WILLIAM DAVID DALZIELL AND GRAEME ALBERT BAYLISS V DAVID WILLIAM DALZIELL, NICOLA MARY VALLANCE, KATHERINE ANNE DAVIS AND ERICA PATSY LOUISE SEVILLE HC MAS CIV 2008-435-000001

WILLIAM DAVID DALZIELL AND GRAEME ALBERT BAYLISS V DAVID WILLIAM DALZIELL, NICOLA MARY VALLANCE, KATHERINE ANNE DAVIS AND ERICA PATSY LOUISE SEVILLE HC MAS CIV 2008-435-000001

The Court exercised its s64A jurisdiction to approve the extension of the trust's date of distribution to the eightieth anniversary because the variation is not to the detriment of minors or unborn beneficiaries, all adult beneficiaries consent, the extension avoids immediate adverse tax consequences arising from deemed vesting, and loss to Inland Revenue is not a relevant consideration.

Citation
openlaw-d590240a_dc72_4833_bf84_15a1152141a8.pdf
Parties
Plaintiff: William David Dalziell; Plaintiff: Graeme Albert Bayliss; Defendant: David William Dalziell; Defendant: Nicola Mary Vallance; Defendant: Katherine Anne Davis; Defendant: Erica Patsy Louise Seville
Court
High Court
Jurisdiction
New Zealand
Judgment Date
6 August 2008
Procedural Posture
Trust Variation (s64 a Trustee Act 1956) / Application for Court Approval of Variation; Hearing and Judgment
Outcome
Order approving variation of the Manawa Trust under s64A to extend the date of distribution to the eightieth anniversary of the trust
Legal Topics
Variation of Trust, Court Approval for Minors and Unborn Beneficiaries, Perpetuities, Deemed Disposal and Income Tax
Trusts Equity Taxation Succession Variation of Trust Court Approval for Minors and Unborn Beneficiaries Perpetuities Deemed Disposal and Income Tax

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Parties

William David Dalziell

Plaintiff

Graeme Albert Bayliss

Plaintiff

David William Dalziell

Defendant

Nicola Mary Vallance

Defendant

Katherine Anne Davis

Defendant

Erica Patsy Louise Seville

Defendant

Procedural Posture

Trust Variation (s64 a Trustee Act 1956) / Application for Court Approval of Variation; Hearing and Judgment

Legal Issues

  1. 1 Whether the Court may approve a variation under s64A on behalf of minors and unborn beneficiaries
  2. 2 Whether the proposed extension of the vesting date is to the detriment of any person represented
  3. 3 Whether fiscal consequences (loss to Inland Revenue) are relevant to the Court's exercise of discretion

Ratio Decidendi

The Court exercised its s64A jurisdiction to approve the extension of the trust's date of distribution to the eightieth anniversary because the variation is not to the detriment of minors or unborn beneficiaries, all adult beneficiaries consent, the extension avoids immediate adverse tax consequences arising from deemed vesting, and loss to Inland Revenue is not a relevant consideration.

Court Disposition

Order approving variation of the Manawa Trust under s64A to extend the date of distribution to the eightieth anniversary of the trust

Orders

  • Order under section 64A approving, on behalf of all minors and unborn children who are or could be beneficiaries of the Manawa Trust, the alteration of the meaning of the term "the date of distribution" in clause 1 to "the eightieth anniversary of the creation of the trust or such earlier date as the Trustees in...
  • No other orders sought or made