with Lord Guthrie's celebrated comment in a case from 1964, that the general policy of the law should be to facilitate commercial transactions, not to create obstacles or unnecessary pitfalls in the way of solving practical problems arising out of the circumstances confronting business people,^[5] as it aids business expediency and removes barriers to efficient economic activity.

Policy for the Global Economy

The Bill will further the policy objective of a strong and competitive economy, as parties in different countries will seek to capitalise on the modern trust law provided by Scots law. As Andrew Dalgleish, then a Consultant at Brodies LLP, told the Scottish Law Commission: "other jurisdictions are updating their trust law and Scotland should not be left behind".