Income under a trust was, until exercise of a power of revocation, if valid, subject to a mandatory trust for expenditure on the maintenance of a school.
Held: Unless and until the power of revocation was exercised, the trust was a valid charitable trust. Any revocation would not be retrospective, and pending revocation the income was to be devoted to exclusively charitable purposes. The judge had therefore, been wrong to conclude that the fact that the capital of the trust is held in trust for a non-charitable purpose (the ‘stakeholder function’) deprived the Trust of charitable status quoad the income of the Trust.
Citations:
(1868) 3 Ch App 543
Jurisdiction:
England and Wales
Cited by:
Cited – Sir Graham Stanley Latimer and others – Trustees for the Crown Forestry Rental Trust v The Commissioner of Inland Revenue PC 25-Feb-2004
PC (New Zealand) The Crown created a charitable trust for certain Maori people. Upon exhaustion of the purpose, the fund was to revert to the Crown. The trustees appealed a finding of liability to income tax.
Lists of cited by and citing cases may be incomplete.
Charity
Updated: 14 June 2022; Ref: scu.194630