Chapter IHTM14394

CourtHM Revenue & Customs
Record NumberIHTM14394
Published date20 March 2016

The donor may be, or become, a trustee of the settlement of the gifted property. So may the donor’s spouse or civil partner (IHTM11032). This is not of itself regarded as a reservation of benefit. The spouses or civil partners hold the property in a fiduciary capacity only and are required to deal with it in accordance with their fiduciary duties.

The position is the same even if the donor and spouse or civil partner are entitled to payment for their services as trustees provided the remuneration is not excessive. This is despite the Court’s decision in Oakes v Commissions of Stamp Duties for NS Wales [1954] AC 57.


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