The Law Reports (Chancery Division)
[1959] Ch 277
[COURT OF APPEAL]
MIDLAND BANK EXECUTOR AND TRUSTEE CO. LTD.
v.
INLAND REVENUE COMMISSIONERS.
[1937 M. No. 257.]
1958 Nov. 5;
Dec. 18.
Dec. 18.
Jenkins, Romer and Willmer L.JJ.
Revenue
— Estate duty
— Property passing on death
— Property chargeable
— Derivative trust
— Gift of income of trust fund to beneficiaries of “A” trust for 21 years subject to discretionary power of accumulation
— Gift over to persons to be appointed under “B” trust
— Rights 278of “A” beneficiaries relinquished by deed and court order in favour of “B” beneficiaries subject to similar power
— Appointment of “B” beneficiary to interest in income of trust fund
— Death of beneficiary before expiration of 21 years
—
Finance Act, 1894 (57 & 58 Vict. c. 30), ss. 1, 2 (1) (b).