Commentary

I5.144 Entitlement to income during a minority

IHT, trusts and estates

I5.144 Entitlement to income during a minority

I5.144 Entitlement to income during a minority

Under the Trustee Act 1925, s 31, the income of any property held on trust for a minor (under 18 years of age) can be applied for the minor's maintenance education or benefit, with a power to accumulate the balance.

It is generally agreed, and seems to be accepted by HMRC1, that if a minor (or his personal representatives) is entitled to the accumulations in any event, whether or not he lives to attain 18 or marry, he has an interest in possession for IHT purposes. This view implies that a power to

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial