This is a part of my equity problem question that's confused me a bit:
a) On 5th April 2014, Lord Marchmain’s condition worsened. He decided to dispose of his remaining personal wealth by creating a charitable foundation, the Society for the Restoration of Renaissance Art, SRRA. A number of experts in the field were appointed trustees and invited to Beechyhead castle. On his sickbed, Lord Marchmain executed the deed of trust and then declared in front of the other trustees that he was giving £3 million to SRRA. No further paperwork was completed, as Lord Marchmain then lapsed into unconsciousness.
The questions tells you to advise the executor of his will
My thinking was that the charity would not be registered and thus he would have to pay taxes and not receive the other kinds of charitable benefits
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Trusts Problem question watch
- Thread Starter
- 08-01-2015 01:06