TSEM8125 - Trust management expenses: 鈥榩roperly chargeable to income鈥� in general trust law: HMRC v Peter Clay: 鈥榯he whole estate鈥�
皇冠体育app Court of Appeal decision in HMRC v Peter Clay looks more closely at the meaning of 鈥榯he whole estate鈥� as used in Carver v Duncan.
Sir John Chadwick said 鈥業n the light of those passages in the judgments in Bennett and the speech of Lord Templeman in Carver v Duncan it is, I think, beyond argument that an expense is incurred 鈥渇or the benefit of the whole estate鈥� in the present context when the purpose or object for which that expense is incurred is to confer benefit both on the income beneficiaries and on those entitled to capital on the determination of the income trusts. 皇冠体育app expression 鈥榚xpenses incurred for the benefit of the whole estate鈥� must be understood in that sense.鈥�