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Adrian Shipwright and Rupert Baldry Pump Court Tax Chambers consider Trustee Act 1925 ss 31 and 32
The Trustee Act 1925 confers various powers on trustees in addition to those contained in the trust instrument. These are almost a default setting. In this article we consider the powers conferred by ss 31 and 32 concentrating on issues relevant to the tax practitioner.
Section 31 — power to apply income
Section 31 is headed 'Power to apply income for maintenance and to accumulate surplus income during a minority'. The heading makes the section seem innocuous but as Lord Greene MR once said the section effected 'a radical change in the...

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