A taxpayer had transferred shares into an off-shore trust which was prohibited from benefiting himself or his wife. The trust however contained two powers, one to transfer any assets to any other trust, with no specification of possible beneficiaries, and a second power to obtain and act upon any counsel’s opinion upon any matter relating to a difference arising from the trust. The powers together nullified the first restriction, and the taxpayer retained benefit.
Citations:
Times 06-Jul-1999
Statutes:
Income and Corporation Taxes Act 1988 739 to 746
Jurisdiction:
England and Wales
Income Tax
Updated: 10 May 2022; Ref: scu.82340
