Discretionary Trusts in UK Law
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Schmidt v Rosewood Trust
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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.
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Novoship (UK) Ltd and Others v Vladimir Mikhaylyuk and Others
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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.
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Shalson and Others v Russo and Others; Mimran and Another (Part 20 Claimants)
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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.
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McPhail v Doulton, sub nom Re Baden's Deed Trusts (No 1)
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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.
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Blausten v Commissioners of Inland Revenue
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The appointment was only to operate during the trust period and it is I think right that the only operative effect of the appointment was to take the settler's wife out of the specified class for the purposes of the discretionary trust and of the power to advance capital and of the power of appointment and to restore her to the class of persons in whose favour capital could be advanced or benefits could be conferred under an appointment as from the time when she might become the widow of the testator.
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Allnutt v Wilding
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In the case of a voluntary settlement, rectification involves bringing the trust document into line with the true intentions of the settlor as held by him at the date when he executed the document. This can be done by the court when, owing to a mistake in the drafting of the document, it fails to record the settlor's true intentions.
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Variation of Trusts Act 1958
... ... or the said event had happened at the date of the application 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 whomsoever ... ...
- Deposit-takers (Interest Payments) (Discretionary or Accumulation Trusts) Regulations 1995
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Taxation (International and Other Provisions) Act 2010
... ... no reduction is to be made under section 26 of FA 2005 (trusts for the benefit of a vulnerable beneficiary), but ... Special rules for discretionary trusts ... 111: When payment to beneficiary treated as arising from ... ...
- Finance Act 1970
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Planning a Tax-efficient Will
... ... These commonly involve the use of trusts or planning to make best use of the RNRB ... There are some case studies ... (a) discretionary trusts (and other trusts where no one has a present entitlement, such as ... ...
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Baden: Awakening The Conceptually Moribund Trust1
... ... 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 ... ...
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Index
... ... adopted children 81 bereaved minor’s and young person’s trusts 190, 195, 202, 203–204 class gifts 76, 77–78, 92 see also ... 83 see also Children; ... Discretionary trusts; ... Intestacy, persons entitled on; Issue; Lineal descendants ... ...
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Equity and Trusts: Concerned with Moral Questions or Formal Rules?
... ... 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 ... ...
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Financial statement for a financial remedy (other than a financial order or financial relief after an overseas divorce or dissolution etc) in the county or High Court
Forms to apply for a divorce, dissolve a civil partnership or legally separate, including the D8 application and financial order forms.... ... (other than already shown above), bonds, stocks, unit trusts, investment trusts, gilts and other ... quoted securities that you hold or ... • Trust interests (including interests under a discretionary trust), stating your estimate of the ... value of the interest and when it ... ...