Readers’ forum: Is trust liable to ten-year and exit charges?

I am dealing with a trust that was set up during 2011 (with £10 initial monies introduced). The key wording as to the term ‘beneficiaries’ is as follows: ‘Now this deed witnesses that the trustees shall hold the trust property on trust for such of the beneficiaries in section A below in such shares and in such manner as the trustees shall appoint by deed revocable or irrevocable and executed at any time within 125 years from the date of this settlement and in default of appointment or so far as no such appointment shall extend for the benefit of those named in section B below:

Section A – Potential beneficiaries:

• my son – Joe Smith;
• my civil partner – Jane Jones;
• the issue and remoter issue of my son Joe Smith;
• plus any other persons I during my lifetime later nominate in writing to the trustees and after my...