Revenue eBrief 19/12 has clarified some aspects of the changes to the discretionary trust tax regime introduced under Finance Act 2012. These changes were predominantly introduced to reverse the decision in the Irvine case in relation to the administration of estates but also extend to all benefits taken under a Will that are discretionary (i.e. not just those passing as part of the residue of an estate). Further details of the background and implications to these changes can be found in our article, to be published in the Law Society Gazette June 2012 issue.
