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Ridgwell and others v Ridgwell and others, Chancery Division, 14 November 2007
The funds of a trust were held for AR for life. The trustees i.e. AR and his parents had power during AR's lifetime to pay all or some of the capital of the trust fund for the maintenance education or benefit of AR's children.
The trustees applied under Variation of Trusts Act 1958 s 1 to vary the trust so that:
- on AR's death a life interest in the trust fund income be created in favour of any surviving spouse; and
- the power of appointment be exercisable during AR's and his surviving spouse's lifetime.
They claimed that this would benefit AR's children since although initially it appeared that the date when the children or unborn children would obtain a vested interest in the fund was deferred the impact of the variation on inheritance tax capital gains tax and the trustees'...
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