https://www.taxtmi.com/caselaws?id=170517 Beneficial interests under a discretionary trust did not amount to an interest in possession for estate duty purposes where the objects had no enforceable right to income, only a right to be considered by trustees. The accumulation beneficiaries' future interests could not be combined with those discretionary rights to create a composite interest in possession. The statutory scheme contemplated an interest extending to the whole or a definite part of the income, which was absent. As a result, the advances made out of trust capital were not within section 43 of the Finance Act, 1940 and no estate duty was payable on the advanced funds. en-us Wed, 13 Dec 1967 00:00:00 +0530 Mon, 01 Jun 2015 15:43:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170517 Beneficial interests under a discretionary trust did not amount to an interest in possession for estate duty purposes where the objects had no enforceable right to income, only a right to be considered by trustees. The accumulation beneficiaries' future interests could not be combined with those discretionary rights to create a composite interest in possession. The statutory scheme contemplated an interest extending to the whole or a definite part of the income, which was absent. As a result, the advances made out of trust capital were not within section 43 of the Finance Act, 1940 and no estate duty was payable on the advanced funds. Case-Laws Income Tax Wed, 13 Dec 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170517