Chancery Division.

Judgment delivered 16 February 1984.

Capital transfer tax – Settlement held on protective trusts – Settlor sole beneficiary before his death – Whether settlor beneficially entitled to interest in possession immediately before death – Finance Act 1975, sec. 22(1), 23(1) and Sch. 5, para. 3(1)Trustee Act 1925, sec. 33.

  By an originating summons the taxpayers, trustees of a settlement, sought a declaration that the trust funds in the settlement did not form part of the settlor’s estate for the purposes of capital transfer tax.

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