A settlor created a common form discretionary trust save only that it included a right to require, after 90 days, the trustees to revest the settled fund in the settlor. A chargeable transfer was calculated at the reduction in value of his estate after the transfer. The clause meant that the sums remained ‘rights and interests of any description’ belonging to the settlor. The Revenue had not established that the statutory definition of property should not apply.
Times 27-Jun-2000, Gazette 29-Jun-2000
England and Wales
Appeal from – Melville and others v Commissioners of Inland Revenue CA 31-Jul-2001
The taxpayer, to minimize his tax, put assets into a discretionary trust. The trust included the right for him to give 90 days notice requiring the assets to be transferred to him absolutely. He successfully argued that the assets were no longer . .
Lists of cited by and citing cases may be incomplete.
Trusts, Inheritance Tax, Capital Gains Tax
Updated: 04 June 2022; Ref: scu.83617