49 10. UNITED KINGDOM 10.1. General What comes closest to the Austrian private foundation in the United Kingdom is the trust. This survey describes the most frequent forms of the private family trust as the legal form that is the most similar to the private foundation we know. The persons involved are the trustee, the beneficiary, and the settlor. The settlor is the per- son who endows money, investments, land or buildings or other assets, such as paintings, to the trust. This may happen when the trust is formed or at a later point in time. A trust is established by means of a trust deed. This may also be based on a final will. The trustee manages the assets endowed while the beneficiaries benefit in one form or another from these assets. In the UK, there are different forms of trusts, such as: ? bare trusts ? interest in possession trusts ? discretionary trusts ? accumulation and maintenance trusts ? mixed trusts ? settlor-interested trusts ? non-resident trusts ? special trusts 10.2. Bare Trust This trust form is also referred to as simple trust. In this form of trust, the beneficiary has im- mediate and full right of disposition to the assets and the income earned. The rights of the trustee under the name of which the assets are held are very limited. The trustee has no ac- tive obligations either. Taxation The beneficiary is personally taxed, that is, he or she is taxed as if the bare trust did not exist. The beneficiaries must declare income earned in their personal income tax declaration.