unit trust
A trust enabling small investors to buy interests in a diversity of companies and other investments. These investments are held by trustees (responsible for holding the investments and collecting and distributing income), who enter into a trust deed with the managers of the fund (who select, buy, and sell the investments). The managers sell units to investors, who thus acquire an interest in the fund proportionate to their investment. There is a service charge that provides the remuneration of the managers. Unit trusts are subject to regulation and supervision by the Department for Business, Energy and Industrial Strategy.

• possibility
• possibility of reverter
• post-adoption contact
• postliminy
• postmodernist legal thought
• post-mortem
• postnuptial settlement
• potentially exempt transfer
• power
• power in the nature of a trust
• power of appointment
• power of arrest
• power of attorney
• power of sale
• power of search
• power reserved by executor
• power to manage
• power to sue
• PPP
• practice
• Practice Directions
• practice form
• practice master
• practising certificate
• praecipe