In his concluding article David Schmitz discusses the legal position for charitable trustees faced with a gagging clause ‘If a charity was to bind itself thus, its trustees would necessarily and improperly be fettering the powers which they possess for the advancement of the purposes of the charity, and would be committing the charity to …
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Wills & Trusts Law Reports | July/August 2013 #131The first appeal concerned two settlements, made with non-resident trustees, by Mr Futter. Considerable ‘stockpiled’ gains were rolled up while the trusts were non-resident and, in exercise of the powers conferred by the trusts, new resident trustees were appointed and capital was distributed to Mr Futter and his children in the mistaken belief that the ‘stockpiled’ gains, which would be attributed to them, would be absorbed by allowable losses that had been realised, so that no liability to capital gains tax would arise. In advising as to the effect of s87 of the Taxation a...
