Ridgwell & Ors v Ridgwell & Ors

Ridgwell & Ors v Ridgwell & Ors

The proposed variation is an arrangement within the meaning of the Variation of Trusts Act 1958 and, by providing greater flexibility for tax-efficient advancements, potential capital gains tax savings, and cheaper life insurance, is for the benefit of the children and unborn children, outweighing the theoretical disadvantage of postponed vesting.

Parties
Claimant: Anthony Patrick Ridgwell; Claimant: Patrick George Ridgwell; Claimant: Jacqueline Anne Ridgwell; Defendant: Emily May Ridgwell; Defendant: Tom George Ridgwell; Defendant: Jack Eric Ridgwell
Jurisdiction
England and Wales
Judgment Date
14 November 2007
Procedural Posture
Originating Summons / Judgment
Outcome
variation approved
Legal Topics
Variation of Trusts, Inheritance Tax, Capital Gains Tax, Life Insurance, Discretionary Trusts
Trusts Tax Variation of Trusts Inheritance Tax Capital Gains Tax Life Insurance Discretionary Trusts

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Parties

Anthony Patrick Ridgwell

Claimant

Patrick George Ridgwell

Claimant

Jacqueline Anne Ridgwell

Claimant

Emily May Ridgwell

Defendant

Tom George Ridgwell

Defendant

Jack Eric Ridgwell

Defendant

Procedural Posture

Originating Summons / Judgment

Legal Issues

  1. 1 Whether the proposed variation of the RGST settlement is for the benefit of the children and unborn children under section 1 of the Variation of Trusts Act 1958
  2. 2 Whether the creation of a life interest for a surviving spouse and extension of trustee powers constitutes an arrangement within the Act
  3. 3 Whether the postponement of children's interests is outweighed by tax and insurance benefits

Ratio Decidendi

The proposed variation is an arrangement within the meaning of the Variation of Trusts Act 1958 and, by providing greater flexibility for tax-efficient advancements, potential capital gains tax savings, and cheaper life insurance, is for the benefit of the children and unborn children, outweighing the theoretical disadvantage of postponed vesting.

Court Disposition

variation approved

Orders

  • Settlement approved on behalf of the children and unborn children.