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Vandervell v Inland Revenue Commissioners [1967] 2 AC 291 is a leading English trusts law case, concerning resulting trusts. It demonstrates that the mere intention to not have a resulting trust (for example, to avoid taxes) does not make it so.
Under the rule established in Vandervell v IRC, [29] if the owner of a sole beneficial interest instructs his trustees to transfer the property, and this is done to transfer the beneficial interest and not simply to change the trustees, this does not fall under Section 53(1)(c) and requires no specific formalities. [30]
The first was Vandervell v Inland Revenue Commissioners, [1] where the House of Lords was concerned with whether an oral instruction to transfer an equitable interest in shares complied with the writing requirement under Law of Property Act 1925 section 53(1)(c), and so whether receipt of dividends was subject to tax.
When this occurs, the property is held on resulting trust for the settlor, as in Vandervell v IRC. [17] This also occurs where a trust is formed over property which requires formality, but is improperly created (for example, a land transfer that does not adhere to the Law of Property Act 1925). [18]
Vandervell donated a large sum of money to the Royal College of Surgeons (RCS) to establish a chair. He implemented a complex tax avoidance scheme. He instructed a bank, orally, to transfer complete ownership of 100,000 A-shares in his company, Vandervell Products, which they held on bare trust for him to the RCS and asked the RCS to grant an option simultaneously to purchase the shares to his ...
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Re Vandervell Trustees Ltd [1971] AC 912 is a UK tax law case, concerning the ability of the Revenue to amend tax assessments. This case was the second in a series of decisions involving Tony Vandervell 's trusts and his tax liability.
V. Vandervell v IRC; W. Wheat v E Lacon & Co Ltd This page was last edited on 2 May 2023, at 21:01 (UTC). Text is available under the Creative Commons Attribution ...