New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Vesting date extension

Legal area

Court

24 Mar 2022

Re Jury Family Trusts [2022] NZHC 568 .

Citation

[2022] NZHC 568
Court

High Court

Changed circumstances (presence of trading assets, unforeseeable tax exposure on vesting) justified court approval of the proposed trust variations under s124 because the variations do not extinguish any vested interest, the detriment to minors is minimal while the benefits (tax mitigation, preservation of asset protection, ability to apply capital for welfare) are substantial, and waiver of the consent of the remote adult beneficiary under s125 is appropriate; the court therefore approved the amended trust deeds (as amended by Counsel to assist) and ordered the applicants to pay costs of Cou…
20 Dec 2010

TATHAM V TATHAM HC WN CIV-2010-435-152

Citation

openlaw-012b3278_056a_4fb2_8c6b_39962d22dac9.pdf
Court

High Court

The Court will approve a variation of the trust vesting date under s 64A where it is in the interests of the protected beneficiaries; the mere fact that the variation may fall within the literal definition of a "tax avoidance arrangement" does not preclude approval, though the Court must consider whether there is a significant risk the tax benefit will not be realised; on the facts, informed adult beneficiaries and expert advice indicated the risk was low, so approval was granted.