Commentary

I5.527 Effect of dispositive powers on A&M trusts

IHT, trusts and estates

I5.527 Effect of dispositive powers on A&M trusts

Accumulation and maintenance trusts—tax implications

I5.527 Effect of dispositive powers on A&M trusts

Express dispositive powers

The reference to one or more persons in the capital condition (I5.511), and the inclusion of unborn persons among 'the beneficiaries'1, suggest that it applies where it is satisfied by a class of persons looked at collectively, even though the members of the class looked at individually do not satisfy it. Once that is accepted, it is difficult to see any incompatibility in principle between a power to vary the prospective benefit to be received by the beneficiaries and the capital condition.

A question which arises in relation to the substituted capital condition (but not in

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