Discretionary Trusts in UK Law

Leading Cases
  • Schmidt v Rosewood Trust
    • Privy Council
    • 27 Mar 2003

    Their Lordships consider that the more principled and correct approach is to regard the right to seek disclosure of trust documents as one aspect of the court's inherent jurisdiction to supervise, and if necessary to intervene in, the administration of trusts.

  • Commissioners of Inland Revenue v Eversden and Another
    • Chancery Division
    • 10 Jul 2002

    By the Settlement, the Settlor appointed herself and two others to be the trustees of the Settlement ("the Trustees").

  • McPhail v Doulton, sub nom Re Baden's Deed Trusts (No 1)
    • House of Lords
    • 06 May 1970

    The conclusion which I would reach, implicit in the previous discussion, is that the wide distinction between the validity test for powers and that for trust powers, is unfortunate and wrong, that the rule recently fastened upon the courts by I.R.C. v. Broadway Cottages Trust ought to be discarded, and that the test for the validity of trust powers ought to be similar to that accepted by this House in Re Gulbenkian's Settlement for powers, namely that the trust is valid if it can be said with certainty that any given individual is or is not a member of the class.

    I would venture to amplify this by saying that the Court, if called upon to execute the trust power, will do so in the manner best calculated to give effect to the settlor's or testator's intentions. It may do so by appointing new trustees, or by authorising or directing representative persons of the classes of beneficiaries to prepare a scheme of distribution, or even, should the proper basis for distribution appear by itself directing the trustees so to distribute.

  • Shalson and Others v Russo and Others; Mimran and Another (Part 20 Claimants)
    • Chancery Division
    • 11 Jul 2003

    When a settlor creates a settlement he purports to divest himself of assets in favour of the trustee, and the trustee accepts them on the basis of the trusts of the settlement. I cannot understand on what basis a third party could claim, merely by reference to the unilateral intentions -of the settlor, that the settlement was a -sham and that the assets in fact remained the settlor's property. To set that sort of case up the donee must also be shown to be a party to the alleged sham.

  • Novoship (UK) Ltd and Others v Vladimir Mikhaylyuk and Others
    • Queen's Bench Division (Commercial Court)
    • 14 Dec 2012

    The payments (or other benefits) do not have to be made directly to the fiduciary. Bribes may be paid to third parties close to the agent, such as family members or discretionary trusts, or simply to those whom the agent wishes to benefit. The test is whether the payment (or other benefit) puts the fiduciary in a real (as opposed to a fanciful) position of potential conflict between interest and duty.

  • Blausten v Commissioners of Inland Revenue
    • Court of Appeal (Civil Division)
    • 22 Oct 1971

    The appointment was in terms a resettlement on new trusts of the capital of the trust fund. The new trusts were trusts which were declared referentially by reference to the settlement, but they differed in the particular respects stated in the appointment from the trusts of the settlement.

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Legislation
  • Deposit-takers (Interest Payments) (Discretionary or Accumulation Trusts) Regulations 1995
    • UK Non-devolved
    • January 01, 1995
  • Variation of Trusts Act 1958
    • UK Non-devolved
    • January 01, 1958
    ......to the court, or.  . (c. ) any person unborn, or.  . (d. ) any person in respect of any discretionary interest of his. under protective trusts where the interest of the principal. beneficiary has not failed or determined,. any arrangement (by ......
  • Finance Act 1970
    • UK Non-devolved
    • January 01, 1970
    ......6th April 1970. S-20 . Discretionary approval. 20 Discretionary approval. . (1) The Board may, if they think ...of the Board to be established under irrevocable. trusts, or. .   . ( b . ) any other approved scheme as respects which the. ......
  • Finance Act 1978
    • UK Non-devolved
    • January 01, 1978
    ...... may determine.’ (4) In paragraph 11 of that Schedule (discretionary registration). the existing provisions shall become sub-paragraph (1) and. ...) and ( c . ) of the   Finance Act 1972 . (unit. trusts: reduction of tax liability); and. .   . ( b . ) section 113 of that ......
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Books & Journal Articles
  • Book Review: Modern Trusts and Taxation
    • Nbr. 10-2, June 1979
    • Federal Law Review
    ...... in the first two chapters of the salient features of the two most popular trust vehicles: the modern non-exhaustive discretionary trust and the unit trust. Yuri Grbich in the first chapter "The Mechanics of Discretionary Trusts" gives a comprehensive survey of the ......
  • Baden: Awakening The Conceptually Moribund Trust1
    • Nbr. 37-6, November 1974
    • The Modern Law Review
    ...... and, while that was going on, main-line writing on trusts tended to develop myopically in an outdated conceptual frame ... trustees, on what was found to be an exhaustive discretionary trust, to I‘. . . apply the net income of the fund in ......
  • Equity and Trusts: Concerned with Moral Questions or Formal Rules?
    • Nbr. 4-1, January 2014
    • Southampton Student Law Review
    • Constantia Charalambous
    • 24-29
    ......4 . Increasingly being ‘associated with discretionary’5 justice and criticized 6 for being too subjective to the Lord Chancellor’s own sense of conscience and morality, equity was rapidly ......
  • REIT excess dividend and information asymmetry: evidence with taxable income
    • Nbr. 28-3, April 2010
    • Journal of Property Investment & Finance
    • 221-236
    Purpose: US real estate investment trusts (REITs) typically distribute more dividends than required by tax regulations. This paper aims to focus on discretionary dividends, and examines the impact ...
    ...... Rouge,Louisiana, USAAbstractPurpose – US real estate investment trusts (REITs) typically distribute more dividends thanrequired by tax s. This paper aims to focus on discretionary dividends, and examines theimpact of information asymmetry on this excess ......
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