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My attention has recently been drawn to paragraph 15.211 of Simon's Taxes, in which an obscure legal argument is presented to the effect that where a share of property is held in trust, it is not possible for the beneficiary under the trust to have an entitlement to occupy that property. By necessary inference, if a one-half share in the property is in one trust, and another half share in another, no one has any right to live at that property!
My attention has recently been drawn to paragraph 15.211 of Simon's Taxes in which an obscure legal argument is presented to the effect that where a share of property is held in trust it is not possible for the beneficiary under the trust to have an entitlement to occupy that property. By necessary inference if a one-half share in the property is in one trust and another half share in another no one has any right to live at that property!
The argument is that the Trusts of Land and Appointment of Trustees Act 1996 s 12 giving rights of occupation to trust beneficiaries applies only where a property and not a share in a property is held in trust (TLATA 1996 s 22(1)).
This argument has adverse repercussions for various tax purposes particularly capital gains...
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