Implementation and delivery plan
If passed by the Scottish Parliament, the Bill will come into force on the making of a commencement order.
As a non-controversial, strongly supported Bill, we believe that it satisfies an urgent need for reform. In the view of the SLC, the Bill will be a candidate for the Delegated Powers and Law Reform Committee.
In accordance with the Law Commissions Act 1965, section 3(1), the SLC has a duty to "keep under review" the laws from which it is concerned, and will endeavour to stay informed of the Bill's reception by the legal profession and wider business community. It is hoped that, in light of the high demand for the Bill, the operation of the reformed law will be uncontroversial.
Summary and recommendation
- Dismiss Option 1
This Option would maintain the status quo and introduce no new legislation. Option 1 leaves the current law in an unsatisfactory manner and this is undesirable.
- Recommend Option 2
It is recommended that Option 2 be adopted for the various reasons outlined above.
Summary costs and benefits
Total benefit per annum - economic, environmental, social: Nil.
Total cost per annum - economic, environmental, social: Reputational and other costs, e.g. potential future costs in the form of litigation required to resolve disputes resulting from the current uncertainties in the law.
Total benefit per annum - economic, environmental, social: We are not able at this stage to put a figure on the benefit but it will be substantial.
Implementation of the Bill will secure and develop the already thriving trust industry which exists in Scotland. This is likely to create an increased demand for trust-related professionals and heightened economic activity.
Total cost per annum - economic, environmental, social: There will be a small training cost associated with gaining familiarity with the new law. It will be negligible by comparison with the expected benefits.
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