Supreme Court rules on significant trust cases

 

Trustees can only unwind mistakes that result in more tax being paid than expected if the trustee acted in breach of trust, the Supreme Court has ruled. 

Tax experts said the judgement is one of the most significant UK trusts law cases in many years and could have a big effect on family trusts and pension schemes.

The Supreme Court’s judgement on the two cases – Futter and Another v HMRC and Pitt and Another v HMRC, [2013] UKSC 26 – confirmed a previous ruling by the Court of Appeal.

The cases, both of which are complicated and involve various legal precedents, are...

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