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KEITH M GORDON and JOSEPH H HOWARD look at the Hastings-Bass principle in relation to the High Court decision in Futter
KEY POINTS
- How the Hastings-Bass principle can aid trustees.
- Distinction between immediate effect and consequences.
- The actual outcome must be considered.
- The principle only applies to acts carried out.
- HMRC have appealed the Futter decision.
The decision in Re Hastings-Bass deceased [1974] STC 211 has previously been discussed in Taxation. See for example Malcolm Gunn’s Turning the clock back and Keith Gordon’s The Wolff at the door.
In short the case gives trustees a ‘get out of jail free card’ in that it allows a court to set aside a decision made by a trustee (such as the appointment of property to a beneficiary) where the trustee has failed to take some important factor into account (such as the tax consequences of the...
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