| Commentary

35 Professional advice

| Commentary

35 Professional advice

Where tax matters are relevant it will usually be the duty of the trustees to take proper advice. But where trustees have taken advice from appropriate and reputable advisers on how to proceed in a tax efficient manner which they follow, they will not be in breach of duty if that advice turns out to be wrong. Hence, in the absence of any other basis for a challenge, the trustees will not be in breach of their fiduciary duty to have regard to relevant matters. Accordingly, in such a case the trustees’ act is not voidable. Lloyd

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