Trust deed amendments – life after Clark’s case

27 July 2015 Topics: Family business, Professional advisers, Tax and revenue, Trusts, Estate planning, Middle market enterprises (MME), Tax disputes

This paper considers some practical issues in relation to variation of discretionary trusts, particularly in a ‘post Clark’ environment. It is important that trustees have wide powers of variation to ensure that the original founders and future controllers have the required level of flexibility to deal with changing circumstances over the life of the trust – but with some checks and balances.

The paper looks at effective powers of amendment, and at the procedures that should be followed when exercising those powers. It considers some specific issues, particularly whether changes to a discretionary trust deed are likely to trigger a resettlement.


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