AB v CD & ors [2019] WTLR 1083
Wills & Trusts Law Reports | Winter 2019 #177AB was a professional trustee of two discretionary trusts created by the late parents of D1, a Will Trust for the benefit of their issue, and a Grandchildren ‘s Trust for the benefit of their grandchildren (i.e. the four children of D1 and D3, and the two children of D1 ‘s late sister). D1, D2 and D3 were between them the other trustees of the trusts.
Three of the children of D1 and D3 had already received shares of the Grandchildren ‘s Trust, but the other three grandchildren had not. Another trust fund, comprising the proceeds of sale of a property intended by the settlors for D...
Futter & anr v HMRC; Pitt & anr v HMRC [2013] WTLR 977
Wills & Trusts Law Reports | July/August 2013 #131The first appeal concerned two settlements, made with non-resident trustees, by Mr Futter. Considerable ‘stockpiled’ gains were rolled up while the trusts were non-resident and, in exercise of the powers conferred by the trusts, new resident trustees were appointed and capital was distributed to Mr Futter and his children in the mistaken belief that the ‘stockpiled’ gains, which would be attributed to them, would be absorbed by allowable losses that had been realised, so that no liability to capital gains tax would arise. In advising as to the effect of s87 of the Taxation a...